On May 15, Huaxia Double Debt Fengli Bonds A and C both fell by nearly 9%. As of May 2 1 day, the net value of the above two fund units was lower than 1 yuan, and after four years, the net value returned to the starting point because of stepping on default bonds. In response to the above products, Investor News sent an interview letter to Huashang Fund, and the other party replied that the corporate bond fund was valued by a third-party institution, and the fund position was subject to the disclosure in the annual report and quarterly report.
For the above situation, industry insiders told reporters that the default of bonds is ostensibly due to the new asset management regulations and financial deleveraging. Enterprises cannot obtain new financing channels, and there is no "new" in borrowing new and returning old, so they can only choose to default. In fact, it is because the cash flow of the enterprise itself is not ideal, the management is not good, and it is in the process of high financial leverage idling.
A person from the investment department of a large investment management company told reporters that it will be inevitable for enterprises to default continuously in the future, because the state has no intention to change the financial deleveraging policy.
Back to the starting point
Looking back at the recent decline in products of Chinese Business Fund, on May 7, Chinese Business Double Debt A and C fell by 3.99% and 4.02% respectively. On May 15, the above two funds even fell by 8.9% and 8.88% respectively.
China Merchants Double Debt Fengli Bonds A and C are classified funds, which were established on 2065438+2004128 October, and the fund manager is Liang. As of May 2 1 day, the net shares of A and C of Chinese double debt Fengli bonds were 0.97 and 0.98 respectively. Four years later, investors "missed a battle" because they almost returned to the level of 20 14 due to stepping on mines.
According to the data of Tian Tian Fund Network, the net assets of Huaxia Double Debt Fengli Bond rose from 65.438+042 billion yuan on March 365.438+0, 2065.438+06 to 65.438+0060.8 billion yuan at the end of the third quarter of 2065.438+06, and then began to drop endlessly until the end of the first quarter of this year. In a year and a half, net assets fell by 94.22%.
The main reason for the sharp decline of these two fund products is that several default risk bonds have been trampled. Looking at the details of positions, the largest heavy debt "15 Huaxin Debt" holds as much as 24%. The issuer of "15 Huaxin Bond" is Shanghai Huaxin. On March 1 day, the secondary market price of Huaxin Bond plummeted by 32.65% and was suspended, closing at 6 1.29 yuan, the lowest since listing.
"15 Huaxin Bond" is a five-year corporate bond due in 2020, with a current balance of 3 billion yuan and a debt rating of AAA. United Credit Rating Co., Ltd. (hereinafter referred to as "United Rating") is a credit rating agency of Shanghai Huaxin. On March 2nd, the joint rating downgraded "15 Huaxin Debt" from AAA to AA+; On April 10, it was lowered to AA; Down to BBB+on May 4th; On may 16, it was lowered to b.
For Huaxia Double Debt Fengli Bond A, according to the data of Tian Tian Fund Network, as of March 3 1, there were no heavy positions in this product, but among the heavy positions, the position of "15 Huaxin Bond" ranked first with 24. 18%, and the fifth was "1/kloc-" It is worth noting that "1 1 Katie MTN 1" is a default bond, and its issuer Katie Eco announced on May 7 that it was in default because it could not pay the principal and interest of the medium-term notes in full.
In the previous 20 17 annual report, "1/Katie MTN 1" did not appear in the details of heavy bonds, so it can be seen that "1 1 Katie MTN/kloc-0" should be added to the double debts of Chinese businessmen in the first quarter. That is to say, Huaxia Double Debt Fengli Bond stepped on two thunder, namely "15 Huaxin Debt" and "1 1 Katie MTN 1".
Jia Zhixiang, head of Tianxiang Investment Research Center, told the reporter that the company that stepped on Rado may pursue profits too much and ignore risk control.
Therefore, the company's investment and research level is debatable, and default bonds were increased in the first quarter of this year.
Earlier, Huashang Fund just disclosed its annual report, with a loss of10.50 billion. As of March 3 18, 3 1, * * 22 fund companies have disclosed the annual report of publicly raised funds in 20 17, and Tian Hong Fund has the strongest profitability, with 5.71100 million yuan; Huashang Fund ranked second from the bottom with-65.438+47.6 million yuan.
Step on the thunder tide
Another bond, "1 1 Katie MTN 1", which is about to default, appears in the position bond details of Guohai Franklin Fund. Previously, employees of CITIC Asset Management broke the news that the fund "secretly hid" a bond that was about to default, prevented redemption when the bond was at risk of default, and lowered its valuation.
In response to the above problems, the reporter sent an interview letter to Guohai Franklin Fund, and the other party replied that "the company has always been law-abiding and compliant, and all fund products are invested and operated in accordance with the fund contract to protect the rights and interests of all investors. Our company has entrusted lawyers to take legal measures against those who publish and disseminate false statements and will continue to safeguard the legitimate rights and interests of the company and investors through legal means. " Consistent with the previous company's external statement.
Since then, the reporter also sent an interview letter to CITIC Asset Management to learn about related matters. As of press time, CITIC Asset Management has not yet responded.
Wind data shows that as of May 20th, * * * has defaulted on 20 bonds, with a total default scale exceeding 654.38+05 billion yuan. Compared with 20 17 in the same period, only 10 bonds default, and the default scale is only about half.
A medium-sized securities investment manager told reporters that the recent bond default was mainly due to the active contraction of the currency and the cost pressure brought by the rising raw materials. Capital and fundamentals are ugly, big companies start to default, and small companies face bankruptcy.
The above investment manager also said that the consequence of financial deleveraging is currency contraction, which leads to an increase in financing costs. Finally, those enterprises with high debt or debt financing will be paralyzed because of the broken cash flow. It's getting harder and harder to borrow the new and return the old. At present, AA+ corporate bonds cannot be issued, and there is no source of cash. Referring to the Oriental Garden, the credit rating of the bond subject is AA+, which is very high, but only 50 million yuan was subscribed for the 654.38 billion bonds.
A person from the investment department of a large asset management company told reporters that it will be inevitable for enterprises to default continuously in the future, because the state has no intention to change the financial deleveraging policy. The impact of fund companies stepping on thunder will not be great, which is a normal phenomenon in the capital market and may affect the reputation of fund companies at most.
The investment consultant of a large sales platform believes that bond funds will generally invest in 5- 10 bonds, and if bonds default, most of them will be shown through the net value of fund products. For example, a pure debt base has invested in 10 bond targets, and one of them has the risk of default, which means that the net value has fallen by 10%. In the event of default, the net value of the fund will lose money first, and then it is necessary to pay attention to whether the bond is mortgaged or guaranteed, and if so, it can be disposed of directly; But if not, we can only use legal procedures to see if the company has new funds to repay the defaulted bonds.
The investment manager also explained that the bonds need to be traded after they are issued. Now even AA+ bonds are in default, and fund companies can only buy AAA bonds, but such bonds are rare in the market. In addition to bonds, the debt base is also equipped with interest rate bonds. However, the current tightening of monetary policy and rising interest rates reflect that bond prices have fallen and fund companies have lost money. In order to stop loss, fund companies need to sell high-rated bonds and interest rate bonds with good liquidity, and selling still brings down bond prices. Therefore, the bond market is more bear than the stock market.
The above investment consultant said that the risk of the bond market is smaller than that of the stock market, but the default of the bond market directly faces the risk of principal, especially participating in some direct investment projects.