A matter of time
With the recent completion of a quasi-securitisation by China Unicom, and preparations for the two government-supported pilot deals almost complete, the development of an ABS market in China is at last underway. Alice Hales reports
Securitisation in China has long been a Holy Grail for Asia's asset-backed securities (ABS) professionals. Despite eulogising its potential - understandable, given an asset base that dwarfs neighbouring countries - China has also been a huge time-drain for bankers and lawyers for several years. Countless hours lobbying regulators to implement legislation or talking with potential issuers on an array of implausible trans- actions proved ultimately fruitless. Finally, however, the mood
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