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. Pen ~ fun ~ pavilion www.biquge.info

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 6%, it is naturally 1.5% for three months, and 100 yuan is 1.5 yuan, what is the concept? It is the minimum price movement of 300 times, which is what people in the industry often call 300 points.

This is direct exploitation.

So the question is, why do you have to promise 20 points later? The reason lies in the exposure to possibilities, and the strategic goals of the state-owned institutions, which do not value the money, but want to get status.

The national policy is determined, financial market is the trend of the times, state-owned and private financial institutions will increase cooperation and communication, this time you get 300 points of profit, yes, it does earn, but so what? Everybody knows it's not long-term, it's not a definite pattern, you're just showing your strength.

I take you 20 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 is there a possibility exposure when doing so? What does the possibility exposure mean for both parties?

CCB has American-style options, which they can exercise directly before April 1 and use futures contracts to buy the bond chips absorbed by the Thunder at a price of 20 points below the market.

In other words, they can choose to take the position on April 1, and in doing so, they will not have to take the risk exposure and earn 20 pips.

The alternative is to take a bond position by April 1, which means they have to take on an exposure of 20 billion baht in the bond, and they make 20 pips before taking on the risk of the bond's 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 100 yuan bond with an annual interest rate of 6%, and the price after a year is 106 yuan, then it will increase by 0.0166 yuan in almost a day, and 0.5 yuan more than a month, if the value of the currency remains the same, it will rise like this. (There are a few 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 remains the same, you will go to the gross market? Something that can be bought and sold, the price is in a state of change on the timeline.

For a simple example, the bond issued on January 1 has a coupon rate of 6%, and if you hold it for half a year, you calculate 103 yuan, and then suddenly, the deposit interest rate changes, which is exaggerated to 6% (in fact, it is unlikely), you will find that hey, my money is deposited in the bank, and it is actually the same income as it is used to buy bonds.

What to do? The bonds were sold, exchanged for cash, put in the bank, and the liquidity of the funds was restored, that is, the bonds depreciated.

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.

Another is inflation, which can also be said to change the value of money, you bought a bond for 100 yuan a year ago, and it becomes 106 yuan a year later, but 106 yuan after a year cannot buy an item with a price of 100 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 20 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 20 points, which is a small hedge, and the Thunder undoubtedly occupies a complete disadvantage.

Paying 20 points is only one-fifteenth of the first opening price, and the rest of the range is what the Thunder exchanged for a high-quality position with the possibility of 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 20 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 a price difference of hundreds of points, 20 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 will not be limited to these things, so ...... Yang Ma is still atmospheric, unlike institutions such as CCB, which attach so much importance to profits, what it wants is stability.

December 13th, Wednesday morning, Shanghai market, thunder.

During this period of time, Lei Hao rarely participates in the midweek regular meeting, but in the meetings related to the investment department, he sometimes takes the 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 overlaps between the fixed income department of KH Guoyin and Thunder, and he, Lei Hao's descendant, must be in charge.

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.

"20 points, more than three months," Xia Yibei was speaking, 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, and it is true that our exposure is at risk of closing at any time, but even so, our goal is very simple, open another position, open another exposure, we only need to earn back 20 pips! That's the premise! ”

"Even if our partner makes a profit of more than 20 pips, 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.