In July, the debt base was generally up, and the southern Cathay Pacific Changsheng and other beneficiary convertible bonds rose more than 3%.
Original title: July debt base is now generally priced up. Southern Cathay Pacific Changsheng and other beneficiary convertible bonds rose by more than 3%. China Economic Net, Beijing, August 2 (Reporter Li Rongkangbo).It is in a turbulent trend, but it has improved the leveraged board effect of the bond market.
In addition, in mid-July, the open market operation was restarted, and market liquidity gradually became abundant. Therefore, the 10-year government bond futures continued to rebound, and confidence in the solid income market was boosted.
Overall, benefiting from the stable performance of the bond market, in July the entire market of bond funds accounted for less than 3% of the total number of products, and the net value of the products declined, with the exception of five that fell more than 1%.Less than 1%.
Judging from these declines in debt bases, credit bond products are still the majority, of which Minsheng Plus Bank Credit Double Benefit C and Minsheng Plus Bank Credit Double Benefit A have declined respectively.
22%, the worst performing debt base in July.
Li Haipeng, deputy general manager and chief investment officer of China Southern Fund, said that on the whole, monetary policy provides a relatively loose environment, which is conducive to economic transformation and deleveraging.
In addition, the monetary policies of China, the United States, and Europe interact and are interrelated. In the case of major foreign regulatory agencies adopting monetary easing policies, China’s monetary policy should be loose overall.
But from a partial perspective, different financial institutions and different financial product holders will have very different perceptions of monetary policy.
For example, in financial institutions, the feelings of banks and non-banks may be completely different; within the banking system, the feelings of large banks and small and medium-sized banks are different; among non-bank institutions, head brokers, head funds and small and medium brokers, and small and medium fundsThe feelings may be different; at the product level, holders of interest rate debt and credit bonds have completely different perceptions of liquidity; even the holders of high-grade credit bonds and private enterprise credit bonds are completely different.
In July, the performance of bond funds can also grind this differentiation. First, although the majority of the decline in the debt base is based on the credit debt base, it also includes pure debt, fixed debt and other varieties; andAmong the top debt bases, the convertible bond funds, pure bond funds, and credit bond funds also included.
In fact, the largest drop in the debt base in July was two.
28%, while the biggest gainer was 5.
47%, the difference between head and tail is as high as 7.
This also predicts that Shan Kun, a bond fund manager of Schroder Investment Management (Shanghai) Co., Ltd., said that although high-grade state-owned enterprises still issue bonds in the domestic market, the attractiveness of credit spreads continues to decline; the returns of private and real estate companiesHigh, but credit risk and market liquidity risk test investors’ ability to choose securities.
From the perspective of better-growing bond funds, the Southern Greek Yuan convertible bond fund rose 4 in July.
18%, which is at the top of the single-month increase list.
The second quarter report just released showed that bond assets accounted for 82% of the fund’s total assets.
34%, mainly convertible bonds.
At the time, fund manager Liu Wenliang said: “In June, the convertible bond market evaluation dropped to a low level, and the characteristics of both offense and defense have clearly recovered. The risk-reward ratio has increased significantly, and has a better allocation value.
In the third quarter of 2019, the Southern Greek Yuan convertible bond fund will actively respond to market conditions, make full use of the advantage of convertible bonds at an estimated low level, and strive to dig up coupons and strive to obtain excess returns.
“It can be seen that in July, the convertible bonds held by fund managers did very well.
In addition, Changsheng Convertible Bonds C and Cathay Convertible Bonds also achieved 4 in July.
02% and 3.
24% growth, the second quarterly report shows that the former bond holdings accounted for 78.
69%, the proportion of its own bond positions is 85.
According to Li Haipeng, the main investment strategies of institutions in the bond market are to maintain high liquidity and low credit risk. Generally, they are investing in short- and medium-term discounted debt, especially CDB’s interest rate debt, or AAA-grade credit debt.Mainly bonds issued by enterprises.
Adding some leverage to these high-grade bonds should be the current mainstream investment strategy.
For the bond market in the second half of the year, Li Dong, general manager of Haitong Securities’ 南宁桑拿 solid income department, believes that the bull market pattern will not change, and credit risk may be slowly released.
Li Dong said that, first, the default of some urban investment platforms in the future will be a high probability event, but there will be no large-scale defaults. The focus of investment is still on some selected urban investment bonds; second, the past two yearsSignificant progress has been made in the supply-side structural reforms. The prices of coal and steel are firm and the related industries are operating well. This is a great opportunity for securities firms and some non-bank institutional investors.
In addition, this year can focus on investment opportunities in convertible bonds.
There has already been a round of opportunities in the first half of the year, and it is expected that investment 无锡桑拿网 in convertible bonds in the second half of this year and the first half of next year will still yield some benefits.
The list of the top 40 bond funds in July rose short-term 7-month gradual unit net worth percentage percentage scale securities short-term 7-month gradual unit net value growth rate% scale million US dollars 1-day convertible bond enhancement A5.
3223 People’s livelihood plus bank credit double benefit C-2.
281.28872 Tianzhi convertible bonds strengthened C5.
9088 People’s Livelihood Plus Bank Credit Double Interest A-2.
12673 Changan Hongyuan Pure Bond A4.
0326 Chuangjinxin Zunying Pure Bond-2.
00054 Changan Hongyuan Pure Bond C4.
0313 Jin Xinminwang C-1.
04675 Southern Greek yuan convertible bonds 4.
5907 Jin Xinminwang A-1.
02736 Changsheng Convertible Bond C4.
2082 West gains Cheung Yat A-0.
00807 Changsheng Convertible Bond A3.
1981 Ping An Dingxin-0.
00028 Founder Fubon Futura pure debt A3.
1011 West gains Cheung Yat C-0.
00099 Founder Fubon Fuli pure debt C3.
2714 Nanfang Fengyuan strengthened its C-0.
154610 Cathay Pacific Convertible Bonds 3.
3554 Southern Fengyuan Credit strengthened A-0.
405711 Changan Hongye Short-term Debt A3.
0111 Chuanghexin Zuntai Pure Debt -0.
003012 Changan Hongyao Medium and Short-term Debt C3.
0139 Golden Eagle added pure debt -0.
004813 Jiashi Wenhong A3.
3540 Huaan reassured A-0.
559614 Jiashi Wenhong C3.
1177 Yinhua Credit Season Red H-0.
567115 Cinda Australia Bank Credit Bond A3.
6767 TEDA Manulife Profit C-0.
000016 Cinda Australia Bank Credit Bond C3.
0298 Huaan reassured B-0.
282017 ICBC Credit Suisse Convertible Bonds 3.
3077 TEDA Manulife Profit A-0.
004318 ICBC Credit Suisse Convertible Bonds preferably A2.
2750 Xinyuan Chunli opens regularly -0.
022819 ICBC Credit Suisse convertible bonds preferred C2.
2192 Jingshun Great Wall Jingtai Xinli pure debt -0.
039720 BOC converts bonds to strengthen A2.
6679 Jiahe Pantai short-term debt A-0.
058121 Huafu Convertible Bonds 2.
5700 Jiahe Pantai Short Debt C-0.
707422 BOC convertible bonds strengthened B2.
5065 Dacheng Jingrong C-0.
000023 Penghua convertible bonds 2.
8012 Dacheng Jingrong A-0.
489924 China-Europe Convertible Bonds A2.
2183 Boshi Yutai pure debt -0.
636025 China-Europe Convertible Bond C2.
4778 Qianhai open source Dingyu C-0.
241026 GF Jijia A2.
5857 Haifutong convertible bonds preferred -0.
055427 GF Jijia C2.
0554 People’s Insurance Xinze pure debt A-0.
667128 Yifangda double bonds strengthen A2.
4282 People Insurance Xinze pure debt C-0.
463729 Soochow CSI Convertible Bonds 2.
1936 SDIC UBS made a profit of -0.
211030 Everbright Middle and High Grade A2.
0231 Qianhai Kaiyuan Dingyu A-0.
653731 Yangtze River Convertible Bond A2.
3170 Cinda Australia Yinan and pure debt -0.
003832 Everbright Middle and High Grade C2.
1468 Zhejiang Shanghui Jinjulu C-0 for one year.
703033 Changjiang Convertible Bond C2.
3936 Huitianfu enhanced its earnings C-0.
321134 Yifangda double bonds strengthened C2.
2147 Huitianfu enhanced earnings A-0.
406835 China Shipping Convertible Bond A2.
7792 Jiashi Middle School Treasury Bond ETF connects A-0.
051236 China Shipping Convertible Bond C2.
4183 Zhejiang Shanghui Jinjulu A-0 for one year.
288737 Bo Shi convertible bonds strengthened A2.
2248 Durban pure debt regular C-0 for one year.
017238 Boshi Credit Bond A2.
9482 Eastern strengthened earnings -0.
744239 Boshi Credit Bond B2.
9482 Durban pure debt regular A-0 for one year.
313840 Huitianfu Convertible Bond A2.
9823 China Post added -0.
0101 Source: Wind data (scale terminated June 30)