信用卡不良ABS估值准确性研究

The Valuation of Credit Card NPL Asset-Backed Securities

自2016年不良资产证券化重启以来,个人信用类不良特别是信用卡不良ABS在助力金融机构有效化解表内零售类资产不良压力的优势凸显。由于信用卡不良ABS底层基础资产均为纯信用不良资产,其回收具有较大的不确定性,因此,产品的估值准确性既至关重要,同时又难点重重,引发市场对不良估值方法长期的探索、讨论和研究,本文就此进行总结与探究,以期对未来的估值技术做进一步展望与思考。

Since the resumption of securitizing non-performing assets in 2016,credit card nonperforming loan ABS products have grown rapidly to become a mainstream product.Accurately valuing the recovery of credit card NPL assets is critical,taking into consideration the interests of all related parties and the development of the market.This report discusses the significance of valuation and introduces CBR’s achievement and experience in accurate valuation.Lastly,it examines the prospects for the development of valuation techniques.