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2017pk10三把必中方法:Debt-based construction period must not be over-provisioned with banks' public banks "public help" to end the "help model"

时间:2018/3/24 17:58:56  作者:  来源:  浏览:0  评论:0
内容摘要: The China Securities Journal reporter learned from thefund companyand related custodians that some fund companies have received relevant re...

The China Securities Journal reporter learned from the fund company and related custodians that some fund companies have received relevant requests in recent days. bond funds Bond funds cannot be over-allocated with the industry deposit certificates. The industry believes that this measure refers to the single-channel channel with the industry, Bank and mutual fund mutual help model will come to an end.

The proportion of banks with interbank certificates cannot exceed 20%

“There is indeed something like this.” A fixed-income investment director of a fund company said in response to a reporter from the China Securities Journal that “it was known last night (Thursday night).” Another fund company source said that they received a notice from the custodian bank.

According to Article 30 of the Administrative Measures for Public Offering of Securities Investment Funds, more than 80% of the fund's assets are invested in bonds, which is Bond Fund . In other words, the allocation ratio of the industry deposit receipts exceeds 20% of the fund's assets as "overweight."

"Our company hasn't received the notification yet, but we have exchanged views with people from other companies. Other companies did receive it." A person from a fund company in South China responded to the reporter and said that the company has no new bond fund arrangement recently, so it has basically no effect. However, the funds that are being issued and the new funds that will be issued in the future will all be affected.

Sword refers to the channel of interbank deposits

A medium-sized public fundraiser in Beijing Debt funds The fund manager stated that in the past, those fund managers who did not require the bond ratio to reach 80% immediately during the opening period may oversupply the deposit bill for six months. The time window and certain banks reached a private agreement, that is, the fund's assets were specifically invested in the deposit certificates issued by some banks. When the construction period is approaching, the bank deposits the same deposit certificates to meet the 80% bond position requirement. “This is equivalent to drawing money from banks and buying interbank certificates issued by other banks issued or designated by them to help them complete the assessment indicators and benefit each other. However, after the issuance of new requirements, the bond funds will be deposited in the same period of time during the opening of the bond fund. The proportion can not exceed 20%, this model can no longer be done.”

A billion bond private equity product manager stated that since 2018, the issuance of interbank certificates of deposit has been more difficult, and the mutual help model of banks and mutual funds has reappeared. Base buy deposits, banks buy debt. However, if the bank suddenly redeems its debt base after the establishment of the warehouse, and the public funds cannot sell their interbank certificates in time, it may easily lead to liquidity risks.

The fund manager of a large fund company in South China believes that this request has a significant effect on the establishment of a bond base that can be used to deposit deposits in the first three months of development. Some banks will adopt this model out of the way. In order to take the channel to redeem the same size of deposits.

The influence of interbank depositors' market can be controlled

According to industry sources, some debt-based companies may need to adjust their positions as required, but the influence of the interbank deposit receipts market is controllable.

“For CDB, CDBs generally have advantages, high yields, good liquidity, and no tax problems. Now that they are not allowed to do so, they can only change the original Jiancang strategy.” The director said. However, he believes that even if funds currently in the opening period sell mutual bank deposit certificates together, the impact on the market will not be significant. Not to mention that not all funds will use their deposit certificates as a bottom position.

Another brokerage fixed income analyst stated that “the price of recent deposit certificates has dropped more than usual, so for debt fund managers, the difference between the yield ratios of deposit bills and short debts is not significant, so the conversion of short debts is also Yes, from the point of view of CDs, banks have looser liquidity in the recent period of time, and they may not have strong demand for issuance of interbank CDs. When the CD's supply and demand sides contract at the same time, the impact on the market will not be met. If you look at the long-term, you may see the impact on the deposit receipts in the future when the funds are gradually tightened.” The reason why the market for interbank certificates is not disturbed is that the market for interbank certificates has already begun to tighten. A person in charge of the financial market department of a city commercial bank told a reporter from the China Securities Journal that by 2018, the market for interbank certificates of deposit had already absorbed the regulatory provisions of the previous period, and the issuing scale of some bank deposit certificates in 2018 was clearly on the line. The second-quarter monetary policy implementation report released by the central bank in August 2017 even gave the market an “injection.” The report pointed out that "since the first quarter of 2018, when the assessment is to be carried out, the interbank certificates issued within one year issued by a bank with an asset size of 500 billion yuan or more will be included in the MPA interbank liability index for assessment. Other banks will continue to monitor and timely re Make appropriate requests."





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