Yin Hang Wealth Management recently said that it has recently invested nearly 654.38 billion yuan of its own funds to subscribe for its wealth management products. Since mid-June this year 165438+ 10, due to the adjustment of the bond market, the net value of wealth management products has fallen, and many bank wealth management subsidiaries are under greater pressure to pay. For Yin Hang's self-purchase of wealth management, the industry believes that it is mainly to stabilize investor confidence.
Shanghai securities news reporter learned that, in fact, since this round of decline in net worth, there have been self-purchases by financial subsidiaries of stock banks to reduce the pressure of redemption.
Self-purchasing its asset management products is actually quite common in Public Offering of Fund, private equity funds and other institutions, which is intended to show the determination of asset management institutions and investors to advance and retreat together. For wealth management companies, adopting self-purchase is helpful to enhance investors' confidence in the long-term holding of products, and it is a measure for wealth management companies to cope with market fluctuations in the era of comprehensive net worth.
According to industry insiders, other wealth management companies may follow up and purchase their products with their own funds.
This is not the first time that a bank financing subsidiary has purchased it by itself. In March of this year, affected by the fluctuation of A shares, the net value of wealth management market plummeted, and there was a wave of "broken net" market. Under the pressure of redemption, Everbright Finance launched the "first shot" of self-purchase, and announced that it would invest no more than 200 million yuan of its own funds in Sunshine Red Stock and Sunshine Orange mixed wealth management products. Since then, Nanyin Wealth Management, China Post Wealth Management, Xingyin Wealth Management and CMB Wealth Management have followed suit, and invested about 500 million yuan, 650 million yuan, 654.38 billion yuan and 500 million yuan in their wealth management products respectively to boost investor confidence.
In addition to self-purchasing, the reporter noticed that wealth management companies are also accelerating the pace of product distribution to cope with fluctuations. The data shows that in June 2022, the number of bank wealth management products issued was 270 1, an increase of 33.9% from the previous month, among which fixed income products accounted for the highest proportion.
"The newly developed wealth management products are a dynamic adjustment mechanism of product design and marketing methods. Accelerating product iteration through' trade-in' is also a routine operation to deal with market fluctuations. " Earlier, a senior banker told reporters.
This newspaper reported earlier that insurance funds and banking institutions have bought some credit bonds in the market. A market analyst of a head wealth management company told the reporter that although the market has fluctuated recently, according to the data of the foreign exchange trading center, on February 8, 65438, insurance funds bought credit bonds (including perpetual bonds)11700 million yuan.
In fact, the reason for this round of bond market volatility is mainly liquidity, not credit risk.
Southern fund believes that since June 165438+ 10, the bond market has undergone a round of adjustment, but the logic has little to do with the fundamentals, and it is more based on the negative feedback generated by strong expectations such as fiscal redemption and real estate policy, which aggravated the profit-taking of institutions at the end of the year, aggravated the investors' leaving mood in the bond market and raised the bottom of interest rates.
Pei Xiaohui, assistant general manager of China Merchants Fund, said that this year's bond market performance is worth pondering: First, after wealth management turned to full net worth, the behavior mode changed from relatively focusing on allocation to relatively focusing on transactions, which made the behaviors of various institutions more consistent, leading to increased market volatility, which was manifested in the compression of short-term credit bond spreads in the first half of the year and the bond market adjustment brought about by recent redemption negative feedback; Second, there are many expectations in the market, some of which cannot be confirmed or falsified in the short term, but can trigger market fluctuations and may form trading opportunities.
With the recovery of the bond market, the bond market has gradually stabilized recently. In the short term, market participants believe that the bond market may have entered the stage of configuration trading. Pei Xiaohui said that after the adjustment of the bond market from June 165438+ 10 to February 65438+February, the credit spread has obviously widened. On the whole, the allocation value of credit bonds is prominent. However, at present, the subsequent impact of financial redemption has not completely passed, and the pace of credit bond allocation needs to consider the stability of the debt side.
Consistent with the views of most market institutions, Yin Hang Finance also believes that the allocation value of the current bond market has been highlighted, with high cost performance.
Looking forward to the market outlook, Ying Haifeng, president of Dagong International, believes that in 2023, market sentiment will continue to pick up, economic fundamentals will improve, broad credit expectations will continue to heat up, bond market issuance scale is expected to rise steadily, market interest rates will have room to rise, and credit risk is expected to continue to improve.