Financial Bonds Will Test The Water Exchange Market

< p > there are people in the industry who are in contact with China Development Bank, told reporters that according to the current situation, the first batch of < a href= "http://www.91se91.com/news/index_c.asp" > national debt "/a" may include 2 varieties of 2 and 5 years fixed interest bonds, with a scale of 10 billion.

CDB has broken the practice of issuing bonds in the interbank market, and has launched financial bonds in the exchange market, indicating that the goal of building a unified market in China's bond market is further ahead.

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< p > the industry believes that the relevant national ministries and commissions have reached the framework of a unified bond market and strive to make breakthroughs in four aspects: first, to encourage the two major markets to actively innovate in products, distribution and trading; two, that all kinds of institutions can freely trade in two markets, and three to trade on the two exchanges.

So far, the first two steps have been basically realized, and the opening of the national debt for the first time in the exchange market has also achieved the third target of trading varieties independently listed in the two exchanges.

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< p > at present, China's < a href= "http://www.91se91.com/news/index_f.asp" > bond > /a > market is mainly divided into the exchange market and the interbank market.

The latest statistics show that as of the end of 11 this year, the bond market in the inter-bank market was nearly 24 trillion and 200 billion yuan, accounting for 93.9% of the total bond market trust in the bond market, while the stock trusteeship was only 820 billion 320 million yuan, accounting for about 3.2%.

Among them, the three major policy banks (CDB, NGO and import and Export Bank) issued 1 trillion and 800 billion yuan in the first 11 months, and the stock balance of the bonds was 8 trillion and 560 billion yuan.

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< p > for a long time, because of the high investment threshold, the interbank bond market is dominated by financial institutions, while the main body of the exchange market is more diversified. Non bank financial institutions, institutions and individuals can participate.

However, the interbank market has gathered the vast majority of bond varieties, bond trusteeship and trading subjects, while the exchange bond market is relatively marginalized and the market capacity is small.

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< p > to change the situation of the marginalization of the exchange market, < a href= "http://fz.sjfzxm.com/" > the SFC "/a" has always wanted to attract bank funds to enter the stock exchange bond market.

As early as the end of October 2010, the SFC, the people's Bank of China and the CBRC jointly issued the notice on the listing of commercial banks in the stock exchange's participation in the pilot of bond pactions.

However, due to various reasons, it was not until November 8th this year that the SFC and the CBRC jointly issued the "guiding opinions on commercial banks issuing supplementary capital of corporate bonds", allowing eligible commercial banks to launch corporate bonds containing reduced writedowns in advance.

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< p > as for policy banks issuing financial bonds in the exchange market, they have always been in a state of "only strolling, not seeing people down".

As early as October this year, the relevant personages of the Shanghai Stock Exchange announced that they would push the CDB to issue bonds to the exchange.

It was not until late last week that the hot window period was still delayed.

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< p > above, the insiders told reporters that in fact, the top executives had already issued the financial bonds through the CDB in the exchange market, so as to improve the liquidity of the entire bond market and realize the interconnection between the two markets as soon as possible and break the current dominance of the interbank market.

However, due to the tight funding in recent years, in view of the issuance cost and successful issuance, CDB must consider specific factors such as timing, share and tender interest rate.

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< p > according to statistics of W ind, since the issuance of bonds, until December 23rd, when the deadline was closed, CDB issued a total of 778 policy bonds in all markets (including banks, exchanges, counter markets, etc.), including all undue, mature and failed bonds.

777 of them were issued in the inter-bank bond market, and only one issued the first phase of Kaiyuan credit asset backed securities in June 21, 2007 in cooperation with Ping An Trust in other markets, and finally failed because of the fact that the amount of issuing proceeds failed to reach the minimum fund-raising amount.

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< p > "the decision of the Central Committee of the Communist Party of China on several major issues of deepening the reform" issued in November 15th put forward that we should improve the multi-level capital market system, develop and standardize the bond market, and raise the proportion of direct financing.

This programmatic document has set a broad direction for the future development of China's bond market.

Haitong Securities fixed income analyst Lining told reporters.

He believes that the first time that the CDB has been issuing water in the exchange market, the management is continuing to prepare for the eventual opening of the two bond market.

Coupled with the introduction of debt cancellation and credit asset securitization in the exchange trading policy, it is bound to greatly enhance the status of the exchange bond market.

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< p > however, the market participants who frequently contact the association of interbank dealers say that, at present, the "a href=" http://pop.sjfzxm.com/popimg/fz/index.aspx "> /a" market "is still hard to shake the" dominance "status of the interbank market.

He said frankly that the two major bond markets have so far failed to fully realize interconnection and have deep historical reasons.

There is nothing wrong with issuing a competitive position between markets, between agencies and between products.

Of course, there are also factors related to competition among relevant ministries.

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< p > the interbank market believes that the threshold for interbank market is very high for its investment threshold, and ordinary individual investors are basically excluded.

But in terms of liquidity, the exchange market must be better than the interbank market and unfair.

We should consider various factors such as investment preferences of institutions and individuals < /p >