Original title: Another blockbuster! Over 30 billion
China Fund News reporter Zhang Yanbei, Sun Xiaohui
Under the adjustment of the bond market, the issuance market of new funds still frequently produces "explosive" bond funds.
Statistics show that since May, only half a month ago, three debt based explosives have been established, with the largest scale approaching 8 billion yuan.
At the same time, the bond ETF market gave birth to a 30 billion level "Big Mac". As of May 16, the latest scale of HFT's China Securities Short term Financing ETF has exceeded 30 billion yuan, reaching 30.198 billion yuan, again hitting a new historical high.
In the view of fund companies, the recent market performance is basically within expectations. In the short term, the financial data is favorable. It is expected that the bond market will remain volatile and strong. Breaking the current state requires changes in monetary policy. At the same time, there is no significant change in the fundamentals and monetary policy that affect the medium-term direction of the bond market, and the neutral and optimistic view method is still maintained in the medium-term.
The adjustment of the bond market does not hinder the frequent occurrence of "explosive payments"
30 billion level debt based ETF giant was born
Recently, there has been a correction in the bond market, and "hot money" varieties still appear frequently.
The issuing scale of Penghua Yongxing, which was just established on May 15, was 7.99 billion, and the issuing scale of Industrial Tianying and Morgan Ruixin interest rate bonds, which were established on May 9 and 10, also reached 7.99 billion yuan and 6.13 billion yuan respectively.
Among the new bond funds established this year, there is no lack of "hot money", and as many as 27 have raised more than 5 billion yuan. Among them, 16 are above 7 billion level. For example, Yinhua 0-5 financial bonds, Fuguo Ruixia pure bonds, Dacheng Jingshuo interest rate bonds, and Huitianfu investment grade credit bond index are all popular products with more than 7 billion yuan established in April.
From the perspective of subdivision types, medium and long-term pure bond funds and bond index funds are the main types of explosive funds, including 11 bond index funds with a raised scale of more than 500 million yuan, and the medium and short-term duration of 0-3 years accounts for a large proportion.
It is worth mentioning that the bond ETF market has just produced a 30 billion level "Big Mac".
According to Wind data, as of May 16, the latest scale of Haifutong China Securities Short term Financing ETF has exceeded 30 billion yuan, reaching 30.198 billion yuan, hitting a new historical high again, and it is also the largest bond ETF product in the market at present. Since this year, the scale of this ETF has surged by nearly 5.5 billion yuan, and the fund share has increased from 228 million at the end of 2023 to the latest 275 million.
"The strong attraction of short-term ETFs may be due to their relatively stable performance," said Haifutong Fund.
It is understood that since its establishment, Haifutong China Securities Short term Financing ETF has developed a stable and upward trend net worth curve in different types of bond market quotations. Since its establishment, the growth rate has been 9.39%, and the net worth growth rate in the past year has been 2.43%, which has greatly outperformed the performance benchmark.
Medium term bond market is cautious and optimistic
The bond yield in the early period has continued to decline significantly, deviating from the reasonable pricing range. After the central bank has repeatedly warned about risks, the bond market has tended to adjust recently.
Looking ahead to the future, Cathay Pacific Fund believes that in the short term, the financial data is on the positive side, and it is expected that the bond market will remain volatile and strong. Breaking the current state requires changes in monetary policy. From the perspective of market conditions, the special treasury bond issuance plan and the cooperation of the central bank are more important, and the difference between economic fundamentals and market expectations in real estate is not big. From the point of the central bank's guidance, the 30-year national debt yield is relatively satisfactory between 2.5% and 2.6%, and is currently at the center of the range.
"For the issuance of special government bonds, it seems that they are distributed evenly within half a year at present, so the supply impact is relatively limited, which is a real benefit. In addition, the switching of active bonds of 30-year government bonds also needs attention. Although the stock of the four phase epidemic resistant special government bonds issued in 2020 is relatively large, their actual liquidity is not good, and they cannot enjoy the liquidity premium." Cathay Pacific Fund said.
Fang Chang, Deputy General Manager/Fund Manager of Penghua Fund's Multi Asset Investment Department, said that in 2024, the domestic economy will be on the way of gradual repair, and the switch between old and new drivers is the current important macro main line. Under the background of reasonable economic growth, risk prevention and debt reduction, the overall bond market environment is favorable, and the subsequent government bond issuance rhythm should be paid attention to; Considering that the market fluctuation may increase under the low interest rate environment, it is necessary to moderately reduce the income expectation. For short and medium end assets, there is still a high cost performance ratio.
Honeycomb Fund also believes that the recent market performance is basically within expectations, and there is no significant change in the fundamentals and monetary policy that affect the medium-term direction of the bond market. At present, the domestic fundamentals are still in a weak recovery stage, and there is no significant change in the high-frequency data and bill interest rates in April. The monetary policy probability rate remains in the current reasonable and abundant state, so the neutral and optimistic view method is still maintained in the medium-term.
Editor: Xiao Mo
Reviewed by: Wooden Fish
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