Following the early closing of GF and Cathay Pacific Interbank Depository Index Funds exceeding 10 billion yuan, on June 7, Harvest CSI Interbank Depository Certificates AAA Index 7-day holding fund announced the end of the fundraising ahead of schedule, and the initial fundraising scale reached the upper limit of 10 billion yuan; Shun Great Wall's interbank depository fund announced the establishment of the first fundraising scale of 9.985 billion yuan. In addition to the products that are still in the issuance period, among the fifth batch of inter-bank certificate of deposit funds approved at the beginning of the month, the products of Guolian, Bank of China, and Wanjia are all launched this week.
Yang Renwen, an analyst at Guohai Securities Research Institute, believes that the popularity of interbank depository funds reveals the need for popular hierarchical management behind it. "From the tracking index, most of the interbank depository funds are passively managed, and the tracking index is concentrated in the interbank depository AAA index; from the perspective of holding period, the holding period of most funds is concentrated in 7 days, and a small number of funds hold The term is 30 days. The liquidity of interbank depository funds is between that of short-term debt funds and currency funds, and the liquidity of the three forms a clear stratification. Diverse investment options can better meet the liquidity stratification of investors. The need to manage and pursue certainty of revenue.”
In a volatile market environment, low-risk products are more favored by investors. CICC predicts that the market size of interbank depository index funds may reach one trillion yuan or even higher. "At this stage, AAA-level interbank deposit certificates account for 61%. Based on the 10 billion yuan raising cap, the remaining outstanding interbank deposit receipt fund issuance cap is expected to reach one trillion yuan. If the average raising cap of 5.4 billion yuan and The calculation of the minimum position of 80% of interbank certificates of deposit is expected to drive the allocation of high-grade certificates of deposit of 432 billion yuan.” Huaan Securities said.
2021 is the peak application period for interbank certificates of deposit funds, and at this stage it is mainly in the digestion period of existing applications. "At this stage, the number of approved issuances per batch is about 5, and there are still many people waiting in line. The specific rhythm depends on the attitude of regulatory approval and the subscription situation of investors, and we are also preparing. In the future, the interbank certificate of deposit fund The approval is expected to be normalized." A person from the marketing department of a fund company said.
It is worth noting that with regard to the interbank deposit certificate index fund products, the regulatory authorities have successively given clear regulations on the publicity and sales behaviors of various fund companies. The reporter learned that the regulatory requirements for the appropriateness of fund sales mainly involve not publicizing stable income expectations, overemphasizing the attributes of stability and low volatility, and fully revealing the risk of fluctuations in the net value of products and the risk of redemption; not showing the history of the underlying index. Earnings, the earnings of other products managed by the same fund manager shall not be promoted; it shall not be excessively bound to the Internet platform, and must be sold through omni-channels, and the recommended subscription period is no more than 2 weeks; after the product is established, the annualized short-term performance shall not be converted into annualized earnings for publicity Wait.
"These regulatory requirements are necessary. In fact, we also had a timely understanding of the regulatory requirements when we issued interbank depository products." The aforementioned fund company source told reporters, "For fund companies, interbank depository index fund products are Issuance, in addition to helping the company to expand the market scale, can enrich the product line. With the rising enthusiasm of investors for subscription, there have been many tens of billions of explosive funds in the market one after another. Some companies have also begun to pay attention to controlling the scale , there are announcements to suspend subscriptions or restrict large-amount subscriptions, etc.”
Reporter Wei Xiayi reports from Beijing
