Financial management yield continues to decline, and banks play high interest group buying

category:Finance
 Financial management yield continues to decline, and banks play high interest group buying


Banks fancy promotion of financial products

Financial products buy together with higher interest rate. This is a new style of financial product sales launched by some banks recently to relieve the pressure on the capital side.

The expected annual return of each financial product is different. Generally speaking, the more people there are, the higher the interest rate. Our last product activity has stopped. The threshold is 10000 yuan. The term is half a year. The expected annual yield of 2-member group is 4.33%, 3-member group is 4.36%, and 4-member group is 4.4%. A joint-stock banking professional told the first financial reporter.

According to the above-mentioned person, the group financing must be initiated by an old customer who has purchased financing products in the bank, open a group in the mobile bank, and then enter the name, ID card number, mobile number and other information of the new group member in the exclusive link of the head, or send the link to other new customers who have not opened an account in this bank. After the success of the group, wait 1-3 days for the members to see the expected annualized rate of return in the product sales time. If the investors are not satisfied with the expected annualized yield, they can also disband the group. After the investor subscribes for the product, the leader of the initiator can get points worth 20-35 yuan.

The reporter learned that in the epidemic stage, some financial subsidiaries of Banks allow online evaluation of new customers. However, for the first time buyers of the above-mentioned group financial products, the reporter learned that they still need to take their ID cards and go to offline outlets for risk tolerance assessment.

The above products have some competitiveness at present. The first financial reporter inquired in many state-owned big banks and joint-stock banks mobile phone banks and found that the same bank financial products with a starting investment period of one year and a term of six months, the expected annual return rate of state-owned big banks mostly fluctuated at 3.7%, and that of joint-stock banks around 4%.

Our bank has a special financing interest rate for new customers, usually for three to six months. The expected yield of the product is dozens of BPS higher than that of the ordinary product, but at present, there is no such financing sales mode as group. Many people from state-owned big banks and national stock banks told the first financial reporter.

In recent years, the central bank and the China Banking Regulatory Commission have tightened their supervision on the structural deposits of banks, and the deposit side of banks is under pressure due to the combination of epidemic factors. At the same time, at present, the rate of return of newly issued financial products of banks generally declines. Compared with the newly issued financial products of the same period, the group financial products have a higher rate of return, and they are more attractive to depositors in the period of downward rate of return. Through the financial management group form of old customers and new customers, the bank can develop new customers on the one hand, and on the other hand, it can relieve the pressure on the debt side of bank deposits to some extent. Xu Chengyuan, chief financial analyst of Dongfang Jincheng, told the first financial reporter.

However, from the perspective of the industry, high yield financial products are difficult to maintain, and there is still room for the yield to go down.

After the Spring Festival, under the influence of the epidemic, the downward pressure on the macro-economy has increased, and the monetary policy has strengthened counter cyclical adjustment. For example, after the festival, the central bank has carried out a number of counter repo operations, put short-term liquidity into the market, and reduced the bid winning rate of the counter repo and MLF (medium-term lending facility), so the market liquidity is relatively abundant. In addition, the operation mode of the asset pool in the past under the new regulations of asset management is as follows: With strict restrictions, it is more difficult for bank asset management to obtain higher income through mismatching period. After the stock products gradually expire, it is difficult for new products to invest in non-standard products, and the yield of financial products also further declines. Another analyst said.

According to wind data, in February, except for the three-month period, the expected return of financial products mostly went down, continuing the low-level trend. Specifically, the expected rate of return of three-month financial products rose by 14bp to 4.04%, while that of one-month, six-month and one-year financial products declined by 4bp, 7bp and 20bp to 3.74%, 4.02% and 3.99% respectively, and the one week financial products were flat.

The asset side will face a certain asset shortage

Financing funds are mainly invested in creditors rights assets, and the epidemic has a certain impact on the operation of real enterprises. The normal flow of some enterprises during the Spring Festival is significantly lower than expected, and the ability to pay off debts in the short term decreases, thus affecting the quality of bank financing assets. In this context, the investment difficulty of financial management funds increases, the investment and research ability of banks will face more severe tests, and the short board of investment and research ability will be further exposed. Puyi standard.

The asset side faces the following pressures: on the bond market, on the one hand, the bond yield further declines from the low level, the investment side relies on the allocation of fixed income products or is difficult to reach the performance comparison benchmark, and the yield curve faces continuous downward pressure; on the other hand, the epidemic drags down the macroeconomic growth and affects the asset quality, and the potential risk pressure of corporate credit bond default rises. In terms of equity, the stock market volatility makes some financial products with equity asset allocation face withdrawal pressure, especially for bank financial products with high positions. Everbright Securities analyst Wang Yifeng said.

The banks participation in non-standard activities is mainly through trust income right, project financing, etc., but at present, due diligence and other offline activities have pressed the pause key due to the impact of the epidemic, many financing counterparties have not fully resumed their work, and the number of investment objects has significantly decreased. A trust official told reporters.

At the same time, the pressure on the asset side is further transmitted to the liability side. Wang Yifeng said that, first of all, the withdrawal of net worth products or even some of them broke the net, which had a certain impact on Residents psychological expectation of capital guarantee for bank financing for a long time, the regular open-end products faced the pressure of redemption, and the renewal products faced the challenge of being replaced by large amount certificates of deposit, structural deposits, etc.; second, in order to maintain the stability of the liability side, the banks were forced to increase profits or even paste Interest to maintain a relatively high interest rate, especially small and medium-sized banks are facing greater pressure. Xu Chengyuan said that for large and medium-sized banks, with the establishment of financial subsidiaries, their investment channels and product types are more diversified. At present, the overall undervaluation of the stock market can appropriately increase the capital allocation of the stock market. Moreover, compared with small and medium-sized banks, large banks have better investment and research capabilities, which can expand bond investment varieties, and carry out certain high-yield and low-risk portfolio strategies in ABS, REITs like products, urban investment bonds, convertible bonds and Chinese dollar bonds. For small and medium-sized banks, their financing funds are mainly bonds and non-standard investment. Due to the loose market capital, some high-grade credit bonds have certain interest margin advantages. Small and medium-sized banks can play the advantages of local information and resources to expand the allocation of credit bonds in their familiar fields. Source: First Financial Editor: Guo Chenqi, nbj9931

At the same time, the pressure on the asset side is further transmitted to the liability side. Wang Yifeng said that, first of all, the withdrawal of net worth products or even some of them broke the net, which had a certain impact on Residents psychological expectation of capital guarantee for bank financing for a long time, the regular open-end products faced the pressure of redemption, and the renewal products faced the challenge of being replaced by large amount certificates of deposit, structural deposits, etc.; second, in order to maintain the stability of the liability side, the banks were forced to increase profits or even paste Interest to maintain a relatively high interest rate, especially small and medium-sized banks are facing greater pressure.

Xu Chengyuan said that for large and medium-sized banks, with the establishment of financial subsidiaries, their investment channels and product types are more diversified. At present, the overall undervaluation of the stock market can appropriately increase the capital allocation of the stock market. Moreover, compared with small and medium-sized banks, large banks have better investment and research capabilities, which can expand bond investment varieties, and carry out certain high-yield and low-risk portfolio strategies in ABS, REITs like products, urban investment bonds, convertible bonds and Chinese dollar bonds.

For small and medium-sized banks, their financing funds are mainly bonds and non-standard investment. Due to the loose market capital, some high-grade credit bonds have certain interest margin advantages. Small and medium-sized banks can play the advantages of local information and resources to expand the allocation of credit bonds in their familiar fields.