coinmaster20| Another "explosion" debt base! The bond ETF market was born with a 30-billion-level "giant"

Original title: another popular style! Over 30 billion

China Fund News reporter Zhang Yanbei and Sun Xiaohui

Under the adjustment of the bond market, the new fund issuance market still has a "popular style" debt base.

Statistics show that in only half a month since May, three popular debt-based styles have been established, with a maximum scale of close to 8 billion yuan.

At the same time, the bond ETF market gave birth to a 30 billion-class "giant". As of May 16, the latest scale of Haifutong's short-term financing ETF has exceeded 30 billion yuan, reaching 301.Coinmaster209.8 billion yuan, another all-time high.

In the view of fund companies, the recent market performance is basically within expectations, financial data is positive in the short term, the bond market is expected to maintain a strong trend of volatility, breaking the current state requires a change in monetary policy. At the same time, it affects the medium-term direction of the bond market.Coinmaster20There was no significant change in fundamentals and monetary policy, and remained neutral and optimistic in the medium term.

The adjustment of the bond market does not hinder the frequent emergence of "popular styles".

coinmaster20| Another "explosion" debt base! The bond ETF market was born with a 30-billion-level "giant"

The 30 billion debt-based ETF giant was born.

Recently, there has been a correction in the bond market, and "popular style" varieties still appear frequently.

The issuance scale of Penghua Yongxing, which was just established on May 15, is 79.Coinmaster20The volume of interest rate bonds issued by Societe Generale Tianying and Morgan Ruixin, which was established on May 9 and 10, also reached 7.99 billion yuan and 6.13 billion yuan, respectively.

Among the new bond funds set up so far this year, there is no lack of "popular styles", with as many as 27 raising more than 5 billion yuan. Among them, there are 16 with grade 7 billion or above. For example, Yinhua 0-5 year government bonds, Wells Fargo Ruixia pure bonds, Dacheng Jingshuo interest rate bonds, and Huitianfu investment grade credit debt index are all popular styles of more than 7 billion yuan established in April.

From the perspective of subdivision types, medium-and long-term pure debt funds and bond index funds are the main varieties of popular styles, of which 11 bond index funds with a scale of more than 500 million yuan are raised, and the medium-and short-term durations of 0-3 years account for a large proportion.

It is worth mentioning that the bond ETF market has just given birth to a 30 billion-class "giant".

According to Wind data, as of May 16, the latest size of Haifutong short-term ETF exceeded 30 billion yuan, reaching 30.198 billion yuan, a record high again, and it is also the largest bond ETF product in the market. Since the beginning of this year, the size of the 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 ETF may be due to its relatively stable performance." The Haifutong Fund said.

It is understood that since its establishment, Haifu Tong China Securities short Financial ETF has walked out of a steady and upward net worth curve in different types of bond markets, with a growth rate of 9.39% since its inception and a net growth rate of 2.43% in the past year, and substantially outperformed the performance benchmark.

The bond market is cautiously optimistic in the medium term.

Bond yields in the previous period continued to decline sharply, deviating from the reasonable pricing range, and the bond market showed a trend of adjustment recently after many risk hints from the central bank.

Looking to the future, Cathay Pacific Fund believes that in the short term, financial data is positive, the bond market is expected to maintain a strong trend of volatility, breaking the current state requires a change in monetary policy. From the point of view of the market situation, the special treasury bond issuance plan and the cooperation of the central bank are more important, and the economic fundamentals are not much different from the market expectations of real estate. Judging from the point guided by the central bank, it is desirable for the 30-year treasury bond yield to be between 2.5% and 2.6%, and is currently in the central position of the range.

"at present, the issuance of special treasury bonds is relatively evenly distributed within half a year, so the supply impact is relatively limited, which is a real advantage. In addition, the switching of 30-year active treasury bonds also needs attention. Although the stock of the four-issue epidemic-resistant special treasury bonds issued in 2020 is relatively large, the actual liquidity is not good and can not enjoy the liquidity premium. " According to the Cathay Pacific Fund.

Fang Chang, deputy general manager / fund manager of the diversified asset investment department of Penghua Fund, said that the domestic economy is on the way to gradual repair in 2024, and the shift between new and old kinetic energy is an important macro main line at present. Under the background of reasonable economic growth, risk prevention and debt conversion, the overall bond market environment is favorable, so we should pay attention to the rhythm of government bond issuance.Coinmaster20In view of the possible increase in market volatility in a low interest rate environment, earnings expectations should be moderately reduced. For medium-and short-end assets, there is still a high performance-to-price ratio.

Honeycomb Fund also believes that the recent market performance is basically within expectations, and there is no obvious change in the fundamentals and monetary policy that affect the medium-term direction of the bond market. At present, domestic fundamentals are still in the stage of weak recovery, high-frequency data and bill interest rates have not changed significantly in April, and monetary policy is likely to maintain the current reasonable and adequate state, so it still maintains a neutral and optimistic view in the medium term.

Editor: Mo

Audit: wooden fish