A bond fund holds 6,543,800 corporate bonds with a bond conversion rate of 0.75. At the beginning, you can mortgage your bonds and get 7500 standard bonds, of which 7000 can get 700 thousand bonds, 5250 standard bonds can be obtained by remortgage, and 500 thousand bonds can be raised. At this time, you will always have 2.2 million bonds and 750 standard bonds. After two repurchases, the leverage has become 2.2 times.
So what are the benefits of this operation?
Let's do a simple calculation. We take 1 year as the term, assuming that the bond yield is 7%, the interest paid by repurchase is 3% on average (close to the bank time deposit), and the repurchase is repeated for 7 days. If you need to trade about 54 times a year, the transaction cost is (750,000,500,000) * 0.00005 * 54 = 3,375 yuan, the total interest paid is (750,000,500,000) * 0.03 = 37,500 yuan, and its * * * total income is 2,200,000 * 0.07-.
However, after the leverage is enlarged, the requirements for the capital chain are very high. For example, when funds are tight at the end of the quarter, the interest on reverse repurchase will be greatly pushed up because of the amplification of capital demand. In addition, if the bond investment leverage is too high and the interest cannot be made up when repaying, there will be a risk of short positions.
There is a way for you to easily save 5 digits a year, and pay attention to WeChat official account: financial notes, reply 5 to view.