Multiple debt base liquidation under double pressure of performance and redemption

 Multiple debt base liquidation under double pressure of performance and redemption

According to choice data, as of November 18, the average net value growth rate of all primary bond funds since this year was 2.44%, that of secondary bonds was 5.45%, that of medium and short-term pure bond funds was 0.90%, and that of long-term pure bond funds was only 0.03%.

A bond researcher said that since the third quarter, the bond market has been in a weak shock pattern. Under the triple impact of performance, credit risk and liquidity, the debt base may face certain redemption pressure. In particular, since April this year, the yield of treasury bonds has risen, and the overall yield of debt base is not satisfactory. Generally speaking, there will be seasonal liquidity tension at the end of December and around the Spring Festival, and individual institutions also have the willingness to redeem. In addition, since October, default events of high-grade credit bonds have occurred one after another, which has impacted investor confidence and brought about redemption pressure.

For the debt base, institutional investors are the majority. Some people in the industry said that the funds with a high proportion of these institutions can only choose to be wound up if they can not find other sources of funds once they are redeemed by the capital side. According to the funds third quarterly report, which announced the liquidation announcement in November, the institutional investors of several funds accounted for 100%.

Due to the turmoil in the bond market, industry insiders believe that it is necessary to observe the follow-up effects. According to Tianfeng securities research, the recent default of state-owned enterprise bonds has caused turbulence in the credit market. For the stock market, the risk of credit market is not isolated. Once the risk preference of the credit market decreases, the credit premium will rise, bringing about the effect of credit contraction. At the same time, the primary market will have difficulties in issuing bonds, which will enlarge the effect of credit contraction. In this process, the selling behavior of institutions will also accelerate the rise of credit premium. In the long run, the bond market will continue to move towards breaking the rigid exchange rate and market-oriented pricing. Breaking the rigid exchange rate will inevitably bring down the risk-free interest rate, which means that the risk premium will rise for the stock. In the environment of credit risk gradually marketization pricing, the risk return ratio of stock assets is also rising.

Extended reading: 13 new foundation funds issued in a single day: hot market reappearance fund earning effect is remarkable fake Li Kui frequently stares at true public offering illegal practices, and all of them are in the original form of private fund supervision storm continues. Source: Shanghai Securities Journal Editor in charge: Ren Hui_ NBJ9607