据用益发布的8月集合信托月报显示,截至9月4日,8月共计发行集合信托产品1781款,与上月同时点相比增加2.58%,发行规模1903.99亿元,与上月同时点相比增加6.73%。

  8月集合信托产品的发行情况主要有两大变化:一是房地产类产品发行大幅增加,二是金融类产品发行回落。自监管层压降融资类业务以来,金融类产品发行增长很快,但后劲略有不足;而监管层“三四五新规”对于房企融资的影响较大,房地产类信托产品的大幅增加是对政策的一种反馈。

  近日,住建部、央行召开重点房企座谈会,落实“345”新规,即3道红线、4类房企、5%的负债增幅间隔,控制过度利用杠杆、吸金能力强的房企。

  “三条红线”即:

  1、房企剔除预收款后的资产负债率不得大于70%;

  2、房企的净负债率不得大于100%;

  3、房企的“现金短债比”小于1。

  根据“三道红线”的触线情况,将房企分为“红、橙、黄、绿”四挡管理。

  红色档:如果三条红线都触碰到了,则不得新增有息负债;

  橙色档:如果碰到两条线,负债年增速不得超过5%;

  黄色档:碰到一条线,负债年增速不得超过10%;

  绿色档:三条线都未碰到,负债年增速不得超过15%。

  据统计,截至9月4日,8月房地产类信托募集资金578.18亿元,环比增加2.58%,规模占比35.78%,环比增加3.22个百分点。房地产业务目前仍处于监管层的高度重视之下,随着房企偿债高峰临近,房地产信托风险有进一步增加的趋势。

  业内分析称,8月的房地产类产品规模占比上行,较大可能对预期出台的房企融资“三四五新规”的一种应对,并非一个长期的趋势。8月在房企融资收紧的市场消息之下,特别是8月下半月,房企密集发布大额融资,全国房企境内外融资出现全面井喷,并不局限在信托中。2019年以来房地产融资环节的监管正不断升级,经济增速下行、行业融资收紧、疫情形势不定、偿债高峰来临等众多不利因素都在考验着房企的资金流管控能力,房地产业务的展业预期会更加艰难。

  从产品收益来看,8月集合信托产品的平均收益率为6.81%,环比下滑0.24个百分点。目前集合信托产品的收益率处于持续下行的通道中,融资成本下行、融资类产品展业受限、标品信托比重增加等都是导致集合信托产品的平均预期收益持续下滑的重要影响因素。

  分期限来看,一年期产品平均预期年化收益率为6.40%,环比减少0.13个百分点;二年期产品平均预期年化收益率为7.54%,环比减少0.18个百分点;二年以上期限的产品平均预期年化收益率为6.15%,环比减少0.43个百分点。


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