China's ** newspaper reporter Ruohui ** issued a new "daylight base". On February 22, China Commercial ** announced that its CSI Interbank Certificate of Deposit AAA Index ** sold 522.1 billion yuan, and at the same time launched proportional allocation, which is also the first public offering ** product sold out in one day and triggered proportional placement this year. However, according to the reporter's understanding, since the beginning of this year, despite the decline in investors' risk appetite and the hot sale of low-risk income products, the sales of the relevant interbank certificate of deposit index are still hot and cold, and some new products have achieved good issuance results, while the stock of old products has not ushered in significant incremental funds. Looking ahead, a number of industry insiders expect that due to the differences in duration, leverage and other investments, the interbank certificate of deposit index is still a better currency alternative, but in the context of interest rate cuts, the static yield of this type of product may still remain low**.
Another **day sold outHot sale of more than 5 billion yuanWith the decline in market risk appetite, low-risk products in the new ** issuance market have also become "sought-after". On February 20, China Commercial ** announced that the subscription deadline for the 7-day holding period of its China Commercial CSI Interbank Certificate of Deposit AAA Index** was advanced from the original March 4, 2024 to February 20, 2024, and the fundraising ended in just one day. On February 22, China Commercial ** announced again that the effective subscription application amount of ** was 522.1 billion yuan (excluding interest during the fundraising period), exceeding the upper limit of the initial fundraising scale of 5 billion yuan. Partial confirmation will be given to the subscription application on the same day by means of "doomsday proportional confirmation", and the subscription application confirmation ratio is 95767677%。
This also means that the China Commercial CSI Interbank Certificate of Deposit AAA Index will become the first new company to be sold out in one day in 2024 and start proportional allotment. It is also the fifth new one with a subscription amount of more than 5 billion yuan this year. Talking about the hot sales of the interbank certificate of deposit index, a fixed income director of a company said that first of all, in recent years, affected by the sluggish performance of the market, as long as it is a right-bearing product in the issuance market, the issuance effect is not ideal; Secondly, from the perspective of banks and other issuance channels, the sales volume of interbank certificates of deposit** can be included in the non-goods**, which is beneficial to improving the non-goods** holdings and custody scale of the banking channels. Third, due to the recent downward trend in the yield of currency**, the overall performance of the interbank certificate of deposit index** is still expected to outperform that of currency**, and it is not excluded that some customers will allocate it as a currency substitute. "In addition, if the new ** can enter the key product pool of the banking channel, it will also play a certain role in increasing the scale of the initial offering. The above-mentioned ** company's fixed income director further analyzed. However, there are also a number of ** companies that have reported that from the current situation, there is no obvious incremental capital entry in the stock of interbank certificates of deposit. "Despite the recent boom in low-risk products, the competition is also fierce. For example, a number of banks' wealth management subsidiaries have launched current wealth management products. In terms of public offerings, in addition to the interbank certificate of deposit index, there are also short-term bonds, which are all short-term financial management tools. In addition, as an amortized cost method product, currency** has a small fluctuation in net value, and at the same time has a payment function, which is also the preferred product for many investors to manage their current finance. A manager of the interbank certificate of deposit index said. Interbank certificates of deposit were issued in large quantitiesYields have retreated
It is reported that interbank certificates of deposit refer to book-entry time deposit certificates issued by depository financial institutions in the national interbank market, and as a money market tool, they are an important part of the bond market. The Interbank Certificate of Deposit Index** mainly tracks the CSI Interbank Certificate of Deposit AAA Index, which consists of interbank certificates of deposit with an entity rating of AAA and an issuance period of 1 year or less listed on the interbank market, reflecting the overall performance of the interbank certificates of deposit with a credit rating of AAA. Wind data shows that as of February 21, the CSI Interbank Certificate of Deposit AAA Index has been **041%, with an annualized return of 263%, with an annualized return of 2 for the last three years64%。At present, there are 78 interbank certificates of deposit in the whole market**, with an average of **033%, with a total scale of more than 160 billion yuan at the end of last year. 
Since the beginning of this year, there has been an increase in the issuance of interbank certificates of deposit. As of February 22, the total issuance of interbank certificates of deposit reached 369 trillion yuan, a year-on-year increase of 2827%；However, the average issuance yield is 239%, compared to 250% has fallen. Talking about the reasons for the increase in the scale of interbank certificate of deposit issuance and the decline in yields in 2024, CITIC ** Chief Economist Ming Ming believes that on the one hand, the expectation that residents' deposits will flow to consumption and investment after the economic recovery, as well as the judgment of the improvement of the amount of bonds and credit delivery, make banks, especially large banks, choose to increase the issuance of certificates of deposit to correspond to the replenishment of liabilities. On the other hand, after the deposit interest rate is lowered, it is more difficult for banks to collect deposits, and they need to supplement the funds on the liability side through other means such as interbank certificates of deposit. Ming Ming said that since 2023, the interest rate center of the market as a whole has declined, and the interbank certificate of deposit interest rate will also be adjusted along with the decline in broad-spectrum interest rates. In addition, as one of the important liability management tools of banks, the issuance of interbank certificates of deposit is overpriced, which will lead to an internal imbalance in the financing cost of banks' liabilities, and the yield will naturally fall and be difficult to rise under the pressure of interest margins. The fixed income director of the above-mentioned ** company also has a similar view. He believes that there has been an expectation of interest rate cuts in the market, and in the context of lower static yields, it is expected that it will be difficult for the interbank certificate of deposit index to achieve better performance than last year, but because such products are more relaxed than currencies in terms of duration and leverage levels, yields are still likely to outperform currencies. At the same time, he also reminded that interbank certificates of deposit** are net-worth products, and compared with currencies using the amortized cost method**, the net value of this type of ** will fluctuate relatively more when the market encounters fluctuations. Editor: Xiaomo Review: Muyu.