Bond based issuance is hot, equity investment is not good?

Affected by the recent volatility of the A-share market, the net value of equity funds has declined again, and the balance of the issuing market seems to have begun to tilt to bond funds. Recently, a number of fund companies have announced that their bond products have ended raising ahead of schedule. What’s more, they have reached the expected raising and closed the raising within one or two trading days. In the view of industry insiders, behind the new boom of debt base, it may be related to the adjustment of equity market in the short term, the decentralized allocation of some funds or the demand for hedging. In the future, the situation of “strong debt and weak stock” issued by public offering may continue.

On April 13, deppon Fund announced the early end of the raising of its deppon Ruixiang bonds. According to the announcement, the fund began to raise on April 9, and the original deadline for raising was July 8. In order to better protect the interests of investors, according to the fund contract and other relevant provisions, it decided to advance the deadline for raising the fund to April 12 through consultation with the fund trustee, starting from April 13 Investors will no longer be accepted to subscribe.

From the date data provided in the announcement, it is not difficult to see that the target that may take three months to achieve at the time of issuance has been achieved only in two trading days (April 9 and April 12). Although the fund has not yet disclosed the specific establishment scale, it may have met the expectation of the fund company.

It is worth mentioning that, in addition to deppon Ruixiang bonds, AXA fund of Shanghai Pudong Bank also announced on April 13 that its one-year fixed bond of AXA Shenghua of Shanghai Pudong Bank would be raised on April 12, but as of April 12, the total amount of fund shares raised and the number of subscribers had reached the filing conditions for the fund contract to take effect, and decided to end the raising ahead of time. In other words, the fund announced the closing of the offering only one day after it was issued.

According to incomplete statistics, including the two funds mentioned above, since April, as of April 13, seven bond funds (share consolidation, the same below) have announced the early termination of raising. According to wind, since April, there are still 14 debt bases in the stage of being issued or waiting to be issued.

Why are bond funds so popular recently? According to Guo Shiliang, a financial commentator, the rebound in the issuance of bond funds is to some extent related to the adjustment of the equity market in the short term, and the demand for decentralized asset allocation or hedging of some funds.

An insider of a fund company in Shanghai also told Beijing Business Daily that recently, some institutional investors have a high demand for the bond base. “We have a new bond base that is mainly for institutional investors, so the institutional capital will be established soon after it is in place, and there will be capital in the future,” the insider said.

Compared with the hot issue of bond funds, equity products including equity funds and hybrid funds have been cold recently. On April 12, Jiutai Fund announced that Jiutai quantitative emerging industry mix had started to raise on March 29. The original deadline for raising was April 12. In order to fully meet the investment needs of investors, it decided to extend the fund raising time to April 26.

According to the announcement from April to now, the five products announced to extend the raising period are all hybrid funds. In addition to the above-mentioned Jiutai quantitative emerging industry mix, there are also the mix of financing value trend, e-fonda Ningyi one-year holding, Boshi Hengxing one-year fixed opening mix and Western profit Juxing one-year fixed opening mix. As far as the extension of raising period is concerned, it ranges from 5 days to 17 days.

In fact, not only the extension of the fund-raising period gradually appeared, since April, there have been two funds, namely Jiutai Yingfeng quantitative Multi Strategy flexible allocation hybrid fund and CAITONG Fengyi 12-month fixed hybrid fund, which failed to meet the conditions of fund filing due to the expiration of the fund-raising period. According to the fund contract, it is not difficult to see that the two funds did not reach the fund-raising target of 200 million yuan within the three-month fund-raising period Set size or 200 subscribers.

The aforementioned market analysts said that in the future, the market may continue to show the trend of “weak trend + high volatility” and it is difficult to get rid of the shock range, and the situation of “strong debt and weak stock” may also continue. At the same time, the formation of the new main line may not appear until after the first quarterly report. Of course, we still need to guard against inflation, US debt, white horse stock explosion and PPI (ex factory price index of industrial products) rising too fast and other risks. In addition, the opportunities of individual stocks may be hidden in some small and medium-sized companies with low market value in science and technology innovation board and emerging industries.

Beijing Business News (reporter Meng fanxia, Liu Yuyang)

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