I. The Interbank Deposit Certificate Index Fund was approved. Since its establishment, Penghua Gold Collection Team has made continuous efforts in the field of product innovation. 65438+From February 3rd, the 7-day holding fund of AAA Index of Penghua Securities Interbank Deposit Certificate was officially issued (0 14437).
2. The 7-day holding fund of China Securities Interbank Deposit AAA Index submitted by six companies including Wells Fargo Fund, Penghua Fund, southern fund Fund, AVIC Fund, Huafu Fund and Huisheng Fund has been officially approved. This kind of fund mainly invests in AAA index of CSI interbank deposit certificates, and the holding period is 7 days.
3. According to industry insiders, under the background that the current market interest rate is gradually falling and the yield of the money fund is declining, the interbank deposit receipt fund is launched. On the one hand, product innovation, adding good cash management tools to the market to meet market demand; On the other hand, it is also conducive to enhancing the competitiveness of the fund industry in cash management.
1. Since the first batch of interbank deposit receipt fund products and materials were accepted by the CSRC at the end of August, the reporting boom of interbank deposit receipt index funds has continued. According to official website of the China Securities Regulatory Commission, as of June 26th, 165438+ nearly 90 fund companies have applied for the interbank deposit receipt index fund, including head fund companies such as Huaxia, Penghua, China Merchants and Yifangda, as well as small and medium-sized fund companies such as AVIC, West Lide and Baoying.
2. Judging from the names of the above-mentioned funds, the types of declaration are mainly divided into two categories, most of which are funds that track the AAA index of CSI interbank deposit certificates, such as the AVIC fund, which holds the 7-day securities investment fund of CSI interbank deposit certificates; Some fund companies also report ordinary interbank deposit certificates, such as Huitianfu Fund's 30-day holding fund and Bosera Fund's 7-day holding fund. In addition, the above-mentioned inter-bank deposit index funds basically set a holding period of not less than 7 natural days, which can avoid the punitive redemption fee of 1.5%; From the perspective of investment scope, it limits the basic investment target to interbank deposit certificates, and the investment ratio is not less than 80%.
3. AAA Index of CSI Interbank Deposits of Deposit 20 18 65438+ 10/month1release, base point 100. Up to1October 26th 165438+ Index 127.59, the annual increase was 2.69%, and the average in yield to maturity was 2.59%, with a duration of 0.45 years.
4. The cash investment department of a fund company in Shenzhen said that interbank deposit certificates, as a management tool for banks' active liabilities, are of great significance for adjusting the liquidity indicators of banks and supplementing the liquidity gap, and the scale is expected to continue to grow steadily in the future. As an important investment tool in the money market, interbank certificates of deposit have the characteristics of large market capacity, good liquidity and short term, which can better meet the investment demand of cash management products. With the deepening of interest rate marketization, residents' awareness of investment and financial management has been continuously strengthened, and the launch of interbank deposit receipt fund has enriched residents' choice of net worth products, met residents' growing demand for cash management, and has broad development prospects.
5. Another senior insider also mentioned that the inter-bank deposit certificate index fund has obvious competitive advantages and broad market prospects. In addition to the large market capacity (the current interbank deposit receipt stock is 13.68 trillion yuan), the interbank deposit receipt index fund has a clearer investment and a higher long-term rate of return (the annualized rate of return in recent five years is about 60BP higher than that of the money fund). The implementation of the new regulations on cash management wealth management products will equalize the regulatory requirements with the money fund, and the yield will face downward pressure. Interbank deposit index funds are also expected to attract cash management wealth management products.
6. In addition, the Mingming Bond Team of CITIC Securities mentioned earlier that the supervision encourages the use of the market value method to price assets, so as to avoid the deviation between the fund valuation and its market value caused by the amortized cost method when the market interest rate level changes greatly. The product scale is valued by positive pressure amortization cost method. However, under the supervision background of encouraging the "market value method", the scale of the goods base valued by amortized cost method has expanded rapidly since the first half of this year, which has accumulated certain risks to the market, which obviously does not conform to the development direction of the joint venture management industry. In addition, the adoption of new products to undertake the cargo base can also effectively disperse the liquidity risk brought by the cargo base, and avoid the "run" risk from being transmitted to other financial markets through the decline in asset prices, and then to financial institutions such as commercial banks.