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密集布局新“赛道”公募发力中长期定开债基

www.diyarbakirpvc.com2019-07-13
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在多重利好的影响下,公共资金开始抓住中长期固定债务基础的新“轨迹”。 7月8日,南方基金和嘉实基金的两只基金于同日发行。与此同时,公共基金将中期和长期品种的投资机会作为目标,并报告了27个月,39个月和66个月等不同封闭期的固定债务基数。

业内人士表示,受益于摊销成本法估值优势,此类产品有利于改善持有债券型基金的机构客户的经验。与此同时,由于短期利率,中长期债券收益率显示出更好的投资机会。

两个中长期固定债务基础开始招聘

南方基金和嘉实基金这两家公司率先推出了中长期定期公开债券基金的发行。据悉,嘉实的42个月定期开放式债券类型和南恒信的39个月定期公开发行债券于7月8日当天发行。

公告显示,这两只基金按摊余成本法估值,即估值对象按购买成本列示,购买时的保费和折价根据票面利率或约定利率计算。是实际利息法的摊销,利息收入的确认和减值准备的评估。同时,公告还明确表示,基金不会利用市场利率和市场上的债券和票据的市场价值来计算基金的资产净值。这意味着这两只基金在未来投资运营期的净业绩预计相对稳定且波动较小。华南地区的一位债券基金经理表示:“采用摊余成本法的估值策略可以平滑市场波动的风险,并有助于改善债券基金的持股经验。”

在同时符合的情况下,摊销成本法可用于估值:一种是定期开放式资产管理产品,封闭期超过半年;另一种是收取合同现金流量并持有到期债券的投资;第三是持有定期开放产品组合的期限不得超过关闭期的1.5倍。

中长期品种有明显的机会

Due to the valuation advantage of the amortized cost method, many fund companies have seen the development space for the debt-based base. In the context of the short-term interest rate downside, some fund companies have intensively reported a number of medium- and long-term fixed-debt bases, with the longest closed period of 86 months, or more than 7 years.

According to the statistics of Dongcai Choice, up to now, 17 fund companies such as E Fund, Bosera Fund and ICBC Credit Suisse Fund have applied for medium and long-term regular open bond funds. In addition to the two fund products being issued above, there are 28 fund products pending approval.

A person from the public market department in Shenzhen said: "These products are generally institutional customized products, mainly to meet the needs of institutional customers. For banking institutions, it is better to manage the holding of bonds than to invest in public funds. You can enjoy tax avoidance bonus."

From the perspective of the product closure period, the reported fund products are all over 2 years. This means that these products significantly extend the closure period compared to most of the existing debt-based debt lines. The above-mentioned bond fund manager also said that the short-term gains in the current one-year market are relatively low, and the yields of medium- and long-term varieties are considerable. This fixed debt base has fully considered the bond holding period when designing products, and adopted a medium- and long-term fixed-opening strategy.

Shanghai Securities News)Zhang Mingjiang)xx
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