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The collection trust was reduced in size last week. High-yield difficulties continue to be maintained.
China Securities Journal Dai Anqi
According to the statistics of the Puyi standard, a total of 41 trust companies issued 173 collective trust products last week (March 2-8), and the number of issuances decreased by 18, a decrease of 9.42%; the collective plan for the collection of collective trust products was issued. The scale was 29.2 billion yuan, a decrease of 371 million yuan, a decrease of 1.25%; the scale of the establishment was 9.644 billion yuan (excluding unpublished products), a decrease of 9.669 billion yuan, a decrease of 50.06%. In addition, the collection trust rate fell slightly.
According to industry insiders, the A-share market has warmed up, making investors more inclined to choose the stock market. The enthusiasm for collective trust products has declined, which is an important reason for the decline in scale. The decline in yield is mainly due to the decline in the risk premium included in the trust yield.
Collecting trust volume and price drop
Yu Yi, a research analyst with a benefit, believes that the issuance of collective trust products last week was a normal ups and downs. After the Spring Festival, the A-share market went out of the skyrocketing market, the market liquidity was relatively loose, and the equity pledge risk was alleviated to some extent. This helps to reduce the cost of corporate finance and is also beneficial to the project of the trust company.
According to the statistics of the Puyi standard, a total of 22 trust companies established 77 collective trust products last week. Of the 77 newly established products, 61 were announced to be established, with an average establishment size of 158 million yuan, a decrease of 15.96% from the previous month. The total scale of the collective trust products established was 9.644 billion yuan (excluding unpublished products), a decrease of 9.669 billion yuan, a decrease of 50.06%.
The industry believes that the collection of funds raised by the collective trust fell sharply, mainly due to the skyrocketing A-share market, investors are more inclined to choose the stock market, and the enthusiasm for collecting trust products has declined.
In terms of yield, the data of the Puyi standard showed that a total of 44 newly established products announced the expected rate of return last week, with an average expected rate of return of 7.77%, down 0.49 percentage points from the previous month.
High yield is difficult to sustain
According to the benefit trust, from January to December 2018, the average yield of collective trust products was 7.34%, 7.43%, 7.35%, 7.44%, 7.73%, 7.62%, 7.99%, 8.08%, 8.02%, 8.10%, 8.27% and 8.25% overall maintained an upward trend. After experiencing last year's “increasing rate of return”, the yield of collective trust products in 2019 gradually became flat, with an average return of 8.18% in January and an average of 8.25% in February. In terms of high-yield products, there were 426 collective trusts with an average return in the range of 8%-10% in February, a decrease of 46.01% from the previous month; and only one within the 10%-12% range.
Specifically, the average rate of return of basic industry collective trusts in February was 8.89%, up by 0.09 percentage points from the previous month; the average yield of real estate collective trusts was 8.25%, a decrease of 0.07 percentage points from the previous quarter; and the average return rate of industrial and commercial enterprise collective trusts. It was 8.49%, an increase of 0.25 percentage points from the previous month; the financial collection trust product yield was 7.38%, an increase of 0.20 percentage points from the previous month.
Yuan Jiwei, a senior trustee, said that there are three main reasons for the decline in the yield of the collective trust: First, under the broad currency and wide credit policies, the financing costs of each channel have a downward trend, which will directly reflect the gradual reduction of the expected rate of return; In a complex macro environment, the risk appetite of the trust company will be reduced, the customer qualification will be improved, and the risk premium included in the trust yield will also decrease. Third, this year the trust company has a certain degree of “asset shortage”, and the expected rate of return will naturally Down.
The company believes that the decline in the average expected rate of return on real estate trusts in February was mainly related to the risk control requirements of trust companies. Since the second half of 2018, trust companies have raised the threshold for housing financing, and the requirements for real estate projects have become more stringent, and the rate of return matching with risks has decreased accordingly.
Editor in charge: Fu Jianqing RF13564
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