Government bond index fund suddenly sold out for two months after selling 150 billion yuan
After the hot sale of 150 billion yuan, this type of “explosion fund base” suddenly cut off its supply for two months. What happened behind it?
China Fund News reporter Fang Li, Lu Huijing As one of the most popular varieties in the past year, the government bond index fund may be quiet for some time.
Data show that such funds have not approved new products for two months, and some have also heard news of product approval and insertion.
As of July 9, there are about 33 political gold bond index funds still pending for approval, and the political gold bond index fund established this year has exceeded 150 billion yuan.
No new product was approved for two months. The government bonds were issued by the China Development Bank, the Agricultural Development Bank of China, and the Export-Import Bank of China. The central financial guarantee was called “quasi-national bonds.”
For investors, policy financial bonds have high credit ratings, large volumes, and good liquidity, and are the targets of multiple sound investments.
Due to the strong demand for institutional layout, government bond funds have developed explosively.
Since the second half of last year, the issuance scale of government bond index funds has been rising, but this situation has ushered in a turning point in the second half of this year.
The latest fund approval form of the Securities and Futures Commission shows that as of June 28, a total of 31 government gold bond index funds have been approved this year, concentrated in the first 4 months, 4 from January to April, 7 and 10 respectively.Of these, 10 were approved, and the most recently approved were 4 approved on April 16.
This also means that no political gold bond index fund has been approved since April 16.
As of July 9, about 33 government-financed bond index funds awaiting approval.
Since the beginning of this year, the total size of newly-established political bond index funds has exceeded RMB 100 billion, reaching 1519.
1.1 billion US dollars, there are 5 products with a scale of more than 10 billion US dollars, of which, Minsheng and Bank of China Bond 1?
The initial issue size of NDRC bonds in three years was US $ 2.4 billion, setting a new record for the issuance of similar funds. Therefore, BOC 1?
3-year China Development Bond, Penghua 1?
3-year China Development Bond, China Life Insurance 1?
3-year China Development Bond, Bank of China Bond 1?
The scale of the three-year peasant bond issue has also exceeded 10 billion yuan.
Under the ranking, the scale of bond index funds raised last year was 664.
76 trillion, the total initial size of bond index funds in 2017 is less than 30 trillion.
There are also some government bonds that are not large in scale, with two products offering a size of around 5 trillion.
In addition, the products that were established in the first half of this year each year saw a reduction in scale.
Some people are eager to approve the reform of the government’s gold bond index fund. One fund company product believes that “the current issuance is rejected, and research is needed.”
”Before the expansion of the issuance scale of government financial bond index funds,武汉夜网论坛 when the bond market adjusted, if institutional customers redeemed in unison, it might have an impact on the liquidity of the bond market.
An analyst of a fund company took the 10-year CDB bond with the best bond market capacity as an example. The daily trading volume of various types of bond varieties reached 20 to 30 billion yuan.
The daily turnover of 3-year CDB bonds is between billions and tens of billions.
Bond index funds with a total size of more than tens of billions will still have a partial impact on the bond market if the redemption volume breaks down.
”Banks use their own funds to buy bonds on their own and buy bonds through bond funds. The two approaches to accounting denominations are not the same.
The above-mentioned person said that bonds directly purchased by banks can be put into the holding of financial assets that are terminated in accounting treatment, and market fluctuations have less impact on the bank’s income statement.
If bonds are held through the purchase of public funds, they may have to be included in the tradable financial asset account. Changes in bond prices will affect the bank’s profit and loss account. Therefore, the bond market may change and banks may redeem the bond funds, which will affect the bond market.
A similar phenomenon has occurred in custom bond funds that institutions have been fighting for before.
A product source said that there was a speculation that bond index funds were copied and some of them were concentrated in some very liquid bonds. There may be some potential risks, but the overall problem is not large and should be staged approval.
Some federal sources have analyzed that the approval of the Zhengjin Debt Index Fund may be affected by the requirement that “a fund holds securities issued by a company whose market value cannot exceed 10% of the fund’s net asset value.”
“公募基金运作管理办法中的‘双十’规定，此前多是影响公募基金的股票投资操作，但是现在成立的很多政金债指数基金也是投资单一发行主体，是否同样适用这一规定，目前仍Need to explore.
However, there are some ordinary people who believe that if bond index funds invest in credit bonds issued by a single credit subject, this problem may exist, and government bonds should not be a problem.
According to the staff of the fixed income department of a fund company, under the guidance of the local banking regulator and the guidance of the window, in order to address the issue of large amounts of risk, when investing in currencies, short-term financial management and customizing the debt-based foundation, only the assets need to be decentralized.Some large banks and joint-stock banks hope to meet regulatory requirements by diversifying their investments, which also provides room for development of bond index funds.
He believes that the approval of government bond index funds will have different effects on fund companies.
The issue of bond index fund competition is the integration ability of fund companies on institutional clients, so large fund companies or bank fund companies have advantages in this regard, and small fund companies do not pay much attention to various issues.
In addition, some people said that the recent adjustment in the bond market and the expansion of small and medium banks have accelerated. Once the pace of readjustment is not timely, the market demand for government bond index funds will also be affected for the time being.
However, the liquidity of government bonds is relatively good, and there is no credit risk, which will be the mainstream allocation of bank self-operated funds.