Under the market shock, low-risk products have become "hot goods".
The third batch of inter-bank certificate of deposit index funds entered the issuance period after being approved on May 16. According to the fund unit offering announcement and prospectus, the third batch of six interbank certificate of deposit funds will be issued in two batches.
Among them, five inter-bank certificate of deposit funds under GF, Boshi, China Europe, Yinhua and Cathay Pacific all started tomorrow, while e Fangda chose "peak staggering" issuance and started raising on May 26. Similar to the previous interbank certificate of deposit funds, the third batch of interbank certificate of deposit index funds will also set a scale ceiling of 10 billion yuan, with a minimum of 1 yuan to subscribe.
Meanwhile, the fourth batch of five inter-bank certificate of deposit funds received the "birth permit" on May 20. According to channel news, the products may be released as soon as May 30, and the fourth batch may also be issued in batches, "staggered peak" for raising.
five products will be released tomorrow
The third batch of inter-bank certificate of deposit funds will be issued in two batches. The "China Everbright" and "China Everbright" funds will be launched on May 26, among which the "China Everbright" and "China Everbright" funds will be launched on May 26.
Similar to the first two batches of products, the six inter-bank certificate of deposit funds are purchased from 1 yuan, and the amount subscribed and subscribed by a single investor in a single day is no more than 10 million yuan (except for public asset management products), and a ceiling of 10 billion yuan is set. This means that as long as the raising scale exceeds 10 billion yuan, the product will start the doomsday proportional placement and announce the end of the raising.
From the perspective of the product managers, the proposed fund managers have a "100 billion" management scale, and have many years of experience in the management and operation of monetary funds, pure bond funds and bond index funds.
Among them, the management scale of Boshi fund Wei Zhen reached 359116 billion yuan, the management scale of Guangfa fund Wen Xiujuan reached 313526 billion yuan, the management scale of Cathay Pacific Fund Tao Ran and Yi Fangda Liu Chaoyang was more than 200 billion yuan, and the management scale of China Europe Fund Wang Huijie and Yinhua Fund Wang Shuli were also more than 100 billion yuan.
Among the interbank certificate of deposit funds issued in the previous batch, three funds raised up to 10 billion yuan. Industry insiders believe that most of the institutions issuing interbank certificates of deposit funds in this batch are large-scale public offerings, with good sales capacity, or the possibility of settlement in advance.
Similar to other low-risk products, the rate of interbank certificate of deposit funds is relatively low. The six interbank certificate of deposit funds do not charge subscription fee and redemption fee, but only 0.2% management fee, 0.05% custody fee and 0.2% sales service fee.
In addition, according to the prospectus, the interbank certificate of deposit funds under GF, Boshi, Yinhua, Cathay Pacific and China Europe will not be sold to the proprietary accounts of financial institutions for the time being, but only to individual investors, institutional investors, qualified foreign investors and other investors permitted by laws and regulations or the CSRC to purchase securities investment funds. E fund's interbank certificate of deposit fund is only for individual investors and will not be sold to institutional investors during the subscription period.
first active product
Meanwhile, the fourth batch of five inter-bank certificate of deposit funds received the "birth permit" on May 20. According to channel news, the product may be issued as soon as May 30, and will be "seamlessly connected" with the previous batch of interbank certificate of deposit funds. And the fourth batch may also be issued in batches, "peak staggering" for raising.
Cathay Pacific Fund mentioned that interbank certificates of deposit, as a management tool for banks' active liabilities, is an important investment tool in the money market. It has the characteristics of large market capacity and good liquidity to meet the investment needs of cash management products. However, there is a certain threshold for such assets, and investors cannot open inter-bank accounts in personal form. The inter-bank certificate of deposit fund provides a new channel for individual investors to participate in the investment of inter-bank certificates of deposit, as well as richer financial options.
GF said that the inter-bank certificate of deposit fund is suitable for three types of investors: investors looking for spare money financial instruments; Investors looking for lower risk products to reduce the overall risk characteristics of the portfolio; Investors who want to maintain and increase the value of short-term assets in response to market shocks.
some market participants mentioned that if a large number of inter-bank certificate of deposit funds are intensively issued, it may lead to the retail of inter-bank certificate of deposit interest rate and interfere with the market interest rate
Specifically, interbank financing instruments such as interbank deposit certificates originally serve the fund allocation between interbank institutions, and their interest rates should be priced by the interbank market in theory. However, if a large number of individual investors hold them through the fund, the institution may be forced to adopt a short-term investment strategy in order to maintain its scale, and once there are adverse changes in the market and a large number of retail redemptions, the resonance effect and vulnerability of the market will be increased, It will also further aggravate the liquidity risk of the fund and even the interbank certificate of deposit market.
another person in the industry believes that at present, the inter-bank certificate of deposit fund is still in the initial stage of development, which can only divert a small amount of stock, and as a rare cost method pricing product, the goods base also has a competitive advantage . In terms of the certificate of deposit market, by the end of February 2022, the stock of inter-bank certificates of deposit had reached 14.42 trillion yuan, and the transaction amount of inter-bank certificates of deposit in the past year totaled 44.92 trillion yuan. At the present stage, it is not possible to directly intervene in the market.
In addition, the third batch of inter-bank certificate of deposit funds are active management products for the first time. Boshi fund manager Wei Zhen said that the market environment often changes, and the advantage of actively managing certificate of deposit funds lies in the flexibility of response. In terms of asset allocation, "win or lose with space and value with time", and win control over time with space transactions. Interbank certificates of deposit have systemic credit risk of the banking system, fluctuation risk of high portfolio duration for half a year, etc. In the operation and management of portfolio, in order to find the balance between credit risk and income, as well as the balance between duration risk and income, we need to find the optimal combination of cost and performance among these constraints.
\u3000\u3000
