PBOC Reported to Support Firms Incl. BYD Auto Finance to Issue Financial Bonds, Involving RMB50B in Total
The report stated that the first batch of eight consumer finance companies and auto finance companies including BYD Auto Finance, a subsidiary of $BYD COMPANY(01211.HK$ $BYD Company Limited(002594.SZ$ have communicated preliminary intentions with institutions such as $CICC(03908.HK$ , $CITIC SEC(06030.HK$ $CITIC(600030.SH$ and $CMSC(06099.HK$ $China Merchants(600999.SH$ .
It is expected that the issuance scale of financial bonds and credit asset-backed securities for these eight companies will be approximately RMB50 billion in the near future. Furthermore, more consumer finance companies and auto finance companies will be offered support in issuing financial bonds in the future.
The People's Bank of China (PBOC) is reportedly planning to provide strong support to consumer finance and auto finance companies. This includes improving their financial services and expanding consumer credit options. The PBOC aims to help these companies issue financial bonds and credit-backed securities, allowing them to raise funds and develop specialized consumer credit products to meet consumer demand for upgrades.
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