At the beginning of the new year in 2022, enterprises enter the “busy season” of idle cash financial management and investment. Since January, more than 350 listed companies have announced the purchase of financial products with idle funds. Some banks have raised the expected interest rate of some short-term structured deposit products in order to alleviate the pressure of absorbing deposits, and the favor of enterprises for bank short-term structured deposits has rebounded briefly.
With the end of the transition period of the new regulations on asset management, the principal guaranteed financial products of banks have been fully refunded, and the investment in corporate financial products is also entering the adjustment period. Many banking professionals disclosed that after the implementation of the regulatory policy on structured deposit products, enterprises can choose fewer and fewer traditional bank financial products; Now, corporate customers are increasingly accepting PR2 net worth financial products with short cycle and stable income. Banks are also actively increasing the layout of short cycle and stable income products.
temporary recovery of short-term structured deposits
Recently, listed companies have successively issued announcements to purchase financial products with high security, good liquidity and low risk with idle own funds for cash management.
Wind data statistics show that from January 1 to 21, 2022, 352 listed enterprises subscribed for financial products for cash management, with a total amount of 74.17 billion yuan. Among them, there are 6 enterprises holding 10 or more financial products.
On the whole, structured deposits are still the first choice in corporate financial investment, and the subscription heat has increased since the beginning of 2022. Wind data shows that among the 352 listed companies that subscribed for financial products, nearly 270 companies subscribed for bank structured deposit products, with a total amount of 53.08 billion yuan, accounting for more than 70%, far higher than the level in the fourth quarter of 2021, and a significant increase compared with the same period of 2021.
Chen Hai (a pseudonym), the business head of a joint-stock bank’s Shenzhen No. 1 sub branch, told reporters that since January 2022, banks have been making a “good start” and there is great pressure to attract deposits. The interest rates of some deposit products (especially customized products) of many banks for enterprises have risen to a certain extent, which has significantly increased the tendency of enterprises to choose structured deposits in the near future.
According to wind data, in January, the highest expected rate of return of some structured deposit products issued by state-owned banks and joint-stock banks for companies with a cycle of about 100 days exceeded 5%, and the lowest rate of return of many products exceeded 3.4%. Even the expected rate of return of 180 day structured deposit products of some urban commercial banks reached 1.8% ~ 5.27%, which is generally higher than the level of the same period in 2021. For example, Jiangsu Guotai International Group Co.Ltd(002091) subscribed 21 structured deposit products from 7 banks with its own cash of 2.18 billion yuan. Among them, a variety of structured deposit products with a cycle of about 100 days have an expected rate of return of 1.5% ~ 5%.
The corporate business manager of a city commercial bank said that structured deposits are essentially bank deposit products and have always been one of the important tools for banks to solicit deposits from enterprises. Since the previous regulatory requirement of “true structure”, the expected rate of return of structured deposits has been declining, and the subscription enthusiasm of enterprises has also been declining. “Recently, the yield of short-term products of some banks has increased, but generally speaking, it is mainly to deal with the pressure of ‘making a good start’ to absorb deposits, which may not last.”
According to the analysis of rong360 Digital Technology Research Institute, from the situation of RMB structured deposits issued by banks in December 2021, there is no obvious upward and downward trend in the expected maximum yield of structured deposits. The expected maximum rate of return does not represent the actual rate of return. The higher the expected rate of return, the lower the possibility of achieving it.
The above corporate business manager of urban commercial bank also pointed out that on the whole, compared with last year, the proportion of enterprise structural deposit investment in financial product investment has increased this year, but the overall scale is still decreasing.
According to wind data, as of January 21, 2022, the scale of structured deposits subscribed by Listed Companies in January exceeded 53 billion yuan, a decrease of more than 25 billion yuan compared with the same period last year.
Since 2021, the scale of structured deposits has been declining. According to the latest data released by the central bank, as of the end of November 2021, the balance of bank structured deposits was 5.46 trillion yuan, down 2.39% month on month and 26.81% year-on-year, the lowest level since January 2017.
According to the data monitored by rong360 Digital Technology Research Institute, in November 2021, the scale of structured deposits of large banking units decreased by 3.68% month on month and 17.83% year-on-year; The scale of structured deposits of small and medium-sized banks decreased by 1.29% month on month and 22.95% year-on-year.
