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Yini Yang

Yini Yang

Executive Director, MSCI Research

Yini Yang focuses on the research and development of collateral models for asset-backed securities. Previously, she worked as a quantitative developer at Nomura, responsible for developing the analytics platform for securitized products. At Barclays Capital, Yini helped build the analytics library for mortgage-backed securities and MBS derivatives. She has master’s degrees in mathematics and financial engineering from New York University, as well as a bachelor’s degree in electronic engineering from Tsinghua University.

Research and Insights

Articles by Yini Yang

    US ABS: Strong Bounce Back, Uneven Performance

    5 mins read Blog | Feb 10, 2022 | Yini Yang, Joy Zhang

    As the U.S. job market has begun to recover, so have consumer credit levels. The issuance of U.S. consumer asset-backed securities (ABS) had a strong bounce back in 2021. What drove this surge across ABS markets?

    What Can Loan-Level Data Reveal About US Auto-Loan ABS?

    5 mins read Blog | Jun 15, 2021 | Yini Yang, Joy Zhang

    U.S. regulators required issuers by Nov. 23, 2016, to disclose data on individual loans bundled into auto-loan asset-backed securities. We looked at whether incorporating loan-level data into our model could sharpen our analysis of this ABS segment.

    COVID Stimulus Helped Resilience of US ABS

    4 mins read Blog | Jan 29, 2021 | Yini Yang, Joy Zhang

    Issuance of U.S. asset-backed securities fell by a quarter in 2020 from the previous year, as credit tightened during the COVID-19 crisis. The performance of loans underpinning ABS proved resilient, however, as economic relief helped support consumers.

    Consumer ABS: Recovering from Coronavirus?

    Blog | Jun 11, 2020 | Yini Yang, Jian Chen, Joy Zhang

    After the U.S. COVID-19 lockdown, new monthly remittance reports for asset-backed securities indicated performance deterioration and signaled potential challenges ahead. Meanwhile, in China, ABS showed signs of recovery.

    Can AI Model the Complexities of MBS Prepayment?

    Blog | May 29, 2020 | Joy Zhang, Yini Yang

    Machine learning using neural networks has been successfully applied to fields in which extremely complex patterns can prove challenging for other algorithms. Are neural networks suited for modeling prepayment risk in agency mortgage-backed securities?

    Consumer ABS Under Coronavirus in the US and China

    Blog | May 11, 2020 | Yini Yang, Jian Chen, Joy Zhang

    Beyond COVID-19’s steep human toll, the pandemic’s disruption of economic life has led to widespread loss of income and impaired some borrowers’ ability to repay loans. What could the impact be for investors in consumer asset-backed securities in the U.S. and China?

    Could coronavirus lead to default contagion in CLOs?

    Blog | Apr 1, 2020 | Joy Zhang, Yini Yang

    The market for collateralized loan obligations is under severe stress during the COVID-19 pandemic. We used MSCI’s loan and CLO models to assess a sample CLO’s loan-default risk characteristics. Could a wave of defaults harm CLOs?

    How coronavirus could hurt Chinese consumer ABS

    Blog | Mar 20, 2020 | Yini Yang, Jian Chen

    The slowing Chinese economy and trade uncertainty had already put strains on the performance of Chinese consumer asset-backed securities. The COVID-19 pandemic could further harm the performance of these securities. Investors may wish to gauge the risks.

    Trade deal broadened access to China’s nonperforming loans

    Blog | Jan 29, 2020 | Yini Yang, Jian Chen

    The phase-one U.S.-China trade deal lets U.S. asset managers acquire nonperforming loans directly from Chinese banks. We assess the market’s characteristics, as investors face challenges estimating recovery rates and liquidation timing of these loans.

    A default wave for Chinese consumer ABS?

    Blog | Nov 18, 2019 | Yini Yang, Jian Chen

    The default rate for auto loans in Chinese consumer asset-backed securities increased rapidly in recent months, and China may be moving toward a more borrower-friendly bankruptcy regime. Could this   lead to even higher default rates?

    Are Subprime Auto Loans at a Tipping Point?

    Blog | Mar 4, 2019 | Joy Zhang, Yini Yang

    Investors and the media have lately turned their attention to credit risk in U.S. subprime automotive lending — concerns that increased during the recent market volatility.