What does a bond investment trust mean? What are the characteristics?

1. What does bond investment trust mean? What are the characteristics?

Trusts established with bonds as the investment objects of trust funds: mainly invest in the inter-bank bond market, bond repurchase, interbank deposits, money market funds, bond funds, etc.

Trust companies with high participation in the bond market investment business in the industry include Industrial Trust, Jiangsu Trust, China Resources Trust, Foreign Trade Trust and Huabao Trust. At present, although most trust companies participate in bond trust business in the form of channels and fail to take the initiative in the operation of the whole project, this business form can enable trust companies to strengthen cooperation with banks, brokers and funds, gradually improve the professional ability of trust companies' standardized business and promote the transformation of non-standard business to standardized business.

1. The bond repurchase business of the trust company has stopped.

Since 20 12, the bond repurchase business of trust companies has been suspended. According to the Measures for the Administration of Trust Companies: "A trust company shall not engage in other liabilities except interbank borrowing, and the balance of interbank borrowing shall not exceed 20% of its net assets; A trust company may not manage and use the trust property by way of sale and repurchase ". Bond repurchase can be divided into pledged repurchase and buyout repurchase. The essence of positive repurchase is an act of financing by using the bonds held. Therefore, it is illegal for trust companies to carry out bond repurchase business with their own funds and trust funds.

2. Restrictions on trust companies' participation in the inter-bank bond market.

As mentioned above, after the suspension of Class B accounts, the People's Bank of China issued a notice on June 20 14, and trust products can re-enter the inter-bank bond market to open accounts, but new accounts can only be traded with market makers, and existing accounts will not be affected.

3. The main trading methods of trust participating in the bond market.

At present, trust companies participate in bond market investment mainly in the mode of channel or fund allocation, and trust companies set up structured trust plans to leverage bond investment. Similar to the stock bull market of 20 14-20 15, in this round of fiery bond market, people from all walks of life have joined the ranks of leveraged investment bond market. Bonds plus leverage, one form is through the hierarchical structure of bond product allocation. Brokers, fund companies and insurance asset management companies have cooperated with banks and insurance companies to carry out bond matching business. Graded products invested in the bond market include graded bond funds (public offerings) and graded bond trust plans, graded fund account plans and graded brokerage asset management plans (private placement products). At present, the leverage ratio of structured bond products in the market can reach 10 times, which means that the priority fund is 9:1relative to the inferior fund; The other is through bond pledged repo, that is, using cash bonds as collateral for pledged repo financing, and then buying bonds (the second trust company cannot participate).

In the bond matching business, trust companies mainly participate in the following ways:

Banks and other institutions have priority funds, and trust companies raise ordinary or inferior funds. For example, on February 5, 20 13, China Resources Trust Wen Yi No.7 (Xingtuo-Youth-BOC Debt Rich) structured fixed income investment fund trust plan was established with a term of 12 months, and BOC (3.4 1.87%, buy) subscribed for 13. The annualized income of priority beneficiaries is 5.3%, and the income of general beneficiaries mainly includes the interest of fixed income products, and the interest difference between 5.3% fixed income and fixed income trust products of China Bank (the predicted annualized net income is 10- 15%). This trust plan is structured, divided into priority, general level or priority, general level and inferior level, with early warning line and stop loss line to ensure the safety of priority funds.

Although the bond itself is a relatively stable investment product, the risk of this trust plan is still relatively high for inferior customers, especially natural persons who are inferior customers. For example, the above-mentioned Wen Yi No.7 project of China Resources Trust suffered huge losses during the project liquidation. Leveraged bond investment can get higher returns, but it also magnifies the risks. When the bond price falls, the inferior investors will face the risk of liquidation if they can't make up the funds in time. At present, the trust company's "just exchange" is only for fixed-income products. Investment bonds and trust products in the stock market are similar in nature to sunshine private placement, and trust companies generally do not bear the responsibility of fair payment.

Banks and other institutions have priority funds, and investment consultants have their own funds to subscribe for ordinary or inferior levels. 20 13 After the "Class C households" were cleared up in the inter-bank bond market, a large number of private placement bond investment companies cooperated with trust companies, and the trust companies issued trust plans (or single trusts accepting bank financing and institutional funds) to raise funds, and investment consultants subscribed for the second level, provided investment advice and received management fees and performance commissions. Such projects are generally led by investment consultants, and trust companies are mainly responsible for net worth tracking and late risk control, mainly playing the role of channels.

Trust companies set up their own teams to invest. Trust companies can also set up their own bond investment team or cooperate with them to carry out structured bond investment business, and control risks through the structured design of priority, general level and inferior level. Due to the limitation of the trust company's own business ability, this form of bond investment is rare in the industry at present.

2. Is Xiangtan Jiuhua's debt receivable investment fund trust safe?

Are you talking about this project: Founder East Asia Fangxing 24 Debt Investment Fund Trust Plan?

This project is a typical government creditor's rights transfer project. There is no problem. The income of 8% and the term of 1 year are also moderate. The creditor's rights can cover the principal and interest, and the creditor's rights are also included in the fiscal budget. It is a typical government project.

Now it's all over

Three. What is a fund trust plan?

A fund trust plan refers to a trust plan jointly invested by two or more investors.

4. What is the debt investment trust plan?

The bond investment trust plan refers to the way that the trustee manages, uses or disposes of the entrusted property (movable or immovable property or intellectual property, etc.). ) delivered by two or more principals in the name of the trustee.