Public Offering 2019 Scale Ranking War New Variables: 20 Billion, Set Up A Debt Base To Stir Up The Scale Of The Transformation Of The "Explosion" Dispute

In December 9th, the 39 month regular open pure debt fund was established. The fund was eventually raised to 20 billion 201 million yuan.

The data re ignited the fund issuance market at the end of the year.

According to the twenty-first Century economic report reporter combing, this year has raised more than 10 billion of the regular open bond fund has 11, of which the fund set up in November and December. For example, when the time is 39 months, it will be open for 66 months.

In fact, at the end of the year, the scale of the scale of public offering is also in full swing. Superimposed on the gravity of explosive products, all companies have entered a state of emergency.

"Recently, the performance of debt collection base is better because of the characteristics of products. One is to open regularly, and the other is to use surplus cost method. These two points are more favored by institutional investors and meet their needs. The allocation of such products is mainly institutional investors. A large public fund worker in Beijing told the twenty-first Century business reporter.

It is worth noting that this year, the public funds to make money obvious effect, fund issuance has also hit a high point.

According to the twenty-first Century economic report reporter statistics, as of December 12th, a total of 932 new funds were set up this year, with a total issued share of 1 trillion and 230 billion 276 million, representing an increase of 22.47% and 46.93% over the same period last year.

Set up a debt base hot

Put aside the market has been a major hot spot ETF does not talk about the amortization cost of statutory debt basis has become a new dark horse at the end of the year.

As regulators released the approval of the amortization cost method, a number of public funds were also approved. From the point of view of the issuance, recently, Huaan Xinfu decided to open the debt, Guotai Huixin three years to open the debt, Tian Hong Xin Li three years to set up a debt, and so on, and many fund raising scale exceeded 10 billion.

The amortized cost method, that is, the valuation object, is expressed in terms of the cost of purchase, and it is amortized according to the actual interest rate according to the coupon interest rate or the agreement interest rate and its premium and discount when buying, and the interest income is recognized and the impairment allowance is assessed. To put it simply, how much money can be invested in bonds that are calculated at maturity, and then distribute the proceeds to each day's confirmation. Therefore, the net product value does not fluctuate with the interest rate fluctuation of the bond market, and the growth of the net value curve is more stable. Southern China a public fund fixed income director said.

In their view, "such funds have been established for several months to several years of closed period, in the closed period can make full use of the advantages of leverage to strive for better performance."

From the current situation of several funds, the closed period is mostly longer. For example, three years, 39 months, 66 months and so on.

In addition, there are many fund companies have reported a longer closed period of debt basis, such as the Huafu Huafu 118 month regular open bond fund, Chun Hou an Yu 87 month regular open bond fund.

"At the end of the year, some institutions have funds, or there is demand for allocation in this area. Through this kind of amortization cost, it is decided to open the debt, on the one hand is to avoid tax. In addition, setting up a debt basis can bring good benefits. Because it is open regularly, fund managers will not be affected by the daily flow when they operate, the operation space is more flexible, and the leverage of setting up the debt basis is relatively high, which can reach 200%. Plus the amortization cost method has a relatively good investment experience on the whole, so there are many institutional funds. The aforementioned public offering pointed out.

In the industry view, this has also become a new choice of customized products.

Haitong Securities Research believes that the amortization cost of the statutory debt based fee rate is close to that of the IMF, lower than that of the pure debt fund. In addition, the spread cost method has little fluctuation in the debt base value, and has little impact on the current investment of the institution, so it can optimize the financial statements. For banks, increasing the amortization cost method assets can improve the stability of financial statements, and is conducive to tax avoidance. For insurance institutions, different types of insurance correspond to different liabilities duration, and the products are suitable for setting different periods to match different liabilities end needs.

"Amortized cost, the statutory opening of debt basis, in order to strive for the steady increase of fund assets, generally adopt strict buying and holding strategy for the investment of bond assets. Therefore, the holding period of their products depends mainly on the maturity income of the bond assets, and the proceeds are more intuitive, which is also beneficial for many investors to achieve the matching requirements of assets and liabilities. In addition, a lot of amortization cost is also low. A brokerage department of the public fund people said.

Crowding out of new products at the end of the year

In fact, in addition to setting up a debt basis, ETF funds and active equity products were released in the hot season at the end of the year.

According to the Wind data, 129 public offering funds (share share Statistics) have been issued since November, with the largest number of medium and long term pure debt funds, with 42 passive stock index funds and 41 active equity funds (including general stock funds and partial stock mixed base funds).

Just like setting up a debt basis, with the popularity of the same industry, more products have already joined the end of the war.

According to the twenty-first Century economic report reporter combing, in December 11th, Ping An letter 3 months to open the debt to start collecting; in December 10th, Cathay Pacific Huixin opened a year to start debt collection; December 9th, and CITIC construction half year Xin decided to open debt, CITIC Prudential Jiayu five years to open debt to start raising.

"In fact, it can not be said that in order to consider the scale at the end of the year, the layout of the explosive products will be more arranged, and the products will first be recognized by the investors. In addition, many products are scheduled for more than 80 months, more than 60 months, and can not be said to be able to use the end of the scale. A public offering fund people said.

However, from the perspective of issuing rhythm, the intensive layout of various companies at the end of the year has shown a trend.

"The recognition of institutional capital and the market effect are so hot that every company must want to share a slice of this field." Considering from the scale, there is already a trend of contending in the fund. A well-known third party organization analyst pointed out.

Against the backdrop of repeated "flameout" public offering scale battles, the industry hedging scale has long been avoided. But it seems not to be able to completely put aside the scale.

In fact, despite the fact that regulators continue to ease the interference of scale wars in the market, interference will still exist for a variety of reasons. In the market background of this year's fundraising fund, the year-end public offering scale war or added variables.

"At the end of the year, we are mainly pushing the proactive equity products, because fund managers perform better this year, so the related products have also stepped up marketing efforts." A public fund in Southern China said.

From the perspective of this year's fund issuance, apart from setting up a debt basis, the ETF fund and several active equity funds had the "demonstration effect".

Specifically, a number of companies such as Boshi and Jiashi issued central enterprises' innovation driven ETF funds and partial equity hybrid funds, including huitianfu dividend growth, Qianhai's open source quality growth, and the growth of the Great Wall's innovative growth fund, etc. the funds have more than 5 billion shares, ranking the forefront of the market.

At the end of the year, the effect of "betting" by various companies is about to begin.

Innovative products are popular

Another trend is that more fund companies aim at the innovation track.

"Now everyone is pushing new products and regulators are encouraging." A large public fund people said.

According to the twenty-first Century economic report, the ESG theme is very popular with the head office. "At the end of the year, we will have a ESG product coming out, and now a lot of things are pre heating." The aforementioned public funds told the economic news reporters twenty-first Century.

"Along with the economic transformation and the internationalization of A shares, the sustainable development investment has broad room for development. It not only helps to avoid" Black Swans "caused by non financial factors of stocks, but also hopes to bring excess returns to investors. At the same time, it urges listed companies to attach great importance to social responsibility and help enterprises to develop healthily and continuously. Wan Qiong, manager of ETF and fund manager of quantitative investment department, said.

Public information shows that the layout of many institutions for ESG investment is frequent. In December 2nd, the southern ESG fund was released by the southern fund. At the end of last month, Yi Fang Da also joined the Holland APG company to launch the first fixed income strategy for China's liability investment.

"In recent years, the government and supervision have been promoting the development of green bonds, and there are many policies to encourage responsible investment. At present, the company has begun to fully implement the responsibility investment from the aspects of organizational structure, investment and research system, and provide corresponding resources in this area, believing that this will have far-reaching impact on domestic strategic investment and institutional investors. " Yi Fang Da Hu Jian, director of fixed income investment, said.

"ESG integrates into the investment analysis and investment decision-making framework. This investment idea can bring benefits to investors while generating positive social external benefits. It is a process of controlling value and creating value through controlling risks. ESG's portfolio can help investors to screen companies with stronger long-term performance while reducing risks, and investing in these companies has positive social impact. Beijing, a large public fund investment director said.

Zhang Hui, an enlisted fund manager of the southern ESG theme stock fund, said that the reason why the ESG fund was raised was also closely related to the company's philosophy. Because ESG has never been a short-term strategy. In the short term, the effect of ESG is not very significant, but in the long run, we believe that there will be some potential returns in the future of environmental, social responsibility and corporate governance. In terms of investment skills, corporate governance is the foundation, and investment strategy is a strategy of integration.