China Fund Daily reporter Fang Li and Zhang Yanbei
The recently popular interbank certificate of deposit funds have attracted regulatory attention.
For the fundraising, promotion and product operation of interbank certificates of deposit funds, the supervision has put forward new requirements to fund companies, emphasizing the appropriateness of sales and standardizing the caliber of publicity.The supervision pointed out that the fundraising of interbank certificates of deposit cannot be bound or customized with specific Internet platforms, and expressions such as "quasi-currency" and "currency substitution" shall not be used. At the same time, it is recommended that the subscription period should not exceed 2 weeks, and the investment ratio and investment concentration of small and medium-sized banks' certificates of deposit should be strictly limited. Spend.
In this year's deserted fund issuance market, the interbank certificate of deposit fund is undoubtedly a bright spot.As of June 7, the scale of interbank depository funds in the whole market has exceeded the 100 billion mark.
Supervise and regulate the raising and promotion of co-deposit funds
The reporter learned from a number of fund companies that the regulatory authorities have provided window guidance to some fund companies, and put forward some requirements for the sales promotion and product operation of interbank depository funds.
According to regulatory requirements, in the stage of product raising and promotion, fund managers must adhere to the retail positioning, strictly prevent the idling of funds in the financial system, and strictly implement the requirements for the management and control of subscription funds.
Specifically, through the TA system, the setting of agency sales agencies, etc., it is ensured that no sales are made to the self-operated accounts of financial institutions.For general institutional clients, the single-day subscription/subscription limit cannot exceed 10 million (excluding public offering asset management products).However, at the same time, corresponding requirements are put forward for the overall concentration of public offering asset management products, which must comply with the requirements of 50% and 20%, that is, the total share of public offering asset management products does not exceed 50%, and the total public offering asset management products of a single institution. The shareholding does not exceed 20%.
Regarding product redemption and related publicity, the regulator pointed out that the initial closing period of the fund is 1 month after the establishment of the fund.Based on the past 7-day holding period product sales experience, fund managers should patiently explain to clients.
In addition, according to regulatory requirements, the sales of interbank certificates of deposit funds shall not be excessively bound to the Internet platform, and must be sold through all channels.The industry pointed out that this requirement is mainly to prevent the interbank certificate of deposit fund from becoming a platform customized product.In fact, as far as the first batch of 6 products is concerned, it seems that the retail sales of commercial banks and securities companies are the main ones, and individual customers occupy the absolute mainstream.
For the sales of promotional materials, the regulatory authorities also focused on some requirements.On the whole, it is not allowed to unilaterally emphasize the characteristics of CDF products, and it is not allowed to display the underlying index returns, and the risk of net worth fluctuation should be fully reminded.
The regulator said there were several major problems with past promotional materials.First, it promotes the historical returns of the underlying index; second, some channels display the returns within 6 months since the product was established after the product is established; third, it promotes the returns of other types of products managed by the same fund manager.
In response to these problems, the regulator has made specific requirements, including but not limited to: expressions that imply that products are equivalent to cash management products such as "quasi-currency", "currency substitution", and "cash wealth management" cannot be used; risk warnings must contain "this fund" The risk level of the fund is low risk, but low risk does not indicate that the product will guarantee capital and income, and the product has the risk of net value fluctuation”; other types of fixed income products managed by fund managers shall not be promoted; products established for less than 6 months, Performance is not allowed; products established for less than 2 years are not allowed to advertise annualized rates of return.
For redemption, fund managers need to make adequate risk warnings.Implemented in the publicity materials, it is necessary to indicate in a prominent position that the product cannot be redeemed during the product offering period and the closed operation period after its establishment.After the subscription is opened, fund products will be limited to a minimum holding period of 7 days.The above-mentioned specific risk warning contents shall be displayed in bold dark fonts.
The operation of co-deposit fund products ushered in new requirements
In addition to fundraising and promotion, on the other hand, in accordance with regulatory requirements, fund managers also need to abide by the fiduciary duties and strictly guard against risks during the operation stage of interbank depository fund products.
Specifically, in terms of product scale, the cap of RMB 10 billion is controlled during the fundraising and follow-up operation of interbank depository funds.Among the interbank certificates of deposit funds that have been established and are being issued, the minimum subscription amount for each fund account is 1 yuan, and the upper limit of the fundraising scale of 10 billion yuan is implemented, and the principle of "proportional confirmation" is adopted for effective scale control.
For example, China AMC’s Co-existing Index Fund has recently released a scale control plan, and other fund companies have issued similar announcements before.
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It is reported that in terms of the fund subscription period, the supervision recommends that the subscription period should not exceed 2 weeks.In terms of the lock-up period, the initial lock-up period after the establishment of the interbank certificate of deposit index fund is 1 month.Newly issued fund products generally have a closed period, and setting a closed period can provide a relatively stable process for the fund to open positions.
Secondly, the new fund will enter the subscription period after the closed period. The interbank deposit certificate index fund stipulates that the subscription is open on every open day, but a 7-day lock-up period is set for each fund share, and the fund share after the lock-up period expires can be redeemed.
It is worth mentioning that, in addition to the total limit, the supervision also requires strict restrictions on the investment ratio and investment concentration of small and medium-sized banks' certificates of deposit.
In this regard, an industry insider said, "There are certain differences in the coupon rates of interbank certificates of deposit issued by different banks at the same time and with the same term, and in some extreme cases, the difference is not small. Those with lower interest rates are all relatively large banks. The ones with relatively high yields are mostly small and medium-sized banks, including local banks. The supervision and control of the investment ratio and concentration of certificates of deposit of small and medium-sized banks in the interbank certificate of deposit fund is also to effectively prevent the credit risk caused by excessive allocation of such certificates of deposit.”
Another person with fixed income said that due to the pressure of attracting reserves and the pressure of periodic funds, the issuance scale of interbank certificates of deposit in 2022 will continue to maintain a relatively high growth.However, looking at the overall interest rate level, there has not been much change, but if it is specific to each bank, the differentiation is obvious.City commercial banks, rural commercial banks and state-owned banks and joint-stock banks have obvious interest rate spread corridors.The subject rating of some interbank certificates of deposit is not high and the risk is relatively high.
The scale of interbank depository funds in the whole market exceeds 100 billion
Up to now, the issuance of the third batch of interbank certificate of deposit index funds has been completed, and two of the fourth batch of interbank certificate of deposit index funds have ended their offerings ahead of schedule.
On June 7, the Harvest CSI Interbank Depository AAA Index 7-day holding period fund issued an announcement to end the fundraising ahead of schedule. The fund’s original fundraising deadline was June 10. In order to better safeguard the interests of the holders, the fundraising deadline was The date is brought forward to June 7th, that is, the last fundraising day of the fund is June 7th.
The reporter learned through relevant channels that the actual raised amount of funds held by the Harvest CSI Interbank Depository AAA Index for 7 days has reached the upper limit of 10 billion.
On the same day, Invesco Great Wall Fund's interbank depository index fund also issued an announcement on its establishment. The fund also sold 9.986 billion yuan during the 2-day subscription period.
Up to now, the fourth batch of inter-bank certificate of deposit funds, Invesco Great Wall and Harvest Fund, have raised a total amount of nearly 20 billion.China Universal Fund, Huatai-Pinebridge Fund, and Huabao Fund's inter-bank certificate of deposit index funds are still on sale.
As early as mid-to-late December last year, the first batch of 6 interbank depository index funds from 6 fund companies including Nanfang, Penghua, Fuguo, Huisheng, Huafu and AVIC were established successively, with a total issuance scale of 15.2 billion yuan. The total number of households exceeds 70,000.
In 2021, when a variety of innovative fund products have achieved outstanding issuance results, the sales of the first batch of interbank depository index funds are not large, and there is no "explosive" single product.
However, in 2022, especially around the Spring Festival, as the stock market continued to fluctuate, the popularity of this new type of cash management tool fund products gradually increased, so that fund companies began to control their scale growth.
Wind data shows that as of June 7, 17 interbank depository funds have been formally established, with a total scale of 110.73 billion yuan.Among the funds that have been established, 6 funds have been established with a scale of tens of billions of dollars.
Since June, the inter-bank certificate of deposit index funds that have been issued and established have also continued to gain the favor of funds, and the subscription has continued to be hot.To effectively control the scale.A number of established interbank CD index funds have issued "purchase restriction orders", announcing the suspension of subscriptions or restrictions on large-amount subscriptions, involving products including Wells Fargo, Nanfang, Penghua and other interbank CD index funds.
To sum up, under the above-mentioned scale restrictions, the fund manager of the interbank certificate of deposit divides the operation of product redemption into the following situations: First, if the net purchase on a certain day during the fund's existence is all confirmed, the fund's net asset value will not exceed 100. RMB 100 million, all valid subscription applications will be confirmed if they meet other restrictions such as sales target restrictions and quota restrictions.Second, if the net subscription on a certain day during the fund's existence is fully confirmed, which will result in the fund's net asset value exceeding RMB 10 billion, it will be partially confirmed using the principle of proportional confirmation.
Third, in the process of opening the subscription and fixed investment business of the fund, if all the net subscriptions on a certain day are confirmed and the net asset value of the fund will approach or reach 10 billion yuan, the fund manager will issue an announcement to suspend the subscription and fixed investment business of the fund.
The fifth batch of co-deposit funds will be issued soon
It is reported that the interbank certificate of deposit index fund will mainly invest in AAA certificates of deposit, and more than 80% of the non-cash assets of the fund will be invested in the constituent bonds and alternative constituent bonds of the CSI Interbank Certificate of Deposit AAA Index. Based on this, strive to achieve a similar total return to the underlying index.
The sample bonds of the index consist of interbank certificates of deposit listed on the inter-bank market with a subject rating of AAA, an issuance period of 1 year or less, and a listing time of 7 days or more.
The first four batches of interbank depository index funds have achieved good sales, and the fifth batch of products will be released soon.
On June 2, four fund companies including Wanjia, Chuangjin Hexin, Bank of China, and Guolian An Fund have approved the issuance of interbank CD index funds, which are regarded by the industry as the fifth batch of interbank CD funds.
At present, Wanjia, Bank of China, and Guolian An Fund have released documents such as product recruitment instructions, and will soon enter the issuance.The fastest to enter the issuance is the Guolian Interbank Depository Index Fund, which will enter the issuance on June 8. The deadline for raising is June 17, and the Bank of China Interbank Deposit Index will be issued on June 9 for 7 days. The date is June 17, and the 7-day holding of the Wanjia Interbank Certificate of Deposit Index will be issued on June 10, and it is planned to be issued until June 23.
Often, the custodian bank of the new fund is also the main agency of the fund and is the main source of sales.In terms of custodian banks, Guolianan Fund chose Bank of Communications for custody, while Bank of China chose Industrial Bank as the custodian bank for China Merchants Bank and Wanjia.
It is worth mentioning that most of the fund companies in the fifth batch have chosen multiple fund distribution channels.For example, Guolian An Interbank Certificate of Deposit Index held for 7 days currently has 47 agency sales agencies, including banks, brokerages and other sales channels.And Wanjia's sales channels also reached 60.
Not only is the fifth batch about to be released, but some products from the fourth batch are still on sale.In addition to Invesco Great Wall and Harvest Fund, Huabao, Huatai Pineapple and China Universal are still offering options. China Universal's co-deposit fund has a deadline of June 10, while Huatai Pineapple is on June 10. On the 14th, Warburg is on June 15th.
According to channel sources, the fourth batch of fund companies' products are currently in good condition, and the possibility of tens of billions of funds will not be ruled out.
According to industry insiders, the fund industry has been very enthusiastic about this type of product since the co-deposit fund was reported.Since the fund company reported the interbank deposit certificate index fund on September 30 last year, more than 90 fund companies have reported such products in just over a month.
As of June 7, there are nearly 100 interbank certificates of deposit funds that have been submitted for approval.In the future, the approval of interbank certificate of deposit funds is expected to be normalized, and the subsequent hot issuance of such funds may continue to be relayed.
Industry insiders expect that under the market volatility, low-risk products will attract more market attention.Under the background of this year's stock market adjustment and the comprehensive net worth transformation of wealth management products, it has comparative advantages such as high cost performance. Therefore, the co-existence fund has produced a number of tens of billions of explosive funds, and it is expected that the popularity of such products will continue for a while. time.
