Investment is to pursue income, and there are two sources of income: one is risk-free income, such as interest on deposits; the other is risky returns, such as dividends on stocks. How is the income from bill financing obtained? Investors can not care, but as financial practitioners, if they do not sort out the bottom-level profit logic of the bill, they should be accepted by the market.
Hu Ge has sorted out six profit models for bill financing .
Bill financing profit model 1: discount rate arbitrage
A bank acceptance bill with a face value of 1 million, the discount rate is 4.8%, we need to pay the holders for 952,000 yuan, and find the enterprises, intermediaries, or banks that have the need to purchase tickets, and sell them at a rate of 4.7%. He, we received a principal of 953,000 yuan, the income is 1,000 yuan. This is the most common profit model in the market. Usually, the profit is only very small 1 to 2 BP, and 1 BP is equal to 0.01%. This spread is definitely difficult to meet the expected return to investors, but if the capital usage rate If you get a big improvement, then don't underestimate this benefit.
Knock on the blackboard!!!
Let's measure it:
Take 1 million yuan as an example, trading three times a day, each time the spread is 0.01% to 0.02%, then you can get 0.03% to 0.06% of the income in one day, 220 trading days a year, do not calculate compound interest, the annualized rate of return is about From 6.6% to 13.2%, if the compound annualized return is 6.82% to 14.1%, if it is only traded once a day, the annualized rate of return is only 2.2% to 4.4%. Therefore, the core is the advantage of the ticket source, which can rely on high-frequency trading to accumulate profits.
Intermediate gameplay for discount rate arbitrage
The company's resources with a large amount of funds and a real trade background can mobilize cash to buy out the company's votes at a higher interest rate, and then discount the bank at a lower discount rate to earn a relatively large spread;
Premium rate arbitrage advanced gameplay
The ticket intermediary uses the ticket that is due soon, gets the bank's money with lower interest, and then goes to the market to buy some tickets that are not so fast due to the higher discount rate. After the interest rate falls, the ticket will be Selling, earning the difference between different term rates, of course, this should be based on the premise of falling interest rates, the essence is the change of gambling monetary policy, the gambling is right, it is Soros, the gambling is wrong, is to immediately die.
Discount interest rate arbitrage and more advanced gameplay, it is mixed with criminal means, I will not start here, but also advise financial practitioners, also warned themselves, all the shortcuts to make big money, can find solutions in the Criminal Law Enjoy peace and enjoy freedom.
Bill financing profit model 2: bill pledge
The discounted arbitrage of the previously mentioned bills, the earliest to do the most is the bank wealth management products, which started in 2011, generally through the trust channel, to subscribe to the bank’s discounted bills, and some even directly docked the bills held by the company, while the bills Transferred by a bank or a third party, the company holding the bill obtains funds from the discounted bank or trust plan, which is equivalent to the transfer of the proceeds of the bill. Due to the compliance of this discounting process, it provided a channel for bank credits, and the scale quickly increased to hundreds of billions. Finally, the CBRC stopped the bill trust and related banknote wealth management products at the beginning of 2012. The market naturally has a coping method, so it has changed into a bill pledge mode. This is also a common way of playing on the Internet financial platform. It does not directly involve the ownership or income rights of the bill, but the way the bill is pledged. The basic process is that the platform evades legal risks, and the financing company pledges the held documents to the third-party payment institution designated by the platform or the bank for custody, and then issues the loan target. The investor lends funds to the financing through the Internet bill financing platform. If the financing enterprise fails to repay the loan on time, the financing enterprise of the Internet will have the right to pass the bill custodian, hold the pledge bill to find the billing acceptance bank, and finally pay it to the investor.
In general, bill pledge financing has greatly increased the liquidity of bill assets, and the logic is also very simple. Financing companies are willing to pay a higher cost, allowing investors to earn certain benefits, thus making the Internet financial platform a bank. The role of “first advance payment” also solves the current shortage of funds for financing companies.
Bill financing profit model 3: holding business
If an intermediary has ticket information, but there is no fund to collect the ticket, the fund will receive a certain margin of 3%, mainly to prevent the risk caused by interest rate fluctuations. The funder will help the intermediary to collect the bill first, and then the intermediary will redeem the bill, and after deducting the cost of using the fund, the deposit will be refunded. In addition, the bank should deal with the MPA review and appraisal of the CBRC at the end of each quarter. In order to meet the regulatory requirements, it is necessary to release the credit line.
Bill financing profit model 4: pledge exchange ticket
Using the notes issued by different banks will have a discounted interest rate difference to earn revenue. This is a mismatch between the cost of funds and requires multi-party cooperation. For example, the current interest rate of the state-owned shares bank is 4.8%, and the city commercial bank is 5.0%. Then we use the 950,000 yuan to buy the bills of 1 million city commercial banks, and then pledged the bills to the cooperative state-owned stock banks, and issued the same denomination. The bills of the state-owned stock banks will be discounted, and the annualized 4.8% will be able to obtain 952,000 yuan. The difference between the two is 2,000 yuan. After deducting some of the billing fees and other related expenses of the state-owned banks, the rest is net income.
In the re-posting business between banks, the counterparty is actually very particular.
For example, some big banks do not trade with villages and towns, credit unions, and rural commercial banks, which are collectively referred to as the three rural areas. They only trade with the stock exchanges. Then at this time there is a kind of bank, which is generally a joint-stock bank. It can also be a counterparty with a big bank. It can also be a counterparty with the Sannong Bank. This is what we often say about crossing the bridge. Some businesses need to find such a bridge. "You go to help me with the handle, I will give you a certain spread." Crossing the bridge, it makes the easiest money, even without seeing the ticket, just responsible for receiving the money, and then transferring the money out. In addition, pledge exchange of tickets is not an easy task. There is a problem of credit granting in the same industry. Other pledges accepted by the bank are required to be credited in advance.
Bill financing profit model 5: entrusted trade financing
The financing enterprise pledged the bill to the platform, and the platform entrusted the bank or a third party to conduct the custody. The investor lends the funds to the financing enterprise through the platform. The platform and the financing enterprise agree that the platform has the right to dispose of the bill, and the platform uses the resources for trade settlement. The pledge of the bills carries out the trade payment business, and earns the trade payment fee from it, which is equivalent to two financings of the bill, the buyout of the bill and the bill payment. This model allows the platform to obtain two proceeds, bill discount interest income plus trade payment fees. In this model, the pledge rate of bill assets is relatively high, generally close to 100%, and financing companies generally do not redeem bills after maturity.
Bill financing profit model 6: letter of credit recycling
This model combines the process of international trade and letter of credit financing. The financing company pledges the bill to the platform. The platform entrusts the bank or a third party to conduct the custody. The investor lends the funds to the financing company through the platform, which is consistent with the previous model. The platform and the financing enterprise agreed that during the project period, the platform has the right to dispose of the bills, but the maturity bills must be returned to the position and redeemed by the financing enterprise after the expiration. At the same time, the platform mortgages the bill to the bank. The mortgage bank is generally the same as the custodian bank. The bank issues a letter of credit in conjunction with the agent import business under the platform. The letter of credit is converted into cash after being discounted by the overseas bank, and then combined with the platform line. The export business realized the return of funds to the territory. The basis for entrusted trade payments is domestic trade, and the online product term is relatively short, usually about one month, and the credit card recirculation is based on international trade, combined with the letter of credit financing process, the period is basically Six months.
In the process of letter of credit collection, from the issuance of letters of credit to the return of overseas discounted funds to the territory, it usually takes about 10 days, up to a maximum of one month, and the time limit for the financing companies pledged by the platform is generally six months. That is to say, under the pledge of a bill under the platform, the affiliates under the platform can complete at least 6 credit card remittance processes. In theory, it can be more than 10 times, depending on the efficiency of offline import and export trade. This will bring the efficiency of capital use to the utmost and the return will be even more impressive. The overall risk is also geometrically multiplied.
The fifth mode and the sixth mode are essentially the recycling of the high liquidity characteristics of the silver ticket. The reuse of the same asset is a disguised leverage, and the cost is very low, which is equivalent to the discount rate, but it is not It conforms to the principle that the funds and assets advocated by the supervision correspond one-to-one, and the term and the purpose of funds are one-to-one. What does the commercial acceptance bill look like? Can you do it? Usually, everyone thinks that bank acceptance bills are basically low risk. One point I want to make here is that the risk of a bill for a commercial acceptance bill is the highest. This is not rigorous. The majority of commercial acceptance bills are currently at a higher risk, but they should be treated rationally. Because whether it is a silver ticket or a commercial ticket, the essence comes from the strength of the acceptor and the acceptor's emphasis on credit. For example, a commercial acceptance bill issued by PetroChina will not be higher than a bank acceptance bill accepted by Bank of Beijing.
Tiger brother good words
The benefits and risks are never isolated. There must be risks in areas where there are benefits. There must be opportunities in places where there are risks. Then, what are the risks of financial products that use bank acceptance bills as the underlying assets? I think the real investors are most expecting the "Tiger into the gold" bill series No. 11: the four major risks facing bill financing.