With the popularity of fixed income + products, a number of head public funds have also increased the size of the layout of this field. Within this week, a number of head institutions, including Wells Fargo, Yinhua, Ping An and Guangfa, will issue more than 10 hybrid products and secondary debt bases.
Solid income + station upper air outlet
When equity funds frequently burst money becomes the norm, the fixed income + funds, which are mainly composed of partial debt and secondary debt base, are also on the rise, becoming another type of hot money in the fund industry this year.
According to the latest announcement, the initial scale of a fixed income + fund established on November 27 reached 19.851 billion yuan, making it the seventh largest single new product issuance this year. The top six are partial stock hybrid funds or ordinary mixed funds. According to the announcement, the fund attracted nearly 20 billion funds in just three days, and the total number of effective subscription reached 175 thousand and 500, with an average subscription of 113 thousand and 100 yuan.
First finance and economics also noted that recently, many fixed income + funds announced the early termination of the offering. For example, for a fixed income + product, the deadline for raising was adjusted twice.
Since this year, the number and scale of fixed income plus have witnessed explosive growth. Up to now, 165 partial bond hybrid funds and secondary debt bases have been established this year, with a scale of nearly 300 billion. In the whole year of 2019, the number of fixed income + products issued was only 70, with a scale of 69 billion.
According to first finance and economics, not only public funds, but also banks and bank financing subsidiaries regard fixed income plus as a key development direction in the future.
For example, Liu Jinsong, vice president of ICBC financial management, once said that at present, fixed income assets are still the main investment body of bank financial management subsidiaries, but they are accelerating the expansion to fixed income +. In addition, BOCOM financial management, xingyin financial management, etc. have also said, fixed income + will become the main direction of financial management subsidiaries in the future.
One year return will be held by Xunhui, CITIC, CITIC, etc.
In fact, fixed income plus is not a new thing. In the past, when the post amortization cost method was adopted in bank financial management, the bank financial management adopted the mode of non-standard, term mismatch and fund pool, so as to achieve the goal of improving the income and maintaining the principal and income.
However, after the promulgation of the new regulations on asset management, it is required to break the rigid cashing, and the mode of amortization cost method + capital pool operation + non-standard is difficult to continue, and the yield of financial products will also decline.
A fixed income person said that when the banks financial products could not guarantee the principal and return, and the yield of pure debt products continued to decline, investors in the past bank financial management hoped to find a product that could replace bank financial management. This type of investors have certain requirements on the rate of return, but they are also risk averse. In this case, the stable growth and small withdrawal of fixed income + products are favored by such investors, and are expected to become the most powerful substitutes for bank financial products.
First finance learned that since the implementation of the new regulations on asset management, the total number of bank financial products issued has decreased significantly. The high-yield stock products gradually mature, and the scale of the former stable high-yield financial products has been continuously compressed, and the purchase amount is limited.
I think this is a squeeze out . The new regulations on asset management have made the amount of old products lower and lower. Although the transition period has been extended for one year, the time point is still very strict. The money squeezed out of old products needs to be invested in more stable products. Before that, the mode of banks was that channel sales managers sold financial products. However, as the supply of old financial products decreased, channel sales managers urgently needed to find a new substitute, which might be fixed income +. Therefore, the boom of fixed income plus this year is actually the result of joint promotion. In addition, we vigorously develop fixed income plus, but we still hope that it can provide financial customers with a new choice, which is also the trend of the transformation of new asset management regulations. Yinhua Zhaoli fund manager Zou Weina said.
Another background of the rise of fixed income + is that with the continuous decline of interest rate, the coupon income and capital gain income of bond investment gradually decrease. In order to improve the product investment return, it is necessary to increase certain risk assets and strategic investment on the premise of ensuring product safety.
First finance and economics learned that the so-called fixed income + fund refers to the use of the fixed income + strategy, on the basis of allocating high-quality bonds to obtain basic income, to find opportunities with strong certainty among various strategies to improve the overall yield of products. Fund managers allocate interest rate debt and high quality credit debt reasonably. For example, the bond coupon can contribute about 3% - 5% of the relatively certain return every year. On this basis, the stock strategy, convertible bond strategy, stock index futures strategy and treasury bond futures strategy are superimposed. For example, the equity strategy of Yinhua Zhaoli has been upgraded to the strategy of active management of stocks. Relying on the excellent investment and research ability of equity assets of the platform, it can find the structural opportunities with upward momentum, replace the original index tracking strategy, and strive to increase u03b1 - income on the basis of u03b2. From my point of view, I hope to make the risk return characteristics of fixed income + products better than that of bond products. I think this is a real + . To put it bluntly, even if the bond performance is not good, the overall yield of the product is also good. This is a + and it is not necessary to pursue a particularly high yield. Zou Weina further said to first finance and economics. Source of this article: Guo Chenqi, editor in charge of first finance and Economics_ NBJ9931
From my point of view, I hope to make the risk return characteristics of fixed income + products better than that of bond products. I think this is a real + . To put it bluntly, even if the bond performance is not good, the overall yield of the product is also good. This is a + and it is not necessary to pursue a particularly high yield. Zou Weina further said to first finance and economics.