Trainee reporter Yan Jingying
More than a month after the new asset management regulations were implemented, the promise of "principal and interest protection" for bank financing has become a thing of the past. After the great changes in the way of investment and financing, various financial institutions have released new means to compete for new financial markets, and public funds are no exception.
On June 1, Everbright Prudential officially issued Everbright Prudential Ultrashort Bond Fund. According to its promotional materials, the product is positioned as "a new tool for leisure money financing", "the only new fund focusing on ultra short debt in 10 years".
According to the Prospectus of Everbright Prudential Ultra short Bond Fund, the investment scope of this ultra short bond fund is "bond assets with a remaining maturity of no more than 270 days", mainly including national debt, local government bonds, central bank notes, financial bonds, corporate bonds, corporate bonds, medium-term notes, short-term financing bonds, ultra short financing bonds, publicly issued subordinated debt, private placement bonds of SMEs Financial instruments such as short-term corporate bonds of securities companies and pure bonds of separable convertible bonds.
The reporter inquired about the information through the mobile phone app of China Merchants Bank, and found that Everbright Prudential Ultra Short term Bonds have been available for purchase. The fund has been identified as "bond type" and "R3 medium risk". Since the first purchase of 1000 yuan, the commission standard for purchase of 0-1 million yuan is 0.3%, and the commission standard for purchase of 1-5 million yuan is 0.1%.
In fact, in addition to Everbright Prudential's new launch of ultra short bond fund, according to the public announcement form of fund raising application approval progress, many short bond funds have been reported this year, such as Baoying Antai Short Bond Fund, Chuangjin Hexin Hengli Ultra short Bond Fund, Huian Short Bond Fund, etc. For a while, the market for short-term debt funds was very busy.
A large public offering fund in Shenzhen introduced to the reporter of Securities Daily that short-term bond funds are pure bond funds that mainly invest in short-term and ultra short-term bonds, and do not invest in stocks and convertible bonds. As far as the investment target is concerned, it is mainly for the bonds with good liquidity such as inter-bank short-term financing and medium-term notes. Generally speaking, short-term debt funds have more advantages in income than monetary funds, and the expected risk is low. In the context of the new asset management regulations "breaking the rigid exchange", it is very suitable for asset allocation as an alternative product of bank financing.
According to the statistics of Wind, the reporter of Securities Daily reported that there are 11 pure short-term debt funds (including Everbright's ultra short-term debt, the shares are calculated on a consolidated basis). Among them, Harvest's ultra short bond has the longest operating period, which has been 12 years since its establishment in 2006. In terms of returns, only 2 of the 11 short-term debt funds mentioned above have annual returns below 5%, and the annual returns of other products are generally between 5% and 6.5%. There is no doubt that the returns outperform those of monetary funds, and they can also compete with the current non breakeven financial management returns of banks.
However, some insiders pointed out that the value allocation of short-term debt funds is relatively weak, which is acceptable as a cash management tool. In addition to the turmoil in the credit bond market since this year, it remains to be seen how the short-term bond fund returns will perform in the future.
