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The 2020 iBond Inflation-Linked Government Bond (4239.HK) has a minimum interest rate of 2%, attracting many people to subscribe. The market had previously predicted that the first day’s performance could rise from RMB 104 to RMB 105, or from 4% to 5%. The dark market hit a high of 104 yuan on Monday before closing at 103 yuan. iBond was officially listed on the Hong Kong Stock Exchange today, but its performance looked disappointing. It only grew 2.75% to 102.75 yuan in half a day. It could become the worst on the first day of the seven iBond lots.
iBond opened 3% higher and reported 103 yuan, briefly reached 103.25 yuan, then the increase shrank to 2.65%, to 102.65 yuan. iBond closed at 102.75 yuan in half a day, up 2.75% To 103.00 yuan, a large number of sales orders were piled up for sale, for about 9,358 lots and over 3,200 sales orders in suspended.
iBond began trading in the dark market on Monday afternoon and the cost was higher than the issue price of 100 yuan. As of 6:45 pm, the broker’s dark market trading performance is as follows:
iBond (4239) Brokerage Dark Market Performance
| Brokerage | Best (original) | Minimum (yuan) | Current price (yuan) |
| Yaocai | 104 | 103.1 | 103.25 |
| Phillip | 103.8 | 102.9 | 103.25 |
| Become rich | 103.8 | 102.9 | 103.25 |
First day performance of the last 6 iBond lots
| Closing price (yuan) | Relative issue price | |
| year 2011 | 106.7 | + 6.7% |
| 2012 | 105 | + 5% |
| year 2013 | 103.15 | + 3.15% |
| Year 2014 | 105.15 | + 5.15% |
| 2015 | 105.5 | + 5.5% |
| 2016 | 103.35 | + 3.35% |
Li Huifen: There is no need to rush to sell iBonds. The funds are expected to reaffirm inflows into the bond market to drive bond prices higher
Li Huifen, Executive Director of Global Securities, believes iBond’s performance on day one is not great as the stock market has been relatively prosperous recently and the funds are being used for stock speculation, so there is no rush to buy iBond. . However, he believes that investors holding iBonds shouldn’t rush to sell. They can wait until iBond pays one or two interest rates and the price rises to the 106-108 yuan level before closing, and the practice will be more significant than holding to maturity.
He also said there aren’t many options for Hong Kong dollar bonds, and there are even fewer that are as stable as iBonds. Fund managers are expected to gradually absorb iBonds and push bond prices up. Additionally, if the US stock market declines after the new US president takes office, the funds will exit the US stock market and then the bond market to buy iBonds as a hedge, which will also help drive bond prices up.
As for investors who do not have the stock or intend to pursue the stock, Li Huifen believes iBond is a purely price-based buy-in. However, from an opportunity cost perspective, investors are advised to use their own funds to invest in the stock market. Strong stocks are profitable and will invest in iBond after the stock market craze subsides.
Some banks have launched iBond redemption discounts to allow customers to take advantage of discounts on annual interest rates
Some banks have launched iBond redemption offers to encourage customers to use the funds for other purposes. Dah Sing Bank offers discounts to customers who sign up for iBond through the bank. If the refund is used for HKD and USD term deposits, they will receive a discount on the annual interest rate; eligible customers who subscribe to designated investment funds during the promotion period, the first HKD 100,000 or equivalent 0% off the subscription fee for the subscription amount, eligible customers who do not have a ” risk “valid at the bank who complete the questionnaire during the promotion period can enjoy a cash voucher of HKD 50.
Lufax customers request iBonds through the App to generate refunds. Lufax has issued 2% yield coupons to these clients, which can be used for all bond and hybrid funds on the platform. The investment limit is 100,000 yuan and the maturity is 1 month.
The iBond subscription amount reaches 38.9 billion, the authorities increase the emission limit
The government announced that approximately 456,000 people have signed up for this round of iBond, with a total subscription amount of over 38.36 billion yuan. Authorities have raised the final issuance of iBond to 15 billion yuan. Under the bond allocation mechanism, all valid applications for this lot of iBonds will be awarded bonds, up to four lots. All 196,391 requests to subscribe for bonds of three lots or less will be assigned to the bonds. The remaining 259,989 applications (i.e. those subscribing to more than three lots) will first receive three lots of bonds and the lottery will be conducted, of which 230,930 applications will receive an additional lot of bonds.
iBond will be issued next Monday (16) and listed on the Hong Kong Stock Exchange on Tuesday (17). The placing bank and the Hong Kong Clearing Company will individually notify the applicant of the result of the allotment, the applicable subscription funds and the amount of any redemptions in the application funds according to the schedule set out in the issue circular.
Chen Maobo: The public welcomes safe and stable investments
Financial Secretary Chen Maobo is pleased with the oversubscription of the current batch of iBonds and believes that with the current low interest rate and uncertain investment environment, safe and stable investment options are welcomed by the public. He also believes that issuing bonds this time around will also help raise public awareness and interest in bonds and promote the development of the local retail bond market.
HKMA Liu Yingbin: satisfied with the quantity and number of subscriptions
Liu Yingbin, Senior Assistant President of the Monetary Authority, previously believed that the market did not need to over-interpret the number and quantity of iBond subscriptions, because the latest iBond was issued four years ago. The inflation outlook, market environment and reality were different at the time, so it is difficult to make direct comparisons. He stressed that he was quite satisfied with the quantity and number of people registered this time.
The response from the iBond subscription is overwhelming
The iBond subscription ended last week and many banks and brokerage firms said the response to this batch of iBond subscriptions was warmer than before. The Bank of China (Hong Kong) said that the total subscription amount of the bank reached a record high, about double the amount in 2016 and also exceeded the maximum in 2012. The total subscription amount. Hang Seng Bank also pointed out that the average customer subscription amount in this round has increased significantly compared to the past, and the bank’s total subscription amount also exceeded the previous individual total.
The number of iBond subscription requests through HSBC is approximately double that of 2016 and the number of cases has exceeded the 2016 level. The cumulative total amount of iBond subscriptions received by China CITIC Bank (International) has increased by almost 90% of the cumulative total amount of the previous iBond lot and the maximum subscription amount is 3 million yuan.
Lufax mobile phone subscription amount is nearly 160 million yuan
Lufax, a subsidiary of Ping An Insurance (Ping An Insurance), also offers iBond subscriptions: customers have subscribed via mobile phones for nearly 160 million yuan, with an average subscription of 3.4 lots and the maximum subscription amount reached 1.5 million yuan.
The alternative payment by the government of the fifth lot of silver bonds, the interest rate is at least 3.5%, 2 restrictions must be known
The highest Hong Kong dollar fixed deposit rate of 5.2% is better than iBond’s 2% guarantee! 3 months of stable exchange 1,040 yuan of interest
iBond has a circular distribution mechanism! It is not recommended to smoke like a new broth! It teaches you how much you can earn by signing up ｜ Speaking of stock market
Disclaimer: All investment techniques and analyzes published on this page are for reference only. Before making any investment decisions, readers need to express their judgment and caution and also need to keep abreast of the latest market changes. If unfortunately leaks occur, this webpage and related authors and respondents have nothing to do with it and this webpage is not responsible. The views of all columnists on this page do not represent the position of this media.
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