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Short-term financial management debt base "closed" approaching 52 funds suspended subscription began to rectify

January 11, 2019 01:00
Author: Wang Mingshan
source: Securities daily
edit:Eastern Fortune Network

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Summary
[The short-term financial management debt base "closed" approaching 52 funds suspended subscription began to rectify] Recently, there is a short-term financial management debt base to announce the suspension of subscription. Although there are still nearly two years from the deadline for rectification (end of 2020), the fund company does not hesitate to rectify its short-term financial management debt base. The "Securities Daily" reporter noted that as of January 10, 52 short-term financial management bonds have been suspended or suspended for large-value purchases, accounting for 89.66% of the total number; the total scale reached 646.55 billion, accounting for all short-term financial management. The debt-based scale was 93.18%. (Securities Daily)

Recently, there are short-termFinancial managementDebt basePublish a suspension of subscriptionannouncement. Although there are still nearly two years from the deadline for rectification (end of 2020),fund companyThere is no hesitation in the rectification of its short-term financial management debt base. The "Securities Daily" reporter noted that as of January 10, 52 short-term financial management bonds have been suspended or suspended for large-value purchases, accounting for 89.66% of the total number; the total scale reached 646.55 billion, accounting for all short-term financial management. The debt-based scale was 93.18%.

Previously, the regulatory levelfundThe company issued a short-term financial management debt-based rectification guidelines, mentioning that the products that have not been rectified should ensure orderly compression, and at least 20% per half year, which has become the main reason for short-term financial management debts to limit purchases. On the other hand, fund companies are also actively reporting product transformation plans, judging from the approval progress announced by the CSRC, standardsBond fundIt is the main transformation direction of short-term financial management debt.

  52 short-term financial management bonds were suspended,Only 5 remaining can be purchased normally

On January 4th, the short-term financial management debt base for suspension of purchases was added, and the short-term financial management debt base for open subscription in the public fund market was running low:Yinhua FundAccording to the announcement, in order to maximize the protection of the interests of existing fund share holders, the fund's Yinhua bimonthly regular wealth management base will continue to suspend the subscription (including conversion and transfer) business. The reporter noted that the fund had started to suspend large-value subscriptions in April last year. By January of this year, the suspension of large-value purchases had been “upgraded” to suspend subscription.

So far, 58 of the stocks in the public fund market (combined statistics of different shares, the same below), 52 of the short-term financial management debt bases have opened the suspension of subscription or suspended large-scale subscription model, accounting for 89.66%. The "Securities Daily" reporter noted that the total size of the above 52 short-term financial management debt bases reached 646.55 billion yuan, accounting for 93.18% of the total size of all short-term financial management bonds.

As of January 10, only 5 short-term financial management debt bases were normally opened for purchase: Xingye 14-day wealth management, investment promotion 1 month financial management bonds, Dacheng monthly profit bonds E, Dacheng monthly monthly earnings short-term financial bonds E and Huitian Fu Licai 14-day bond B. In addition, Harvest's 6-month wealth management bonds are in a closed period.

The short-term financial management debt-based collective suspension of purchases is undoubtedly the fund company deliberately control the scale of products to meet regulatory requirements - in July last year, the regulatory authorities issued funds to the fund companies short-term financial fund rectification guidelines, breaking the short-term financial debt-based "guaranteed" investment Misunderstanding, returning to the net worth operation idea, gave two sets of rectification plans for the short-term financial management debt base of the stock. And for fixed combination financing without completing rectificationBond fundThe notice requires that such products should not be open for purchase and enter the next closed period, and the short-term financial bond funds should ensure that the scale is reduced in order, with at least 20% reduction every six months.

"Securities Daily" reporters found that at the end of the second quarter of last year, the total size of the short-term financial management debt base in the public fund market was 699.418 billion yuan, and by the end of last year, the scale of short-term financial management debt base shrank to 680.381 billion yuan, although in the past In the first half of the year, the scale of short-term financial management debt has shrunk, but it is still far from the requirement of the regulatory authorities to “fall at least 20% every six months”.

  Intended to shift to a standard debt-based fund,The first short-term financial management debt-based transformation was approved

“Fund holders are not willing to redeem, fund companies can not force customers to leave, but they can use the method of suspending institutional investors to reduce the scale. If institutional investors redeem, they can no longer purchase, assuming the new regulation transition period. At the end, there are customers who are not redeemed, and can only complete the short-term financial fund rectification by liquidation or forced transformation.” The fund company fixed fund manager told the Securities Daily reporter.

For fund companies, fund holders are reluctant to choose redemption, and fund companies are unable to force investors to leave the market. They have to choose to suspend the purchase in a way that allows them to re-purchase. However, if there are still customers who are not redeemed after the end of the transition period of the new asset management, the liquidation and transformation are the two relatively helpless treatment methods for the fund company's short-term financial management debt base.

The short-term financial management debt base that is reluctant to operate is directly liquidated, and the transformation naturally becomes the only way to rectify the short-term financial management debt.

At the end of last year, the China Foundation for the Advancement of the fund evaluation business symposium mentioned the operation mechanism of the short-term financial bond fund andcurrencyMarket funds are similar, using amortized cost method for valuation and accountingbankMoney market instruments such as deposits and interbank deposit certificates are the mainstays, which deviate from the product positioning of bond funds in development. In particular, the meeting mentioned that fund management companies should no longer promote the scale and profitability of short-term financial bond funds through various channels, and accelerate the transformation of such products.

As of January 10, from the approval progress of the CSRC public announcement, the fund company is also actively reporting on the transformation of its short-term financial management debt base, and the first short-term financial management debt base has been approved: September 26 last year, The application for the silver double-month wealth management bond fund was changed to Xingyin Heying Bond Fund. The fund was notified by the China Securities Regulatory Commission on October 19 last year. It received its first written feedback on October 30 last year and was approved on December 7 last year.

In line with Xingyin's two-month financial management debt base, many short-term financial management debt bases have targeted the transformation of the standard bond funds. According to the SFC’s fundraising application approval progress announcement form,Boss FundIts monthly, monthly and short-term financial management debt-based declarations have been transformed into monthly-denominated bond funds.E FundThe bimonthly financial management debt-based declaration was transformed into Anyuan medium and short-term bond bond funds.

The "Securities Daily" reporter learned that the short-term standard bond funds and the short-term financial management debt base are relatively close, and the short-term debt base is also more popular among investors in the market. Many fixed-end fund managers have mentioned before. The future transformation of the short-term financial management fund may still follow the layout of the short-term debt fund, but it is slightly different in duration.

(Article source: Securities Daily)

                                (Editor: DF407)

 
 
 
 

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