After the refinancing loosened, the bank’s financial management funds can’t stand the funding and increase leverage?
Original title: After refinancing “unbundling”, the bank’s financial management funds can’t sit still!
“Financing plus leverage” participation in the increase in the end is not fragrant?
Source: After the implementation of the new rules on refinancing by the Daily Economic News, some emerging listed companies that have launched a fixed increase plan act quickly and adjust their plans in accordance with the new rules.
Affected by this favorable situation, listed companies have continued to rise and fall daily. Among them, Gree Electric intends to subscribe for US $ 2 billion after Sanan Optoelectronics revised its growth plan, which can also continue to grow.
It is under this kind of money-making effect that the popular scene of “first-level hospitality and second-level paying bills” reproduces Dingzengjianghu.
”Daily Economic News” reporter noticed that in order to gain greater profits, the phenomenon of “allocation of funds plus leverage” in the fixed-income market again.
Recently, an intermediary released a small advertisement in a private equity group saying: “Recently, the fixed-income market has begun to heat up. For 6-month and 18-month tickets, we can provide leverage funding, the leverage ratio is 1: 1, one vote and one trial.Tip 6.
“After the refinancing new rules came into effect, some emerging listed companies that have launched a fixed increase plan acted quickly and adjusted the current plan in accordance with the new rules.
According to incomplete statistics from reporters, recently, there are no less than 30 listed companies including Shenyu Co., Ltd., Guanghong Technology, Kaipu 重庆耍耍网 Biotech, and Aonong Biotech. All of them have “overtime” to modify the fixed increase plan.Program.
For example, Huaping shares replaced the original fixed-income plan with a lock-up period of 18 months for the subscribed shares, and at the same time, a 20% discount on the issue price; on the evening of February 19, Petty issued an announcement saying that the issue of the non-public offering of stock solutionsThe target, the price and pricing principles of the issued shares, the restricted sale period of the issued shares, etc. shall be adjusted. The issue price shall be adjusted to be no less than 80% of the average trading price of the company’s shares 20 trading days before the pricing reference date.
In addition, Zhonghuan announced on the evening of February 19 that it adjusted the company’s non-public offering of A 淡水桑拿网 shares.
The adjusted issue target range is no more than 35 specific shareholders, and the issue price is not less than 80% of the company’s stock transaction average price 20 trading days before the pricing reference date. It cannot be transferred for 6 months from the end of the issue.
Raised funds not exceeding 5 billion U.S. dollars, intended for use in integrated circuits
12-inch semiconductor wafer production line project and supplementary working capital.
San’an Optoelectronics also revised its fixed increase plan. According to the new refinancing rules, the pricing method was adjusted to not less than 80% of the company’s average stock trading price 20 trading days before the pricing reference date. Leading Gaoxin’s proposed subscription amount was US $ 5 billion.Gree Electric’s proposed subscription amount is US $ 2 billion; the lock-up period is adjusted as follows: Leader Gaoxin, the shares subscribed by Gree Electric cannot be transferred within 18 months from the end of the issuance; the total amount of funds raised from the issue does not exceed 7 billion, and the issue price is 17.
56 yuan / share.
The reporter noticed that Sanan Optoelectronics released the preliminary plan in early November 2019, and the issue pricing is now set on the resolution board’s decision day, and the price is set at 17.
56 yuan / share, while the company terminated on February 20 had previously been as high as 27.
55 yuan / share, which means that Miss Dong Hao throws 2 billion, and the proper profit is over 56%.
Obviously yes, at the same time, some companies have thrown out the fixed increase plan according to the new regulations. For example, Jucan Optoelectronics disclosed the fixed increase plan on the evening of February 17, intending to issue 9 specific issues to the company ‘s actual controller, Pan Huarong.Fundraising does not exceed 6.
USD 3.0 billion, all of the specific issue objects are subscribed in cash, and the issue price is not less than 80% of the company’s stock transaction average price 20 trading days before the pricing reference date, and the lock-up period is set to 18 months.
Some market participants believe that the introduction of the new policy on refinancing and the market-oriented issuance rules may promote the return of fixed-income investments, while guarantees, transaction agreements, and other gray measures will also be reduced, thus forming a series of consensus expectations for the fixed-income market.
Due to the further reduction of the fund gate information and holding period, the 6-month fixed increase instrument will become a cost-effective way to build positions in the equity investment process such as active equity and quantification. The 6-month fixed increase orThis year marks the peak of declaration.
According to the private placement, companies that have cracks in the context of “deleveraging” will receive “blood transfusion” under the new refinancing rules, and small and medium listed companies will promote “full blood resurrection”.
The balance sheet of listed companies will be restored, asset quality will be improved, and a new round of balance sheet expansion will be entered.
In the medium and long term, this is definitely a favorable policy for small and medium-sized listed companies.
It is against this background that a large number of investors participating in the fixed-income market believe that participating in fixed-increasing now is equivalent to a 20% discount to buy stocks, and large shareholders participate in storytelling, basically making steady profits without losing money.
Facing the temptation of arbitrage in the secondary and primary markets, a large number of investors decided to take a big bet and use leverage to allocate funds to participate in the fixed-income market.
As early as 2014, due to the booming growth stock market, some small and medium-sized stocks had high valuations. First, the arbitrage behavior in the secondary market has soared. There was a private equity boss who described the prestige at that time as “first-level invitations, second-level paying.”With similar market potential.
The reporter noticed that recently, some intermediaries have released small advertisements with fixed funding in a private equity group, and there are also private equity consultants consulting related businesses.
The reporter consulted a little, and the other party actively added the reporter’s WeChat and told the reporter: “Recently the fixed-income market has begun to catch fire. For 6-month and 18-month tickets, we can provide leverage funding.
The reporter further explored, the intermediary told reporters that the current ratio of leveraged funds participating in the fixed increase is 1: 1, and the largest ratio is also so large.
In addition, the company has a shortage of funds called “insurance funds.”
As for the funding rate, the intermediary said that the 6-month period and the 18-month capital use cost are different, and 18-month is definitely more expensive.
In addition, the interest allocated is also closely related to the individual stocks that participate in it. At present, it is a one-voice, one-trial review, depending on the requirements of the inferior funds.
Later, the intermediary also sent his business card to the reporter, which showed that the intermediary was an employee of a large domestic commercial bank.
The intermediary later told reporters that the fixed-increasing allocation business provided by their company was implemented by the bank’s wealth management subsidiary. Because of the new financial management regulations, the leverage of bank wealth management funds in participating in the equity market cannot exceed 1: 1.Participation is through an insurance asset management plan.
In addition, he also said that many investors are currently interested in the fixed-capital allocation business. Two orders were left that morning, and many investors are learning about this business.
According to the reporter’s understanding, on September 28, 2018, the highly anticipated “Measures for the Supervision and Management of Commercial Banks’ Wealth Management Business” was officially released. It and the “New Rules for Asset Management” released in April 2018 jointly constituted the bank’s wealth management business to comply with.The regulatory needs of the market have once again focused on the “elephant” of bank wealth management.
For a long time in the past, major banks headed by China, Agriculture, Industry, Construction, and Communications could easily absorb a lot of public deposits and find very good investment projects.
With high-end and rigid payment, in more than ten years, bank financing has exceeded 28 trillion yuan.
Since April 2018, in the tide of breaking the new rules for asset management that have just been fulfilled, bank financial management has had to face a major shock.
According to the data disclosed by the CBRC, the balance of non-guaranteed wealth management products of banks at the end of May 2018 was 22.
28 trillion, with a balance of 21 trillion at the end of June, and the scale and proportion of interbank financial management continued to decline.
The new financial management rules also continue the guiding principles of deleveraging in the financial industry. In terms of hierarchical leverage, swap banks issue hierarchical financial products; in terms of resistance leverage, the upper limit of debt ratio (total assets / net assets) and the “new asset management rules”Be consistent; Quantitatively, the leverage level of each open-end public offering wealth management product of a commercial bank shall not exceed 140%, and the leverage level of each closed-end public offering wealth management product shall not exceed 200%.
What are the risks of leveraged funds participating in the fixed-income business?
Private equity ranking expert Liu Youhua told reporters that in the new refinancing regulations, the lock-up period and the lifting of the ban period have severely decreased, to a certain extent, significantly reducing the liquidity risk of fixed-income funds.
However, if leveraged funds participate in the fixed increase, at the same time that the returns are doubled, the risks are also doubled.
In addition, due to the impact of the lock-up period, due to the inability to liquidate some of the funds participating in the allocation, a large percentage of additional margin may be required, which will affect the normal operation of the fixed-income market to a certain extent.
There are also private placements that although participating in a fixed increase with leveraged funds can amplify returns, it can also amplify risks.
The first is the uncertainty of the late trend of individual stocks participating in the fixed increase. If there is a deep decline before the ban is lifted, then this “good dream” that is stable and uncompensable may become a “bad dream” that dares not to wake up.
The first is to pay the interest on the funding, which will also eat away some of the profits.