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China Securitization Awards

Best for auto ABS 2020

Citic Securities

It was an easy decision to give the auto ABS house award to Citic Securities. The advantage the securities house has in the market is impossible to overlook.

The firm, China’s largest securities house by assets, has dominated the top spot in the country’s auto ABS league table for the past three years. During the awards period, it acted as the underwriter on 22 deals with a total value of Rmb43.9 billion ($6.72 billion), Wind data shows, representing a whopping 20.3% market share. In terms of underwriting value, that is 54.3% more than its closest competitor. Citic Securities also claims to have underwritten more than half of the auto ABS deals that are larger than Rmb5 billion.

But the firm’s overwhelming presence in the market is not the only thing that separates it from its peers. Citic Securities is relentless in leading the effort to innovate in an industry filled with what bankers call “routine” issuances.

In the past three years, the Beijing-based securities house has been working hard to expand the scope of underlying assets from merely passenger car loans to those taken out for commercial vehicles, especially trucks.

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