Coincidentally, according to the announcement of Jiutai fund, Jiutai Jiujia pure bond 3-month regular open-end bond fund was redeemed in large amount on November 23, which also needs to temporarily improve the accuracy of net worth. In addition, since mid November, Taikang Anye policy financial bonds, Jingshun Great Wall Jingyi Manulife and other bond funds have issued similar announcements.
It is worth noting that, in addition to the above-mentioned announcement on the accuracy of net worth adjustment, several bond bases have recently issued announcements saying that individual investors subscription or large-scale subscription is suspended. For example, yingdaan Huichun bond, Taikang Yangtze River Economic Belt bond and other funds suspended individual investors purchase, transfer in and fixed investment business. On November 23 and November 24, nearly 10 bond bases such as Cathay Pacific Credit mutual benefit bond, China Canada Fengrun pure bond, Debang Ruigan bond and so on suspended large amount subscription.
According to a fund analyst in Shanghai, the main reason for fund companies to suspend large-scale subscription of bond funds is that after large amount of redemption by early investors, if the new subscription shares are too large, it is easy to exceed 50% of the total fund shares.
According to the provisions on the liquidity risk management of open-ended securities investment funds, the fund manager should strengthen the management of the subscription process of open-ended funds, reasonably control the concentration of fund share holders, and prudently confirm the large-scale purchase application. In the fund contract and recruitment statement, the circumstances of refusing or suspending the acceptance of investors subscription application shall be stipulated, except for the agreement Except for the special circumstances recognized by the CSRC, it is not allowed to accept an investors subscription application, which results in its shares exceeding 50% of the total fund shares.
According to the above analysis, some bond funds at this time limit the purchase of large amount, indicating that investors in the early stage have to redeem more, and the fund company has to restrict large amount of purchase. From the reporters understanding of the situation, in addition to the withdrawal of institutional funds, individual investors have also appeared the phenomenon of substantial redemption.
A small and medium-sized fund company marketing department said that affected by the recent bad credit bond market, the companys bond fund net value fell slightly, many individual investors choose to redeem. As long as net value does not close red, investors want to redeem, their risk tolerance is relatively low.
Marketing people of another fund company also feel the same way: recently, our customer service has received a lot of calls from investors. We are very concerned about whether there are default bonds in the debt base, especially when the net value of the debt base falls. Judging from the data, the debt base has indeed encountered a lot of redemption recently.
In fact, although there have been a number of bond default events, the overall situation of the credit bond market is still good from the perspective of institutions. Under the influence of the negative sentiment of the market, there was a phenomenon of wrong killing under the influence of both mud and sand. Last weekends meeting of the financial committee sent a very clear positive signal, which is of great significance to alleviate the liquidity risk of the current bond market.
Recently, some institutions are also urgently appeasing investors. Recently, the Changan fund has published numerous articles on debt basis on the official account of WeChat, and stressed at the end of the article: we want to say again that our fund has never held default bonds, and the valuation price of the positions bonds is confident that the market will gradually stabilize and recover.
For bond fund investment opportunities, the industry is not pessimistic. Xuanwei, chief strategic analyst of Huaxia Fund, believes that after the release of short-term negative sentiment in the market, the bond market may usher in periodic trading opportunities, which also brings a favorable time point for new bond funds to build positions.
Changan Fund said that some default events triggered market sentiment fluctuations and led to bond prices falling. This irrational decline will return to rationality and fundamentals after the negative market sentiment has been digested. As long as the enterprise itself has no problems, the value of the bond itself will eventually be reflected. On the basis of risk assessment and in-depth research, it is a good opportunity to allocate high-quality credit bonds at low prices.