Jiang Guangxiang (Fund practitioner, author of financial column)
As we all know, for ordinary investors, it is difficult to get started in the bond market compared with the stock market. The bond market not only has a series of professional terms and concepts that are not inferior to the stock market, such as due yields and ticket interest rates, long -term and periods, costs, costs, costs, costs, costs, costs, costs, costs, costs, and costs.Law and amortary cost law, net price and full -price; downward rates of yields mean rising bond markets, and the uplink of yields means the decline in bond markets. Bond varieties and door categories are more compared to stocks.What’s more important is that unlike the account of the stock business department, it can buy and sell stocks, the bond market’s participation threshold is higher and more complicated to ordinary investors.Especially in the Chinese bond market that occupies an absolute scale advantage in the bond market, the “stage” of financial institutions (including banks, securities companies, fund companies, insurance companies, etc.) for bond trading and repurchase.Enter.However, this situation is changing.In addition to trading venues in the two major bond markets of traditional banking markets and exchanges, the counter market as the main bond market outside trading market has begun to appear in front of retail investors with a more “affordable” face.
The counter market is mainly faced with retail customers through commercial bank business outlets and electronic channels. The scale is small. According to relevant data, as of January 2024, the counter market bond custody amount is 789.2 billion yuan, accounting for only all bond custody (159 trillion yuan)0.5%, the scale is far from the inter -bank market and the exchange market, but this does not show that residents and enterprises have not participated in the bond market, because investors such as residents and enterprises mostly use public fund, bank wealth management, insurance and other products to indirect investment bondsIt is one of the main sources of funds for the above -mentioned financial institutions to buy and sell bonds between banks and exchanges.In other words, the counter market is the core channel for direct investment in bonds such as residents and enterprises.Since the third quarter of last year, due to the encouragement of regulatory agencies such as the central bank, the development of counter bond markets is accelerating.
In order to promote the efficiency of residents’ savings into bond investment and increase the property income of residents, the central bank has accelerated the construction of the counter bond market since the third quarter of 2023.Encourage commercial banks to sell trading national bonds and local government bonds through counter, and provide customers with bilateral offers for long -term bonds to facilitate customers to sell monetization at any time and increase the choice of financial products that take into account security, benefits and liquidity.In February 2024, the “Notice on the Counter Business Related Matters of the Interbank Bond Market” was officially issued. The counter bond business was positioned as the extension of the interbank bond market to the retail finance and inclusive finance.Compared with the business management of the counter, the entire interbank bond variety can be traded in the counter market, that is, on the premise of compliance with the appropriateness of investors, individual investors, enterprises and financial institutions can invest in national debt and local government bonds through counter business bonds., Financial bonds, corporate credit bonds and other interbank bond markets all bonds.In addition, investors in the interbank market can also be transferred directly to the counter market.In addition to the bond repurchase business, new institutions can carry out bond loans, derivatives and other transactions through counter.From this point of view, the participation of the counter market can be described as the most extensive and most “people.”
At present, 30 commercial banks nationwide have opened counter bond business.Investors can apply for a counter bond account account through the business outlets or electronic channels of the counter business. The counter business opening agency provides bond quotation transactions, registered custody, settlement and liquidation, and bond query.If the counter business opening agency provides the counter and the enterprise to provide counter -bond business, it is mainly based on national bonds, local government bonds and policy financial bonds.Relative to credit bonds, these varieties have high security and have always been favored by residents and investors.However, it should be pointed out that since residents can purchase all interbank market bonds directly from the counter market, in the long run, because “there is no intermediate business earning difference”, the demand for stable wealth management products of banks may be long.The scale of market bonds changes.Because in terms of policy financial bonds, the yield is generally relatively higher than the deposit interest rate, and other bonds are even more. If the scale is not limited, the enthusiasm of residents’ investment policy financial bonds is higher than deposits.
Compared to the stock market, my country’s bond market starts late.However, for ordinary investors, especially risk aversion investors, new low -risk investment channels have been added and the asset map has been expanded.This is between the secondary market of the stock and the bank deposit. There are several new investment varieties that can only be viewed from a distance, and the yield and liquidity are also attractive for a period of time.For the bond issuance side, in addition to the increased liquidity, the pressure of fund supply has also been alleviated.At the end of March 2019, the first batch of local debt sold at the bank counter was launched, with a term of 3 years, a issuance interest rate of 3.04%, and a counter sales of 300 million yuan.Zhejiang debt with a limit of 1.1 billion yuan was snapped up for two debts within 10 minutes.Later, local bonds issued by the counter market in many places were also very popular.After the current species of the counter market are more abundant, it is naturally a good thing for residents and enterprises.It is just that in the future, professional institutional investors may find that the bond market is “asset shortage”. After all, there will be more participants who come in to “grab food”.