The nation’s first convenience service center CMBS is implemented, expanding financing paths for people’s livelihood scenarios through asset securitization

Securities Times China Securities Network News (Reporter: Zhang Xinran) Recently, the Ping An Securities—Zhengxin Jian Tou Inclusive Service Center asset-backed special plan was successfully issued on the SSE, marking a new breakthrough for asset securitization in the inclusive public service sector. It is understood that this project is the first CMBS product nationwide with inclusive service center facilities as the underlying assets.

From the issuance status, the total issuance size of this tranche is RMB 901 million, of which the senior tranche is RMB 900 million, attracting subscriptions from multiple institutional investors. The coupon rate of the senior tranche is 2.45%, setting the historical record low for securitization products of the same grade and same tenor in Henan Province.

Industry insiders said that the successful issuance of this product reflects the market’s recognition of the stable cash flows of high-quality people’s livelihood assets, and also provides a new practice sample for local state-owned enterprises to revitalize existing assets through asset securitization and broaden financing channels.

Looking at the underlying assets, this tranche of CMBS uses six inclusive service centers in Zhengdong New District as the underlying assets. The projects are all located in core residential areas and have a relatively stable foundation of passenger and customer traffic. The relevant inclusive service centers follow a market-oriented operation philosophy, covering multiple business formats such as food and beverage, retail, supermarkets, health checkups, and offices, which can meet residents’ daily life, consumption, and public service needs, and help form relatively stable operating cash flows.

With the continuous improvement of consumer infrastructure and community service systems, asset types represented by community commerce and inclusive services are gradually becoming an important supplementary direction for the asset securitization market. Such assets have characteristics including relatively stable cash flows and strong anti-cyclical performance, and are expected to draw more attention from long-term funds.

The launch of the Zhengxin Jian Tou CMBS project is regarded by industry insiders as an important attempt in the asset securitization field. It will help optimize the financing structure, improve the efficiency of asset operations, and accumulate experience for subsequent expansion of diversified financing channels.