Mining Hidden Income From New Accounting

This year, the development of publicly traded bond funds is coming. Investors may wish to dig out the opportunities in the new debt based listing transactions from the accounting standards.

According to the Securities Times reporter, it is now newly established. Bond Fund It will take a certain time to open accounts in the inter-bank market, usually in 1 months or so, that is, before the completion of the interbank market, the new bond fund is mainly held on the exchange bond, while the accounting fund's accounting standard for the exchange credit debt is only 80% of the actual interest, and the other 20% is not reflected in the net value, but on each bond interest payment day or selling day. As a result, some of the implied benefits of the new bond fund may not be reflected in the net value.

This situation is very common in bond funds established since March of this year. Bank This situation may exist before the opening of the inter market account is accelerated. Therefore, if the new bond fund is listed, there will be a trading opportunity behind it.

It is worth noting that since the trading volume of the bond classification fund is generally not large, there will be a discount at the beginning of the listing, which will be matched with some of the gains that are not reflected. This may have some trading opportunities. However, at the initial stage of the listing of bond funds, the price of the two tier market may also have no discount or even a certain premium. Investors can wait for the discount when considering the discount.

The special provisions of some new bond funds also give them two level market trading opportunities. For example, the listing of Baoli B, the share holding maturity is guaranteed, that is, if the two tier market price is less than 1 yuan, investors can hold arbitrage opportunities without risk at maturity, but the closure period is 2 years.

Policy related financial bonds, also known as policy bank bonds, are characterized by risk equivalent to Treasury bonds and higher yields. National debt 。 Such bonds are called quasi bonds. Traditionally, policy related financial bonds are not open to individual investors, but only by institutions.

According to the statistics of CIC securities, from the absolute new custodian amount, 8-9 months, the institution increased its policy financial debt in two consecutive months, thriving in various varieties of the bond market. In August, the amount of treasury bonds increased by nearly 100 billion, while the scale of policy financial bonds increased by nearly 140 billion. In September, the new trust scale of policy related financial bonds was 58 billion 617 million yuan, which once again exceeded 30 billion 365 million yuan of the second national debt. From the perspective of the structure of interest rate bonds, the fund institutions and insurance institutions favor more policy financial debt with a higher coupon rate.

Debt base in the four quarter or usher in the opportunity to deploy, Huatai Securities recently said that after entering the four quarter, the impact of interest rate debt is expected to decline, liquidity pressure is also facing a phased easing, the current level of income has a strong allocation value, it is recommended to pay attention to the long-term allocation value of debt base.