Original title: Interbank deposit certificate index funds sold out again: two broke 10 billion and ended their fundraising ahead of schedule, and nearly 100 products were lined up
Economic Observer Network reporter Zhou Fan Also see the big selling of inter-bank CD index funds.
On May 26, GF China Securities Interbank Depository AAA Index AAA Index 7-day holding period securities investment fund issued an announcement of early closing. Decided to advance the deadline for fundraising to May 26, 2022, and no longer accept subscription applications from May 27, 2022. If the valid subscription application amount exceeds 10 billion yuan after all confirmation during the product offering period, the fund manager will partially confirm the valid subscription application on May 26, 2022 using the principle of “proportional confirmation at the end of the day”, and the unconfirmed part of the subscription will be confirmed. Payments will be returned to investors after the closing of the offering period.
In fact, the third batch of interbank CD funds of GF, Bosera, China Europe, Yinhua, and Cathay, which were launched on May 23, all performed relatively well. In the morning of May 27, the Cathay Interbank CD Index held for 7 days. Some of the subscription scales have exceeded 10 billion yuan, and an announcement of early closing has been issued.
The so-called interbank certificate of deposit refers to the book-entry time deposit certificate issued by depository financial institutions in the national interbank market, which is characterized by pledge, transferability and strong liquidity. The interbank certificate of deposit index fund mainly tracks the CSI Interbank Certificate of Deposit AAA Index. More than 80% of the fund’s assets should be invested in the interbank certificate of deposit, and the proportion of investment in the underlying index constituent securities should not be lower than 80% of the non-cash fund assets. The emergence of interbank depository index funds has provided the market with a new short-term financial management tool, helping to enrich the supply of short-duration, low-volatility products.
According to public information, before the issuance of the third batch of interbank certificate of deposit funds, the second batch of six interbank certificate of deposit index funds also achieved a good fundraising scale. , CICC Fund, Xingyin Fund, two inter-bank certificate of deposit funds have also issued more than 3 billion yuan. According to statistics, the total size of the first two batches of 12 interbank depository funds has exceeded 70 billion yuan.
A relevant person from GF Fund told reporters that the risk management and control of the interbank deposit certificate index fund is relatively strict. The advantages of such products are mainly reflected in the low credit risk. The fund mainly invests in interbank certificates of deposit with an external rating of AAA, with a high credit rating and a low overall default risk. Interbank certificates of deposit issued by state-owned banks and national joint-stock banks accounted for more than 60%, with relatively stable operations and a lower default probability than credit bonds.
On the other hand, low transaction costs are also an advantage of such products, it added. The interbank depository index fund has 0 subscription fee, 0 subscription fee and 0 redemption fee, and can be subscribed every day; after the fund is open for subscription and redemption, it can be redeemed after holding the fund shares for 7 days, with high capital utility and convenience and flexibility.
It is worth mentioning that the fourth batch of five interbank certificates of deposit funds has also been approved on May 17. Among them, Invesco Great Wall Fund, Harvest Fund, China Universal Fund, Huatai-Pinebridge Fund’s interbank deposit certificate index funds will be launched on May 30 or June 1. If the fourth batch of approved products are successfully established, The number of interbank certificates of deposit funds in the market will be expanded to 23.
In addition, Wind statistics show that there are still 93 interbank deposit receipt products queuing up for approval.
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Responsible editor: Zhang Yi