freekreditcasino| Who is buying ultra-long-term special treasury bonds? Banks have limited volume and individual investors start purchasing

Reporter Chen Zhi reporting from Shanghai

With the issuance of the first ultra-long-term special treasury bond during the yearFreekreditcasinoIndividual investors also have the opportunity to participate in investment

On May 20, a number of banks began to sell 30-year special government bonds to individual investors.

"this special bond was only available to individual investors on May 20, but we quickly sold out." A joint-stock bank Shanghai branch head told the reporter.

In his view, a key factor for banks to sell out quickly is that banks offer only 500 million yuan of ultra-long-term special treasury bonds to individual investors this time.

The reporter learned from many aspects that although 56 financial institutions participated in underwriting the first 30-year special treasury bonds this year, including large state-owned banks and many joint-stock banks, only a few banks, such as China Merchants Bank and Zhejiang Merchants Bank, opened the subscription channels for individual investors, and the subscription quota provided by these banks was generally not high.

The reason is that, compared with savings treasury bonds, special treasury bonds have to bear the risk of price fluctuations in the secondary market and investment gains and losses, and most individual investors with low risk tolerance are not interested in this investment.FreekreditcasinoSecond, the winning yield of the 30-year special treasury bonds is 2.Freekreditcasino.57%, slightly higher than the interest rate of many banks' three-year deposit products (2.Freekreditcasino.5%), which also affects the investment willingness of individual investors.

A person from the asset management department of a joint-stock bank told reporters that compared with individual investors who cautiously invest in ultra-long-term special treasury bonds, all kinds of institutional investors seem to be more willing to invest. Behind this, first, after a number of banks have cut interest rates on time deposit products, many deposit funds have recently returned to the wealth management market, increasing the demand for institutional investors to allocate bonds; second, these institutional investors have a certain bond investment ability and risk control strategies, and can win additional transactional excess returns in the process of price fluctuations in the secondary market of special treasury bonds.

The reporter learned that there are also a small number of individual investors willing to "spend a lot of money" on ultra-long-term special treasury bonds.

A person from the Shanghai branch of another joint-stock bank told the reporter that on the afternoon of May 20, someone planned to spend millions to buy 30-year special treasury bonds, because he planned to observe the trend of the real estate market before deciding to buy a house. In this process, he wants to buy special treasury bonds first, which can not only earn interest income, but also quickly sell special treasury bonds in the secondary market when he needs to buy a house. Meet your cash management and revenue needs.

Who's buying it?

On May 20, some joint-stock banks opened the channels for the purchase of ultra-long-term special treasury bonds to individual investors.

"Last weekend, we also promoted to some individuals who often buy over-the-counter savings treasury bonds, such as this 30-year special treasury bond can only be purchased on May 20, the amount of subscription that banks can give is not high, and they need to buy as soon as possible." The head of the Shanghai branch of the above-mentioned joint-stock banks told reporters. However, most individual investors are not interested in this.

"although we have set the risk rating of this 30-year special bond at a lower level of R2, many individual investors are still not interested in it." The head of the Shanghai branch of the joint-stock bank said bluntly.

A person from the Shanghai branch of the above-mentioned joint-stock banks told reporters that by analyzing the subscription situation of individual investors, they found that individual investors who are willing to buy this 30-year special treasury bond mainly have three characteristics. first, high net worth investors who used to subscribe for equity funds through bank channels, by subscribing for special treasury bonds. Mainly want to spread the risk of personal investment portfolio and reduce the market risk level of personal investment portfolio. Second, individual investors who are optimistic about the continuation of the future bond bull market believe that the central bank will implement a new monetary easing policy in the future so that the liquidity in the financial market will continue to be reasonable and abundant, driving the price of special treasury bonds to rise in the secondary market; third, individual investors who use special treasury bonds as a phased cash management and adjustment tool.

He told reporters that the individual investor who is willing to invest millions in 30-year special treasury bonds wants to achieve the dual goal of high liquidity and value preservation and appreciation of cash assets before buying a house, that is, he can not only obtain interest income paid every six months, but also sell treasury bonds to cash out funds in time when buying a house.

"however, since we had sold out the special treasury bond quota in the morning of May 20, he had no subscription quota when he consulted and bought that afternoon, so we advised him to consider buying short-term deposit products or capital preservation products instead. However, he feels that the real yield of such products may not be higher than that of special treasury bonds." The Shanghai branch of the joint-stock bank told reporters.

In his view, compared with savings treasury bonds, the vast majority of individual investors are "strange" to ultra-long-term special treasury bonds, which may be one of the fundamental reasons why they are cautious about investing in such bond products.

Multiple factors influence banks to expand personal sales quota

In the future, whether banks will expand the subscription quota of ultra-long-term special treasury bonds for individual investors has also become a topic of concern in the financial market.

According to a notice issued by the Ministry of Finance, the maturities of ultra-long-term special treasury bonds to be issued this year are 20-year, 30-year and 50-year respectively, and the issuance periods are 7, 12 and 3 respectively, with a total of 22 issues, with interest paid on a semi-annual basis. Among them, the first 20-year special treasury bonds of the year will be issued on May 24.

This means that individual investors still have plenty of opportunities to subscribe for ultra-long-term special treasury bonds.

The head of the Shanghai branch of the joint-stock bank believes that if the bank gives more ultra-long-term special treasury bonds for individual investors to buy, it also depends on individual investors' willingness to buy and the winning yield of this kind of treasury bonds.

"if the winning yield of special treasury bonds is significantly higher than that of three-year deposit products or other capital-protected wealth management products generally favored by the public, which will increase people's willingness to subscribe, banks will not rule out the possibility that banks will increase the quota of special treasury bonds sold to individual investors." He pointed out.

The reporter learned that the willingness of institutional investors to buy special treasury bonds will also virtually affect the sales quota of banks to individual investors.

A person from a large state-owned bank revealed to reporters that an important reason why they did not open up the sales quota of 30-year special treasury bonds to individual investors was that institutions had high enthusiasm for purchasing, which resulted in their limited sales quota in addition to the need for independent allocation. Specifically, in addition to some insurance institutions that have high allocation needs for ultra-long-term treasury bonds, other investment institutions have also recently used long-term strategies to obtain higher returns on bond investment. The allocation demand for 30-year ultra-long-term special treasury bonds is equally strong.

"In the future, if institutional investors still have high demand for ultra-long-term special treasury bonds, it does not rule out that we will continue to close sales channels to individual investors. After all, institutional investors have stronger risk tolerance and investment and trading capabilities for the risk of secondary market price fluctuations of such treasury bonds." He spoke bluntly.

Luo Zhiheng, chief economist of Yuekai Securities, believes that China's current ultra-long-term government bonds account for a relatively low proportion of national debt balance. Issuing ultra-long-term special government bonds not only helps enrich investment varieties in the bond market, but also meets the long-term and stable investment needs of different types of investors. Investment needs promote the healthy development of domestic financial markets.

Many bankers pointed out that even if banks consider expanding the sales quota of ultra-long-term special treasury bonds to individual investors in the future, in order to avoid business risks, they are likely to adopt stricter risk assessment measures for individual investors, including moderately increasing the risk level of special treasury bonds, and fully reminding individual investors of secondary market price fluctuations and investment profit and loss risks of special treasury bonds before purchasing. Allow individual investors with high risk tolerance and certain bond investment capabilities to subscribe for such bond products.

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