Its worth noting that in the A-share sharp correction on February 26, the GEM market fell nearly 5%, the financing market still showed a net inflow trend. In addition, zhongdeng data shows that in January this year, the number of A-share credit account investors was 5.099 million, a four-year peak.
However, based on the judgment that the overall financing interest rate in the financial market will have a chain reaction to the two financing interest rate of the securities companies, the securities companies believe that if the interest rate continues to decline in a large economic cycle, the bargaining space of customers for the two financing interest rate will increase.
It is also worth mentioning that, with the rising balance of the two financing, various securities companies actively hoard grain. This year, they have issued short-term financing bonds and corporate bonds to raise RMB 1997 billion, far more than that of the same period last year. Many securities companies raise funds to supplement working capital and several securities companies directly develop capital intermediary business.
Two financing rates down? What brokers call personalization
As for the rumor that the securities companies cut the two financing interest rates, the two financing personages of the securities companies ranking in the top of the brokerage business said to the reporter, our company has not lowered (the two financing interest rates), nor heard of other securities companies reducing the two financing interest rates on a large scale, which should be partial and personalized, and does not represent the overall level of the industry.
According to the above two financiers, some customers with large amount of capital have strong bargaining power and high sensitivity to financing interest rate. In the process of business processing, securities companies may reduce the two financing interest rate for such customers, which can be as low as 5% or even lower. But at the same time, this kind of customers also have higher requirements for the capital capacity of securities companies. The person said that in the industry, the two financing interest rates are directly related to the size of the customers capital volume. The interest rates are mainly distributed in the range of 5% to 8%, but the scale of interest rate reduction is definitely not.
Looking back over the past few years, the price war of the two financing interest rates is generally initiated by small and medium-sized securities companies with high degree of Internet. Is it possible for small and medium-sized securities companies to reduce the two financing interest rates as a whole?
A Chinese reporter from a securities firm consulted the head of credit business of a medium-sized securities firm, who also said that he had not heard of any interbank cut in the two financing rates. In some cases, there may be a reduction. For example, there may be a securities company that will cut the two financing interest rates for customers in the affected areas. The person in charge said.
Following this tip, Chinese journalists from securities companies contacted the securities companies that issued epidemic prevention and control bonds after the Spring Festival. On the way to raise funds for epidemic prevention and control bonds, these securities companies said they would use part of the raised funds to support the two financing and equity pledge businesses in the areas affected by the epidemic.
However, the two financing personages of the relevant securities companies also denied the statement of lowering the interest rate to the reporter, we will not reduce the two financing interest rate for the customers in the affected areas. The two financing businesses are mainly secondary market transactions, and we will be more inclined to use the funds to support the real economy, so as to provide support and preferential measures for the equity pledge business of the customers in the affected areas.
The reporter combed and found that there are indeed some securities companies that offer limited time discounts to the two financing customers. For example, according to the official website of Dongfang wealth securities, from now on to December 31, 2020, all customers who meet the conditions of newly opened margin trading will be granted a preferential interest rate of 6.99%.
But this is not a new thing. At least since the middle of 2017, Dongfang wealth securities has sharply reduced its financing interest rate to 6.99%, becoming the securities firm with the lowest financing interest rate of the two financing businesses at that time. In this view, the interest rate has continued to this day.
Since then, some securities companies have further lowered the two financing interest rate to below 6%, which is now recognized as one of the securities companies with lower two financing interest rate in the industry, namely Ping An Securities. On Ping An Securities app, the latest shows that the annual interest rate of margin trading of new customers is as low as 5.88%.
Securities dealers said that although most of the securities companies in the official channel marked the two financing interest rate is still 8.35%, but after customer bargaining, the level of financing interest rate is mostly around 7%. According to the specific agreement of customer capital volume, the lowest interest rate may be around 5%.
According to the above-mentioned two financing personages, due to their own resource endowments, securities companies provide different additional services to customers in addition to the two financing interest rates. There will be differences in investment advisory services, capital adequacy, target range changes, transaction parameters, etc. provided by securities companies to the two financing customers. As a leverage trading strategy, many two financing customers not only look at the two financing interest rates, but also value the additional services they can enjoy.
When will the two financing rates be lowered?
Securities Dealers believe that in recent years, the rumor that the two financing interest rate has been lowered is not uncommon, but the fact is that it has been stable, and the current situation does not have the realistic conditions to reduce the two financing interest rate on a large scale.
The reporter learned that the cost of securities companies to do two financing businesses mainly includes two parts, capital cost and tax cost, in addition to the operating cost of securities companies, the cost can generally be controlled within 5%. The overall level of financing interest rate in the financial market will have a chain reaction to the external financing level of securities companies. If the financing cost of the whole society is reduced, the financing cost of the securities companies themselves will be reduced, and the financing cost of the two financing customers will also be reduced. There are two financial people said.
In the near future, due to factors such as loose monetary policy, the financing interest rates of short-term securities lending and corporate bonds issued by securities companies are declining. In terms of interest rate, since this year, the fixed interest rate of corporate bonds issued by securities companies is mostly about 3.5% and the term is mostly three years, but the interest rate of corporate bonds issued in 2019 is mostly more than 4%; while the interest rate of short-term securities lending is all less than 3%, and last year, about half of the short-term securities lending interest rate is more than 3%. Therefore, under the role of the central banks loose monetary policy, the capital interest rate of market issuers does generally fall.
However, the above people agree with the information that based on the judgment that the overall financing interest rate in the financial market will have a chain reaction to the two financing interest rate of securities companies, if the interest rate continues to decline in a large economic cycle, the bargaining space for the two financing interest rate of customers will increase. This can also explain why some institutional people think that the two financing rates will be lowered sooner or later.
16 days of 100 billion leveraged capital crazy into the market
Since the Spring Festival, the balance of A-share dual financing has increased significantly. Within 18 trading days from February 3 to February 26, the balance of Shanghai and Shenzhen dual financing has increased by 102.5 billion yuan, reaching 1126.3 billion yuan, which is equivalent to the scale at the beginning of 2015. Among them, from February 5, there was a net inflow of financing stocks to February 26, in the 16 trading days, there were two net outflows, and the cumulative net inflow was close to 100 billion.
The balance of the two financing has been regarded as an important indicator to judge the prosperity of the market. Since the second half of last year, the regulatory support for the two financing business has been obvious to all, and the leverage funds have increased their efforts to flow into the stock market. Since August 19 last year, the balance of the two financial institutions has increased by 200 billion yuan. Some people from Liangrong of securities companies said that at present, both securities companies and customers have strong enthusiasm in doing Liangrong business, which represents the optimistic mood of the market. The increase in the balance of financing and financing means that investors are willing to borrow money to speculate in stocks, which proves that they think they can make money under the condition of covering the interest rate cost. This is the real data.
In August last year, the supervision released a package of benefits for the two financing businesses, first of all, the securities and gold company lowered the refinancing rate by 80 basis points, then cancelled the minimum maintenance guarantee ratio, and greatly expanded the two financing targets. At that time, CITIC Securities Research Report predicted that the expansion of the two financing will increase the balance of the two financing by 200 billion to 300 billion, and increase the net profit of the industry by 4.7%.
At the same time, the number of credit accounts has reached a new high of more than four years. Since July 2015, the number of credit accounts opened in the two cities has dropped to more than 3 million, which has been climbing slowly until the end of August last year. According to zhongdeng data, in January this year, the number of A-share credit account investors was 5.099 million, including 5.0775 million individual investors and 225 institutional investors. In January, there were 25700 individual investors who opened new credit accounts. It is worth mentioning that in January, due to the lunar new year, there are fewer trading days, but the number of new credit account investors is close to December 2019.
This year, securities companies have issued a total of 1997 billion yuan of debt financing
As the balance of the two financing rises, the securities companies need more capital reserves. Under the condition of low capital interest rate and high market sentiment in the near future, various securities companies have supplemented working capital through various channels of financing.
From February 25, this year, the securities industry issued 49 short-term financing bonds, raising a total of 126 billion yuan, an increase of 4.48 times year-on-year. At the same time, the securities companies issued 36 corporate bonds (including epidemic prevention and control bonds) in a row, with an issuing amount of 73.7 billion yuan, an increase of 4% year on year. According to this, in the beginning of the year, securities companies raised RMB 1997 billion by issuing short-term securities and corporate bonds. The purpose of fund-raising is mainly to supplement working capital, and the securities companies are more straightforward to develop capital intermediary business.
Especially since February, a number of securities companies have successively issued corporate bonds, including CITIC Securities, Soochow securities, Haitong Securities, Tianfeng securities and other securities companies are issuing corporate bonds (including epidemic prevention and control bonds), which are mainly used to supplement the companys working capital. CITIC Securities made it clear that it would be used to support the capital intermediary business.
Societe Generale Securities, West China Securities, Great Wall Securities and Guojin securities have successively expressed that they will issue corporate bonds (epidemic prevention and control bonds), and all the raised funds are intended to be used to supplement working capital, of which not less than 10% are used to support epidemic prevention and control related businesses, including but not limited to supplement the funds to provide equity pledge businesses for epidemic areas or customers damaged by the epidemic; to provide equity pledge businesses for epidemic areas or customers damaged by the epidemic Our clients provide funds for the two financing businesses.