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Original title: Credit bond default risk impacts market and central bank raises amount to provide liquidity
By Zhang Xiaochong
Recently, market concerns about credit bond default risk have increased dramatically, pledged credit bond financing has become more difficult, and institutions are generally more cautious, which has intensified the liquidity stratification of interbank capital and the surge in interest rates on capital. Although the central bank increased its investments on Friday, insiders expect the central bank to increase its investments in the short term to ensure stable liquidity.
Affected by the default of individual corporate bonds, the market prices of some credit bonds have fluctuated sharply in recent days. It is difficult to sell corporate bonds with credit risks. The related bond funds are expected to face increased repayment pressure in the short term. Therefore, the funds need to be integrated to alleviate urgent needs. Liquidity caused a greater impact.
Founder SecuritiesQi Sheng, chief fixed income analyst, told the Financial Association that the central bank has recently increased the amount of investments to prevent credit risks from extending to liquidity risks, but the key solution is to alleviate current problems. credit risk.
On November 12, the two bonds of the Ziguang group fell by more than 30% and the 16 Qingkong 02 issued by Ziguang’s parent company, Tsinghua Holdings, fell by 27%. Many bonds have collapsed recently and some of them are companies listed, includingJizhong Energy、Baotou Steel, Shenma Pingmei recently saw a significant decline.
Of course, the most astonished thing about the market recently was that on November 10 the Shanghai Clearing House released an announcement showing that Yongmei Holdings’ 2020 third phase of very short-term financing bonds is expected to be repaid today and the payment deadline. is due. , “20 Yongmei SCP003” was unable to repay the principal and interest in full time, which constituted a substantial breach of contract. As of September 30, the money market funds in Yongmei’s account totaled 46.968 billion yuan. This led to the two remaining debts of Yongcheng Coal and Electricity plunging by more than 90% and the remaining bonds of Henan Energy and Chemical Group Co., Ltd. to plummeting by more than 86%.
The central bank launched a seven-day reverse repurchase operation for 160 billion yuan on Friday, making a net investment of 160 billion yuan that day; the previous day, he conducted a reverse buyback operation of 120 billion yuan, with a net investment of 90 billion yuan. According to industry experts, increased central bank investment should ease lending tensions, but as the November fiscal period gradually approaches, lending tensions are not expected to be significantly eased.
Tight funding
“Funds are still tight this morning and central bank investment believes the deterioration in the credit environment has been taken into account.” A capital trader at a major Beijing brokerage firm told the Caixin News Agency that the central bank had already invested 250 billion yuan for two consecutive days, but judging by the market situation, the volume is obviously insufficient.
A capital trader at a large state bank in Beijing also said that the bank does not have much funds at the moment and some banks may not dare to provide funds, and therefore there is a lot of demand for capital. In the short term, it is still necessary to observe how the central bank compensates for the shortage of supply.
A trader at a city commercial bank in northern China pointed out that due to the rapid deterioration of the credit environment, the mortgage bond has encountered some difficulties and the phenomenon of liquidity stratification has intensified. If credit bonds are used for the mortgage loan, the increase in the interest rate will increase significantly over the previous period.
It also revealed that the price of the anonymous system overnight interest rate in the morning interbank market once rose to over 3%, continuing to hit a new high over the past 10 months. Overnight interest rates for non-bank institutions through credit bond mortgages also rose to more than 4%.
All the insiders mentioned above believe that the current central bank is very cautious in investing funds, which could continue the tightening of market liquidity. It has become a general consensus among institutions to raise the price of funds. Short-term market fund prices are expected to continue to be above the core benchmark interest rates. Level.
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Responsible Director: Zhang Hengxing SF142
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