Known as the capital management new regulation during the transition periodFinancial managementThe structural deposit of “alternatives” received unprecedented attention in 2018.
The latest financial statistics of the central bank outline the overall picture of bank-issued structured deposits: a surge of 2.66 trillion yuan last year; the balance broke through the 10 trillion mark at the end of August and went out of the downward parabola at the end of 2018. Fixed at the level of 9.617 trillion yuan; affected by the license management, many small and medium-sized banks stopped issuing structural deposits in the second half of the year. After reaching the peak after August, the balance of structural deposits of small and medium-sized banks has shrunk for four consecutive months. The total contraction was 462.334 billion yuan.
Last year surged 2.66 trillion
As of the end of 2018, the balance of structured deposits of commercial banks in China was 9.62 trillion yuan, an increase of 2.66 trillion yuan, or 38.27%, from 6.96 trillion yuan at the end of 2017.
“Structural” refers to the division of funds into “low risk and low return” and “high risk and high return”. Among them, the "low-risk low-yield" part is mainly linked to ordinary banks, and is linked to banks.CreditOr secure low-risk products to ensure the security and income of the principal; the "high-risk high-yield" part invests in high-risk and high-yield products such as financial derivatives, and through certain conditions, ensure that the products have the opportunity to obtain excess returns.
According to the nature, the above-mentioned 9.62 trillion yuan of structured deposits are divided into individual structured deposits and corporate structured deposits: personal structural deposits totaled 4.28 trillion yuan, accounting for 44.5%; corporate structured deposits totaled 5.34 trillion yuan. , accounting for 55.5%.
According to the issuer's main body, large banks issued a total of 3.32 trillion yuan, and small and medium-sized banks issued a total of 6.3 trillion yuan.
According to the law, large banks prefer to issue personal structured deposits, and the personal structural deposit balance is nearly twice that of the enterprise; while small and medium-sized banks prefer to issue corporate structured deposits, and the corporate balance is nearly double that of the personal end.
After August, it fell more than 400 billion
At the end of August 2018, the balance of structured deposits once stood at the 10 trillion yuan mark, reaching 10.018 trillion yuan. Among them, the retail structured deposit balance was 4.196 trillion yuan, accounting for 41.89%; the enterprise-side structured deposit balance was 5.822 trillion yuan, accounting for 58.11%.
However, the corporate structured deposits of small and medium-sized banks decreased after reaching the peak of 4.61 trillion yuan in August last year, and reached 4.18 trillion yuan at the end of the year, falling by 433.06 billion yuan; personal structural deposits continued the same downward curve, since In August last year, 2.15 trillion yuan fell for three consecutive months. By the end of the year, it was hovering to 2.12 trillion yuan, a total reduction of 28.728 billion yuan. Adding the two together, the balance of structured deposits of small and medium-sized banks at the end of 2018 decreased by 462.334 billion yuan from August.
Unlike the small and medium-sized enterprise-side and personal-end structured deposits “double down”, the big line showed a trend of “one increase and one drop”: its personal structural deposit reached its peak at the end of December last year, at 2.16 trillion yuan. At the end of August, it increased by 11.31 billion yuan; corporate structured deposits shrank, with a balance of 1.16 trillion yuan at the end of the year, a decrease of 52.3 billion yuan from the end of August.
The increase or decrease of the balance of structural deposits at the end of 2018 was 401.563 billion yuan lower than the peak of the peak at the end of August.
“Is it not clear that the reduction of data is due to regulatory reasons. However, there is indeed a situation of licensable management. Banks must have the qualification for derivatives trading before they can issue structured deposits.” A farmer’s bank is responsible for the management. People told the Securities Times reporter, "Most rural commercial banks do not have this qualification. Our bank is a small number of qualified banks, so we can still send it now. But will we ask us to apply for specific derivatives trading qualifications in the future? We don't know. The scope of business of comprehensive and specific qualifications is different."
Another large-scale equity investment management department told reporters: "To make structured deposits, at least have to be eligible for derivatives trading, so that you can trade derivatives with Chinese-funded institutions. If you are involved in trading with foreign banks, you need to Also qualified for foreign exchange trading."
In fact, Article 11 of the Financial Regulations stipulates that a commercial bank that issues wealth management products for investment derivative products shall have the qualification for derivative product transactions; if the wealth management business involves foreign exchange business, it shall have the qualification to start the corresponding foreign exchange business.
“The pricing and pricing of structured deposits with different benchmarks and deadlines require different models and parameters. The lack of experience and staffing of small and medium-sized banks makes it difficult to design truly structured deposit products. The issue of derivatives trading qualifications is more prominent. Small and medium-sized banks do not have the qualification to trade, and entrust large banks to carry out derivative investment to carry out structural deposit business, which is likely to lead to cross-institutional risk of risk to a certain extent.” CITIC Securities Research Department Mingming Bond Research Team once wrote.
In addition, a number of related issues such as Lianxun Securities, Zhongtai Securities, Huatai Securities, and CITIC SecuritiesResearch reportAt least the structured deposit business still has insufficient sales and distribution management and insufficient information disclosure (noannouncementActual derivative transactions and results), "fake structures" and other issues.
For the “fake” structure of the structured deposit market, CITIC Securities attributed it to two ways: one is to set the impossible conditions for the derivative instruments, which makes the derivatives transaction impossible to trigger; the second is to set the observation interval conditions. It is more lenient, narrowing the gap between the lowest and the highest income, and showing a “rigid redemption” situation similar to fixed income.
(Article source: Securities Times)