BEIJING, March 29 (Xinhua) -- China's first asset-backed securities (ABS)-based credit protection instrument recently got listed in Shanghai Stock Exchange (SSE), reported China Securities Journal Friday.
The move marked the attempt of SSE, one of China's two major stock exchanges, to ease the financing difficulties facing Chinese private enterprise, in particular small- and micro-sized businesses, said the report.
The instrument is offered by Haitong Securities to enhance credit conditions of a preferred A-3-rating financial leasing obligatory rights-backed securities of its affiliate - Haitong Unitrust International Leasing Co., Ltd. earlier in March. The tranche of ABS offerings totaled 150 million yuan and were issued at 4.7 percent yield.
Haitong Securities sold in total the credit protection contracts with nominal principal at 30 million yuan and successfully helped facilitate issuance of the above-mentioned ABS. (Edited by Duan Jing, duanjing@xinhua.org)
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