During the month of the central bank, the two procedures to accelerate the promotion of the counter of the counter bond market development expert suggestion to enrich product varieties

19AUG

Our reporter Chang Xueyu Yang Jie has deployed twice since August, and the regulatory authorities have deployed twice to accelerate the development of the counter bond market. The reporter learned through the bond issuance agencies of many places, and the sales of local bonds were hot, most of which were sold out a day; government bonds were also welcomed by investors. A small number of price -sensitive investors lack interest in counter debt, and prefer bank financial management, fund fixed investment and other products. Industry insiders interviewed by the "Securities Daily" reporter said that at present, my country's counter bond market has maintained steady development. In the context of accelerated issuance of local bonds, the counter bond market is also expected to expand. However, experts also said that at present, the counter bond market is still facing problems such as limited investment bonds, relatively low yields, insufficient awareness of small and medium -sized investors, and insufficient information disclosure. It needs to be further improved with the support of the regulatory authorities. The central bank stated twice to promote the development of the counter bond market on August 1, and the central bank held a work conference in the second half of 2022 to "accelerate the development of the counter bond market"; on August 10, the central bank issued the second quarter of 2022 China Monetary Policy Implementation Report It is proposed that it improves the multi -level bond market system of high -efficiency Unicom, accelerate the development of commercial bank counter bond markets, improves the liquidity of the bond market, and forms a more continuous and effective secondary market price. "Supervision accelerate the development of the counter market development intention to further meet the needs of market diversification and financing." Wang Yuanhui, assistant director of the China Integrity International Research Institute, told the Securities Daily reporter that at present, the deposit interest rate and wealth management product yields continue to decline, and wealth management of wealth management The product breaks the rigid exchange, purchasing counter debt with interest rate debt as the main variety can ensure stable returns after expiration, and can obtain a premium opportunity through midway transactions to provide a controllable target for qualified small and medium investors, which is conducive to increasing property Sexual income. According to the latest data disclosed by the Central Treasury Registration and Settlement Co., Ltd., as of the end of July, the scale of bonds of the interbank market investors was 8.95 trillion yuan, mainly for commercial banks, credit cooperatives, insurance institutions, securities companies and other institutional investors. And illegal asset management products, etc., the holdings of the counter debt market, which are mainly involved in individual investors, holds only 1.73 trillion yuan, accounting for less than 1%. The chief economist of CITIC Securities clearly said in an interview with the Securities Daily that the development of counter debt can increase the proportion of individual investors and improve the current investor structure of the bond market. Increase the liquidity of the bond market; for the entire financial market, the efficiency of capital allocation is improved, business methods are more diverse, and investors have a wider range of choices; for the real economy, broaden the channels for funding for funds, absorb the holding of small and medium investors held by small and medium investors Leisure funds can better obtain financing support from the financial market. Commercial banks underwritten the preparation of sufficient local bond subscription to the high popularity of local bonds, and the scale of local government bonds has increased. Oriental Fortune CHOICE statistics show that as of August 18, the scale of local government bonds issued by the country reached 5876.4 billion yuan, a year -on -year increase of 32.2%. Local government bonds are widely welcomed by investors. According to the Qingdao Finance Bureau, from August 10th to 12th, Qingdao issued 240 million yuan in government bonds to the general public and small and medium -sized institutional investors through commercial bank counters, and the variety was a 3 -year accounting fixed interest rate interest bond. August 15th is the Sabbath, which is exempted from income tax and VAT. Starting from August 17th, it can be traded freely before its expiration. The staff of a state -owned bank Qingdao Branch told reporters, "The interest rate of bond tickets in the Qingdao government in this issue is 2.42%, the subscription amount is 100 yuan, the transaction threshold is low and the safety is high, and it is very popular with investors." From August 24th to it, from until until until until until until until until now from until until now from until now from until until until now of On August 26, the Shanxi Provincial Government will sell 400 million yuan of government bonds for individuals and small and medium -sized institutional investors in the province, and they will be subscribed at 100 yuan. The Finance Department of Inner Mongolia Autonomous Region previously issued 500 million yuan in local government bonds through the commercial bank counter market, with a term of 3 years. The reporter learned from an underwriting bank that the bonds were sold out of the bank after 1 hour of sale. "In addition to local bonds, government bonds are also favored, and older investors are the main purchasing groups." The staff of a bank in the Inner Mongolia Autonomous Region above revealed that investors most importantly focus on safety, interest rates, and whether to withdraw in advance when choosing bond varieties. Cost, etc. The person in charge of the Financial Department of a joint -stock bank told the reporter of the Securities Daily that in order to do a good job of distribution, the bank will conduct a comprehensive mobilization deployment in half a month in advance. Docking the intention of investors in advance to prepare the procedures such as risk assessment for investors to ensure that investors successfully subscribe for the first time in the counter on the counter debt. Wang Yuanhui said that small and medium investors participating in local debt investment can reduce the holdings of local debt to a certain extent, improve bank capital structure, alleviate the pressure on their debt funds, and release more funds for credit to support the real economy. Experts suggested that the bond market coverage should be appropriately matched with personal pension investment needs. Reporters learned in the interview that the current commercial bank counter business still faces some problems. The person in charge of the financial department of the above -mentioned joint -stock bank said that "fund market fluctuations and decline in national bond interest rates will have a certain impact on counter debt business.

"A country -owned bank's outlets in Beijing, a wealth management consultant told the" Securities Daily "reporter," Counter debt is not as attractive to investors, because its interest rates are relatively low, we will be more inclined to recommend wealth management products or fund fixed investment investment. Essence "" Counter debt mainly includes high -level varieties such as government bonds, policy financial bonds, and local debt. Small and medium investors can choose varieties (vouchers, periods, etc.), and the level of income is relatively lower than that of corporate bonds, corporate bonds and other varieties. Essence At the same time, some small and medium -sized investors' basic knowledge reserves are lacking compared to institutional investors, and the differences in risk tolerance and preferences of different investors are obvious. The risk screening and equity maintenance of small and medium investors still need to be improved. "Wang Yuanhui said. Talking about the development point of optimizing the development of the counter market, it is clearly suggested that first of all, it can enrich the product variety, on the one hand, increase some bonds with high yields to increase attraction, on the other hand, to expand the overall counter debt The market can guide the issuance of special bonds with the theme of green finance and rural revitalization; secondly, pay attention to information disclosure and improve the quotation services. Further reduces the difference in the quotation point, so that the price level will follow Reduce the transaction cost of transactional customers and increase the enthusiasm of customers; in addition, strengthen investor education and increase investors' acceptance of the counter business. Encourage customers who meet the conditions to participate in the counter business and do a good job of relevant risks. In the future, in the future, you can carefully expand the counter market variety. For example, consider incorporating high -level credit bonds of public utilities, second -level capital bonds issued by some systematic banks, and perpetual debt into the secondary counter market to increase the coverage of the bond market. At the same time, further increase the category of counter debt and provide a richer investment period option. Considering the investment needs of personal pension, the long -term bond varieties can be appropriately increased. In addition, commercial banks also need to further improve the infrastructure construction of the counter bond market. Improving the time and convenience of the counter system of the counter system, and the proper extension of the counter on the offerment of the counter debt, attracting more small and medium investors to participate, and promoting the sustainable development of the counter bond market. Recommended reading

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