Public Fund Funds Tighten Bond Market Risk Or Aggravate

With the intensive issuance of a number of heavy policies of the CBRC, the already exhausted funds of the outsourcing fund are on the "rainy night". This not only makes it hard to find large scale public funds for the business of the institutions, but also has to strengthen the risk of possible bond markets.

From the end of last year, after the central bank put forward the MPA assessment, the marginal growth of outsourcing funds has begun to slow down.

With the introduction of a series of policies to prevent regulatory arbitrage, outsourcing business is growing sluggish.

Analysts pointed out that many of the CBRC policies, especially the guidance on Article 6 (that is, the guidance on banking risk prevention and control), all referred to interbank deposit certificates, and interbank deposit certificates were one of the most important sources of outsourcing funds in recent years.

Predictably, with the gradual contraction of outsourcing funds, the larger scale outsourcing institutions will be greatly affected, and the liquidation of the large collection products with mismatched periods also raises the market's concern about the credit risk and liquidity risk of the bond market.

"Before we issued a partial debt fund, the channel sold only 20 million yuan in a few days, and then went to the bank and insurance to find impulse funds. But now the institutional contraction is more severe, and the improvement is not very large. The fund manager had hoped to sell more than 1 billion, and the head of the agency directly said," no, you can't, the most half. "

From the frontline stakeholders sigh, recently the new fund is not only difficult to send, even help the funds are hard to find.

Reporters learned that such a tight financial phenomenon is widespread in public funds, not only a large number of approved funds are facing "difficult to" inventory, the old fund redemption situation is also more.

It is reported that many of the top 1/3 fund companies are facing structural adjustment of their money holders, and they have to go to various institutions to find working capital.

If in mid March, the SFC will inform the public fund managers and trustees of the regulatory authorities of the lower institutions that the public fund should be "channelized" and that all investors should be treated fairly.

At the same time, the bulletin made clear that the customized fund should be closed operation (or regular open operation) and the form of launching fund. If it is not a customized fund, the proportion of single holders can not exceed 50%, and it will cover the funds that have been approved but not yet raised, and the established outsourcing fund will be treated equally.

This undoubtedly increased the difficulty of docking funds through public offerings.

Recently, the regulatory documents issued by the CBRC 6 and other documents are also one of the important sources of the outsourcing fund.

The industry expects that the future entry of interbank liabilities and the penetrating management of this industry will be the direction of supervision. This is bound to cause many small and medium banks to attract short-term and long-term interbank liabilities to go outside the Commission to get bigger pressure, and outsourcing funds face further challenges.

"All businesses are surrounded.

In turn, the supervision of bank outsourcing funds has escalated, and the days of the fund are certainly not as good as before.

A public offering is blunt.

It should be pointed out that, with the supervision of capital idle and outsourcing Arbitrage Behavior, the larger scale outsourcing funds and securities business management products will face greater impact.

In particular, the large number of products mismatched by securities dealers will be the first to bear the brunt of the market. The market is worried about the investment home of these products, the liquidity shock and credit risk that the bond market will face.

A commercial insider told reporters that a large collection of products is generally adopted by brokerages.

If the assets are not matched with the maturity of the liabilities, if the funds are not stable, the bonds purchased will not be sold because of poor liquidity, which will cause liquidity risk. It is necessary to sell other assets with better liquidity to meet the demand for redemption.

"No one buys credit debt in the current market, and bonds can't be thrown away."

These people pointed out that this is why a securities brokerage recently sold a lot of blue chips on the market.

A public fund manager in Shanghai said that as the bond market continued

The bond issuance market is also more light, which has affected the normal operation of "borrowing new and old", and will also aggravate the outbreak of credit default risk.

However, he also pointed out that it is not expected that the regulatory policy will adopt a "one size fits all" approach. The introduction of the No. 6 document will also give the market some time to conduct self-examination, and there will be a phased impact on the market, but the systemic risk may not be great.

Relevant private placement said that the majority of the outsourcing period is 2 to 3 years, most of which have not yet expired, a large number of redemption is unlikely.

Moreover, the investment behavior of individual small and medium-sized banks is not standardized. They will invest in some low-grade credit bonds with poor liquidity. The liquidity risk is relatively high, but the bonds invested by large banks are generally relatively good liquidity, and their normal redemption behavior will not cause too much volatility to the market.

As far as the situation is concerned, the bond market is still relatively stable.

Insiders also pointed out that the market has anticipated the policy and has already digested some bad profits. In the future, it will pay close attention to the introduction of relevant regulatory rules.

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