CCB originally hoped that the Thunder would take all the risks, and even definitely lose money, calculated according to the first price of the sky-high opening price.
The three-month bond interest and idle cost of funds are the figures that Thunder needs to pay on this project.
Assuming that the annual interest rate is calculated at 6, three months is naturally 15, 1oo yuan loss of 15 yuan, what is the concept of 3oo minimum price change, that is, 3oo points often said in the industry.
This is direct exploitation.
So the question is, why do you have to agree to 2o points later?
The reason is that the possibility exposure, and the strategic goals of state-owned institutions, they do not value this money, but want to get status.
The national policy is determined, the financial market is the general trend, state-owned and private financial institutions will increase cooperation and communication, this time you get 3oo points of profit, yes, it does earn, but so how everyone knows that this is not long-term, this is not a definite model, you only show your strength.
I take you 2o points, add double options, plus futures to exercise, plus a variety of detailed terms, but it may become a way to continue to use, which is a long-term strategic goal.
Then the question arises, why does this lead to a possibility exposure, and what does the possibility exposure mean for both parties CCB has American-style options, and they can exercise them directly before April 1 to use futures contracts at a price 2o points below the market to win the bond chips absorbed by Thunder.
In other words, they can choose to take the position on April 1st, and in doing so, they will not have to take the risk exposure and earn 2o points directly.
The other option is to take a bond position before April 1, which means that they have to take on an exposure of 2oo billion baht bonds, and they make 2o points first, and then take on the risk of the bond price movement.
It is a well-known fact that bond prices do not move significantly and move steadily in the same direction over a certain time period.
A 1oo yuan bond, with an annual interest rate of 6, and the price after a year is 1o6 yuan, then it will rise almost a day oo166 yuan, more than a month o5 yuan, if the currency value remains the same, it will rise like this.
There are some other calculations, omitted, this one is best understood.
But as long as it is a listed security, it will not say that the price remains the same, and if it does not change, the price of what you can buy and sell in the last gross market is in a state of change on the timeline.
For a simple example, the bond of the bank on January 1, the coupon rate is 6, you hold it for half a year, you calculate 1o3 yuan, and then suddenly, the deposit interest rate changes, and it is actually impossible to reach 6, you will cash, hey, my money is deposited in the bank, and it is the same income as buying bonds.
What to do if you sell the bonds, exchange them for cash, put them in the bank, restore the liquidity of the funds, that is, depreciate the value of the bonds.
The part of the bond coupon rate greater than the bank interest rate is to pay for liquidity, and the smaller interest rate difference represents the depreciation of liquidity, and the larger is the increase in value.
There is also inflation, which can also be said to change the value of the currency, you bought a bond for 1oo yuan a year ago, and it becomes 1o6 yuan a year later, but 1o6 yuan after a year cannot buy an item with a price of 1oo yuan a year ago, which will also lead to a change in the price of bonds.
Therefore, the possibility exposure caused by the contract is very easy to understand, the price is changing, and Zhao Weihua has the right to directly take the bond position held by Thunder in advance when he sees that the trend of change is obviously improving, and if it rises, it is of course that he makes more money.
If the trend of bond price change is not obvious, or bearish, then do not move, anyway, CCB and the central bank signed a contract is not a fixed price contract, CCB and Thunder signed a contract is not a fixed price contract, they make a steady profit of 2o points.
Exercising before April 1st, the exposure appears, and when the option is exercised on April 1st, the exposure is closed, and the profit is 2o points, which is a small hedge, and the Thunder undoubtedly occupies a complete disadvantage.
Pay 2o points, only one-fifteenth of the first offer, and the rest of the range is what the Thunder exchanged for a high-quality position with the possibility, those option terms.
Ye Liu said that Lei Hao used himself as bait, because Lei Hao's report card is very dazzling, as long as Zhao Weihua exercises his rights in advance and gets more profits than 2o points, that is his political performance, and this model will become a fixed pattern in the future, and state-owned financial institutions will continue to use this model to suppress Lei Ting and other institutions.
But the thunder is not without gains, at least they have got an acceptable contract model for themselves and latecomers, compared to the price difference of hundreds of points, 2o points plus options, it is already a "gentle knife".
Each step along, long-term cooperation, and setting the tone are what Lei Hao got his hands on.
Looking at it from another angle, if everyone is completely competitive, maybe the spread to the central bank is not only these things now, so the central mother is still atmospheric, unlike institutions such as CCB, which value profits so much, it wants stability.
December 13th, Wednesday morning, Shanghai market, thunder.
During this period of time, Lei Hao rarely participates in the midweek regular meeting, but at the meetings related to the investment department, he sometimes still finds time to show his face, just like the current internal meeting of the fixed income department, Xia Yibei has not completely stepped down, just because there are some overlapping places between the fixed income department of KH Guoyin and Thunder, and he, Lei Hao's descendant, must be in power.
Regarding the cooperation with CCB and the business of the Reserve Management Division, Xia Yibei's participation is indispensable, because as long as it is a bond, it has always been Xia Yibei's field.
In the conference room, the atmosphere is not so good, although everyone knows that the contract between the group and CCB is already an extremely rare and good contract, but this is a contract that may damage the halo on Lei Hao's head. "2o points, more than three months," Xia Yibei said, he didn't look at Lei Hao who was sitting in the main seat, but said to his old subordinates: "These are not things, even if there is a danger of losing the position at any time, we can earn it back" "In fact, we can put aside the contract with CCB, it is true that our exposure is at risk of closing at any time, but even so, our goal is very simple, hold another position, open another exposure, we only need to earn back 2o points This is the premise" "Even if our partner makes a profit of more than 2o points, as long as we don't lose money, we are successful" "This can be seen as a confrontation, but in fact, it is not a confrontation, when we put aside the CCB contract, we are individuals who participate in the market independently, and the profit and loss are all up to us."
Xia Yibei is setting the tone, from the perspective of the thunder, this contract is to lay the foundation for obtaining information from the adjustment of the structure of the exchange and reserve in the future, so they gave CCB a step, but as long as there is a profit, no one can say that the thunder lost.
Lei Hao agrees with Xia Yibei's tone for his fixed income subordinates, although he doesn't quite agree with this approach
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