Last week, an account has been catching up on the bond structured things done by private equity fund . Structure is very sensitive. Several years ago, there were regulations that it was not possible to play structured bond issuance, but that kind of gameplay has always existed. Now, in order to avoid those three words, "anti-investment gameplay" is generally used to replace it.
Someone argued about this matter, and a group of people were playing high-yield city bonds through private equity funds. Then the two numbers confronted each other several articles.
We did not buy high-yield municipal bonds through private equity funds. We went through standard bond management made by formal financial institutions to buy municipal bonds. In fact, it has nothing to do with those three words.
The so-called structured bond issuance was similar to the product grading model in the past non-standard fields. For example, the same credit asset package is worth 200 million yuan. The credit asset plan recommended by PPD has done such a thing. It classifies the rights and interests of the trust plan, with priority given to about 7.5%, accounting for 70%; the remaining 30% is given to the inferior level, and the income given to investors is 13%.
At this time, there will be the following endings:
Ending 1: More than 200 million will be recovered after expiration.
priority investors get a 7.5% return, and inferior investors get a 13% return. Everyone is happy with this model.
Ending 2: The money recovered after expiration is greater than 140 million, less than 200 million.
Priority investor's principal and 7% return, after dividing 140 million first, the remaining money will be distributed to the inferior investors in proportion. In this case, the principal of the inferior investors may not be able to be kept.
Ending 3: When the money recovered after it expires is less than 140 million yuan. The money recovered by
is redeemable to priority investors in proportion. Even if it is priority, the principal may not be kept; investors at the inferior level will lose all their money and will not get a single point.
Some investors who do not understand will choose inferior levels in order to greed for high returns and blindly believe in the manager or issuer. This way of playing has the risk of losing all your money. It's impossible for me to touch it.
I have bought 14 different bidding asset management, and the contract clearly stipulates that grading is not allowed, and all investors enjoy the same rights, which is the fairest. In the bond, the debt holder actually enjoys the same rights, so there is no hierarchical model like the non-standard ones.
However, the financing red line in each place is determined to be dead, and the cost in some areas is much higher than the face value, and the area is relatively weak. In order to quickly issue bonds and raise money, similar financing methods will be adopted.
The so-called anti-investment is simply to say, for example, if a certain urban investment wants to issue a bond of 200 million yuan, it will first use 100 million yuan to buy a private equity fund, and the private equity fund will take out 100 million yuan. The two hundred million yuan funds will be used to buy the bonds issued by a certain urban investment. After buying 200 million yuan bonds, it can calculate the 50% pledge rate , and it can pledge 100 million yuan in cash. This 100 million yuan cash can replace the original 100 million yuan of private equity fund and roll around.
Bond pledge reverse repurchase The most fun thing is the reverse repurchase of central bank , treasury bond reverse repurchase , and the scale of reverse repurchase of Wancheng Investment bonds is relatively small. The gameplay of
can quickly expand the scale of asset management. Private equity funds originally only have 100 million yuan. After buying half of the city investment, it can double the management scale. In addition, some of the fees can be obtained through the subscription fee and other forms. Of course, some of the fees are also subsidized by the construction party. Some private equity products such as
, which are rated, and some are not rated. If it is a hierarchical model, such as these two hundred million asset packages, it may be divided into 50% of the priority of the private equity fund itself, and 50% of the inferior level will be the 100 million subscribed by the Urban Investment. , Urban Investment is very short of money to raise funds, and knows that it will not default when it expires, Urban Investment will accept this anti-investment model.In this model, even if the ultimate risk of the municipal bonds is in the end, such as 200 million bonds can only be redeemed 100 million yuan, then the 100 million yuan principal and interest purchased by the private equity fund itself can be kept, and the 100 million yuan inferior level subscribed by the municipal investment company will lose all its money. Because there are quite a lot of such gameplay, Urban Investment’s non-standard funds such as Dingrong, private equity, trust, leasing, and bank loans dare not default, but they dare not default on the contract. If the ultimate risk of the bid is issued, and Urban Investment buys inferior products made by private equity funds, the losses will be quite heavy.
So many phenomena, like municipal bonds have had zero substantial defaults in the past 30 years, and it is reasonable to exist. When you think it is unreasonable, it is often because you don’t understand it deeply enough and have limited cognition.
The anti-investment model, if you see through it, it is a pledge model. Private equity funds use 100 million yuan to buy your bonds of 200 million yuan, and get 100 million yuan to get 100 million yuan to get 100 million yuan to get 100 million yuan to get 100 million yuan to get 100 million yuan to get 100 million yuan to get 100 million yuan to get 100 million yuan to get 100 million yuan to get 100 million yuan to get 100 million yuan to get 100 million yuan to get 100 million yuan to get 100 million yuan to get 100 million yuan to lose. This model is a bit similar to the car loan model. I will only give you 50,000 yuan for a car that can be sold at any time. It is best to repay 100,000 yuan when it expires. If it expires, it will not be worth 100,000 yuan. Even if it is worth 50,000 yuan, the lender will not lose. The truth is the same, don't take it too profoundly.
Some numbers call investors who bought this kind of private equity fund bad guys. I think it is a bit too much. Under Market Economy , one is willing to sell, one is willing to buy, and the other is willing to return when it expires. It is your business.
Although I didn’t buy a private equity fund myself, can retail investors lend money to urban investment through private equity, and those who don’t pay it back when it expires, are they not allowed to shout twice, and then they become private equity troublemakers after a few calls? It was a bit too much to call people in one article, and several articles in a row called people in a row.
We are in the standard bond asset management made by formal finance. It is neither a private equity fund that pursues high returns nor an extremely conservative way of playing. It belongs to the steady part of the middle, that is, it is not conservative or aggressive.
The anti-investment gameplay can allow some areas that are not particularly strong and eager for funds to successfully issue bonds, and the packaged face value interest rate is relatively low, at least it makes outsiders think it is a very high-quality asset. In fact, everyone buys municipal bonds, and in the end they won’t lose everyone’s money. The municipal bonds are a game in the province in the short term, and the medium and long term are a game in the whole country. If an extremely conservative investor feels it is unfair, then buy it and the returns are slightly higher. There is no need to post several articles in a week to criticize current problems. Instead of criticizing the environment, it is better to try to adapt to the environment.
Of course, after the forest grows, there are all kinds of birds.
I am a Big Buddha, a certified financial planner, with fund qualifications, securities qualifications, and author of the book "Investment and Financial Management Practical Practice: Financial Business Thinking and Asset Portfolio Allocation Strategy", and is a financial columnist.
