Auto loan securitization became a popular exercise in the past few years. As one of the largest auto markets, China has seen a surge of auto loan Asset-Backed Securities (ABS). In 2018, China's new auto loans ABS reached 122 billion RMB (approximately 25 billion AUD). It consists 13.05% of China's total interbank traded ABS market, second to Residual Mortgage Backed Security (RMBS) A new auto loan ABS issued by China Merchants Bank introduced one additional 5. trench: trench C, which is junior to trench B but senior to residual trench. What will be the return and risks for trench C compare to trench B? Auto loan securitization became a popular exercise in the past few years. As one of the largest auto markets, China has seen a surge of auto loan Asset-Backed Securities (ABS). In 2018, China's new auto loans ABS reached 122 billion RMB (approximately 25 billion AUD). It consists 13.05% of China's total interbank traded ABS market, second to Residual Mortgage Backed Security (RMBS) A new auto loan ABS issued by China Merchants Bank introduced one additional 5. trench: trench C, which is junior to trench B but senior to residual trench. What will be the return and risks for trench C compare to trench B