New Debt Base Issue "Cold" Borrow Old Debt Base Grasp Market

Since the beginning of this year, the mainland bond market has recovered significantly, but the debt issuance market is rarely "cold". Against this background, borrowing the old debt base, especially a group of closed debt bases that opened in June, became a choice for prudent investors to grasp the bull market of bonds.

Data show that the first 5 months of this year Bond Market The central composite debt index rose 4.65%, and the Shanghai Composite Index fell 3.63% during the same period. The return of the bond market also benefited the fixed income investment products. As of May 30th, the net debt fund reached 4.02% this year.

However, bonds are relatively hot compared with the bond market. fund The issue fell to the "freezing point" of history, with only 25 debt issuance issued in the first 5 months. In 2012 and 2013, the total number of debt issuance reached 79 and 167 respectively.

Industry analysts believe that the lagging effect of the bond market rebound, as well as fund companies focus on the Internet monetary fund, is the main reason for the sharp decline in bond fund issuance.

However, this has also made many old debt bases, especially a group of closed debt bases that opened to customers in early June, have entered the view of sound investors.

It is understood that the batch Closed Debt basis mainly includes two types. First, the regular opening of debt based centralized open purchase, the two is closed-end fund expires, transformation into LOF. These old debt bases will undoubtedly provide a good channel for the funds expected to enter the bond market.

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In depth implementation of the spirit of the eighteen, eighteen second, Third Plenary Session and the central economic work conference of the party, according to the deployment of the executive meeting of the State Council, the State Council issued a notice on 6 days to deploy a comprehensive inspection of the implementation of policies and measures for steady growth, promoting reform, adjusting the structure and improving people's livelihood. This is the first comprehensive inspection carried out by the State Council on the implementation of decision making and the implementation of policies and measures since the establishment of the new government.

The circular pointed out that since the second half of 2013, the State Council has promulgated a series of policies and measures for stabilizing growth, promoting reform, adjusting the structure and benefiting the people's livelihood. The government work report has made arrangements for the key work in 2014, and the departments in all regions have conscientiously implemented them, worked together, and made positive progress in some key work and achieved substantial results.

But we must see that the implementation of many policy measures is not in place, the effect is not obvious, and has not fully played the role of promoting the steady economic growth and transformation and upgrading. For this reason, the State Council has decided to send out an inspection team to conduct a comprehensive inspection of the State Council's decision making arrangements and the implementation of policies and measures.

The notice clearly stated that the main contents of this inspection were: the 2014 key work of the "government work report" deployment and the implementation of the State Council's policies on stabilizing growth, promoting reform, adjusting structure and improving people's livelihood since the second half of last year, including 19 key contents. The inspection will combine innovative methods with self-examination and field inspection, supervision and third party assessment, supervision and social evaluation, supervision and public opinion guidance.

According to the notice, before June 25th, all localities and departments carried out self-examination and submitted self-examination reports to the State Council; from June 25th to July 5th, the State Council sent 8 inspection teams to relevant departments, units and some provinces (autonomous regions and municipalities) for on-site supervision; before July 10th, the inspection teams reported the inspection reports to the State Council.