This year, the new debt base 116 raised nearly 100 billion yuan.

1comment 2019-04-15 10:26:27 source:China Fund News The second beauty energy comes!

  fund companyLayout this yearBond fundStill enthusiasm. Data show that this yearDebt baseThe circulation has greatly exceeded the same period of last year, and the scale of fundraising has reached nearly 100 billion. Short-term debt funds and secondary debt bases have become hot spots.Fund managerIt is believed that the current economy still has downward pressure and loose liquidity.Bond marketThere are still good opportunities, but you also need to be alert to risk factors such as inflation and keep an eye on it. The current public offering is more optimisticConvertible bondInvestment products such as credit bonds.

  This year, 116 debts were issued.Public fundraising and debt-based enthusiasm

This year, the fund company's enthusiasm for the debt-based layout is still high. The data shows that as of April 12, issued this yearBond fundA total of 116, the number is significantly more than the same period last year, 75; this year, bond funds have raised 96.348 billion yuan. (due to the partNew fundThe subscription has not been completed and is not counted)

It is worth noting that this year's short-term pure debt funds are very hot, and the number of issues is currently 20.ICBC Credit Suisse16 fund companies such as Yinhua have layouts. At the same time, 10 mixed-end debt bases have been issued this year, including China Merchants, Pengyang and other fund companies; in addition, passive index-based debt-based 19 issued.

This year, the fund company increased the allocation of the secondary debt base and convertible bond funds in the debt-based layout.

  China Merchants FundSaid: "The main types of products in the fixed-income field this year are the pure bonds and fixed debts that the company is good at, as well as the secondary bonds and bonds.ETF. This year, we mainly increased the layout of some secondary debts, because we believe that the valuation of A-shares this year has reached a historically low level and is relatively optimistic about the equity market. It is hoped that investors will participate in the equity layout through the secondary debts. ”

  Peng Yang FundIt said that this year, the allocation of convertible bonds has been increased. The portfolio has raised the equity position from low to neutral high in the end of 2018 and January 2019; in 2019, the credit and supervision were normalized, and the financing cost was higher. In the low case, the fixed-income products mainly adopt leveraged interest; after the financing supply is relaxed, the economic and financing data will pick up in the short term, and the interest rate bonds will fluctuate more. The long-term strategy is not the best strategy in 2019, but the trading opportunities still exist. .

The reason for the 2019 debt-based issuance blowout. The Hive Fund said that on the one hand, fund companies have more bonds to be issued this year. On the other hand, bonds are the main assets of many investors, especially institutional investors, and investors can invest heavily in liquidity. These investors with relatively low risk appetite or rigid liabilities will not convert asset allocation from bonds to stocks, so the issuance of debt-based stocks still has a high fever.

Pengyang Fund said that the current financial management scale is 30 trillion yuan, most of which are expected-income products. For the customer groups with lower risk appetite, the future expected income-oriented products will gradually transform into net-value products according to the new regulations of asset management. This is an important reason for the unrelenting heat of debt-based issuance this year.

  There are still good opportunities in the bond market this year.More optimistic about convertible bonds, credit bonds

The fund manager believes that the current economy still has downward pressure, liquidity is more relaxed, and the bond market still has better investment opportunities, but it is also necessary to be alert to risk factors and keep an eye on observation.

The Hive Fund believes: "For the second quarter of the bond market, after the current interest rate has undergone a major adjustment, the yield level has partly reflected the expectation of the economic stabilization and inflationary pressures in March. There are certain trading opportunities in the follow-up, which come from expectations. Poor repair. Second quarterMacroeconomicsThere is still some downward pressure, and the probability of at least continuing to improve is low. ”

Ma Long, deputy director of the fixed-income investment department of China Merchants Fund, said: "The current overall volatility of the bond market has not yet broken. The short-term market has unfavorable factors such as expected repair, rising risk appetite, and stabilization of financing growth, while the fundamental line of fundamentals continues to decline. Time validation is required, and long-term strategies need to wait for new expected differences and the formation of safety mats.Domestic economyFrom the perspective of the cycle, there is still some downward pressure. In addition, the inflation risk may not be fully recognized by the market, it needs to be tracked at all times, and there is a certain pre-judgment on the nature of the risk. ”

In the current investment direction, public offerings are more optimistic about the opportunities for convertible bonds and credit bonds. onInvestment StrategyMalone said that this year is relatively more optimistic about credit bonds. "This year's debt-based gains are more imaginative. One is currentlyBond yieldThe curve is steep, especially in the 3 years to 1 year. The interest rate risk is small, but the income is much higher. Second, some low-grade credit bonds have higher spreads. The base will be more in the allocation of medium and low-grade credit bonds, which will also help to improve revenue. ”

The Hive Fund believes that from the perspective of asset allocation, the focus will be on the conversion of bonds and medium- and short-term credit bonds to obtain the opportunity to rise in equity and the more certain nested income, which will control the position level of long-term interest rate bonds. The combined duration is controlled at a relatively neutral level.

Keyword reading:Duration fund company New fund Bond fund Convertible bond

Editor in charge: Lu Shan RF10057
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