Affected by the continuous volatility of the equity market, investors' demand for safe-haven assets has grown stronger, and bond funds have become "hot" again this year.Many bond funds intensively "thanks behind closed doors", suspending large-scale subscriptions, or adjusting the single-day purchase limit.
Since May, more than 100 bond funds have issued "purchase restriction orders".Some funds even limit the purchase limit to 10 yuan, becoming a "window fund" that can be seen but not bought.
Strict "restriction order"
Recently, a number of fund companies successively announced that they would suspend the large-amount subscription business of their debt funds.Wind data shows that as of May 30, there were 1,940 (A/C separately counted) funds in the market that had suspended large-amount subscriptions.Among them, there are 1,780 bond funds (including partial debt hybrid funds), accounting for 91.75% of the total number of funds suspended for large-amount subscriptions.
In the past month, more than 100 bond funds (A/C separately counted) have successively announced the suspension of large-amount purchase restrictions or raised the purchase restriction threshold, opening the "purchase restriction mode".
As far as the purchase limit is concerned, since the beginning of the year, 10 million yuan, 5 million yuan, 1 million yuan, 500,000 yuan, and 100,000 yuan have appeared.However, among the bond funds purchased recently, there are more purchase restrictions at the level of 10,000 yuan and 50,000 yuan, and there are many funds with strict "purchase restrictions".For example, five medium and long-term pure debt funds, such as Nanfang Xuyuan, Nanfang Hengyuan, Nanfang Congyuan, and Nanfang Huayuan, have announced the purchase limit of 100 yuan; Fengyi and other three funds have a single-day purchase limit of 10 yuan.
Regarding the reason for the suspension of large-amount subscriptions for debt-based funds, a number of fund companies stated in their announcements that in order to "prevent the rapid influx of large amounts of funds in the short term to dilute the income of the original holders and ensure the smooth operation of the fund."
An insider of a medium-sized fund company in Shanghai revealed to a reporter from China Securities Journal and China Securities Taurus that the limit is as low as 100 yuan or even 10 yuan, or it means that the product is the company's blue-chip product. If you want to maintain good returns, you may also be a fund manager. Active selection, control the matching management scale according to its own investment strategy.In addition, it may also be that the fund has a relatively high proportion of institutional investors, which prevents the dilution of income and imposes strict purchase restrictions.
High-quality debt bases are sought after
In the context of this year's stock market adjustment and the transformation of bank wealth management net worth, high-quality bond funds are sought after by investors, causing transaction congestion.
A staff member of the public offering market department told reporters, "Short-term debt products have become an ideal safe haven for funds because of their liquidity and profitability. Under the background of structural asset shortage, the market demand for credit bonds is strong. If the requirements are met, the characteristics of credit sinking on the investment side are more obvious.”
"The demand side is crowded, and most institutions are in a state of under-allocation." A fixed income analyst of a leading securities pointed out, "The subscription of newly issued bonds in the primary market has risen, and the trading of urban investment bonds and industrial bonds in the secondary market is hot. Recent highs, among which short-duration urban investment bonds are sought after.”
The China Merchants Securities report said that since April, this round of asset shortages has been affected by the interest rate environment on the one hand, and on the other hand, it reflects investors' concerns about market volatility.In addition to expected factors, the shortening of investor debt duration may be the main constraint.
Institutional Outlook on Bond Market Investment Opportunities
Some bond fund managers said that until the two major prerequisites of asset shortage and loose liquidity remain unchanged, the risk of a sharp adjustment in the bond market in the short term is not large.At this stage, the certainty of short-term bonds is usually better than that of long-term bonds. In the process of maintaining loose money and gradually implementing loose credit, the cost performance of credit bonds and convertible bonds may gradually increase.
China Merchants Securities suggested that defense should be the main focus in the short term, especially for accounts that are not stable enough on the debt side.For accounts with stable liabilities, it is recommended to reserve a certain position, and choose an opportunity to allocate urban investment bonds in national-level new districts and prefecture-level city development zones within the adjustment range.The above-mentioned two sub-categories will be the core tools for enhancing the yield of urban investment bonds this year, and the duration should be controlled at about two years.
