3.83 trillion yuan! Brokerage bond underwriting increased by 33% year-on-year
Editor's note: With the help of various favorable policies, China's bond market is booming and brokerages have directly benefited. Since the beginning of this year, the size of bonds underwritten by brokers has reached 3.83 trillion yuan, a sharp increase of 33% year-on-year; at the same time, brokerages have also raised over 700 billion yuan for their own funds through the issuance of various bonds. Today, this newspaper will talk to you about brokerages and the bond market.
Our reporter Wang Siwen
The Chinese bond market has surpassed Japan with a stock size of more than 90 trillion yuan, ranking second in the world. According to statistics of Wind data, since this year, the scale of bond underwriting of securities firms has reached 3.83 trillion yuan, a 33% year-on-year increase.
This year's list of brokerage bond underwriting is also freshly released. CITIC Securities topped the list, followed by CITIC Securities, and the underwriting scale of the two securities firms both exceeded 400 billion yuan. The underwriting amount of the top ten brokers accounted for 60% of the total amount of bond underwriting of brokerages, a slight decline from the same period last year. Industry analysts believe that although the share of bond underwriting of the top ten brokerages has declined, the gap is still relatively large compared with the bond underwriting share of other brokerages. The market "Matthew effect" is very significant, and the advantage of the head brokerages "taking food" is obvious. .
9 brokers stepped in
Bond underwriting "100 billion yuan club"
According to Wind information data, as of June 3, 86 brokers have participated in the bond underwriting business since this year. The total amount of bond underwriting has reached 3.83 trillion yuan, which is an increase of 33% compared with the total amount of bond underwriting of 2.88 trillion yuan in the same period last year. The average single bond underwriting amounted to 238 million yuan.
From the perspective of market share structure, it is still the top brokerage. The top ten bond underwriters account for 60% of the total underwriting amount. Among them, the bond underwriting scale of 9 brokerages has entered the "100 billion yuan club". Correspondingly, the bond underwriting of the 33 securities firms ranked at the bottom is less than 10 billion yuan.
However, it should also be noted that although the total scale of bond underwriting of the top ten brokers has increased significantly, the amount of underwriting has declined slightly. The total amount of bonds underwritten is 2.33 trillion yuan, accounting for 60.78% of the market share, which is 3.8 percentage points lower than the same period last year. The remaining 76 brokerages share the remaining 39.22% of the bond market share.
CITIC Securities temporarily topped the list with a bond underwriting scale of 485.383 billion yuan, underwriting 1,230 bonds in total, with a market share of 12.69%. CITIC Securities immediately followed, realizing a bond underwriting scale of 480.825 billion yuan, underwriting 1,164 bonds with a market share of 12.57%.
In addition, Guotai Junan, Huatai Securities, Haitong Securities, CICC, Ping An Securities, China Everbright Securities, China Merchants Securities, Shenwan Hongyuan's bond underwriting this year ranged from 93.427 billion yuan to 237.936 billion yuan, ranking third to third Ten.
Corporate debt is the hottest
Underwriting scale reached 1.37 trillion yuan
For different types of bonds, the scale of brokerage underwriting also varies significantly. Among them, brokerages have the largest underwriting of corporate bonds, non-policy financial bonds, local government bonds, and ABS (asset securitization) bonds, with scales reaching 1.37 trillion yuan, 767.833 billion yuan, 618.521 billion yuan, and 520.64 billion yuan, respectively. , Accounting for 35.77%, 20.07%, 16.17% and 13.6% of the total scale of bond underwriting, respectively. Compared with the same period last year, the underwriting scale of these four types of bonds has achieved a significant increase.
In the field of corporate bonds, CITIC Securities, CITIC Securities and Guotai Junan Securities ranked the top three in terms of sales volume. The underwriting scale reached 180.643 billion yuan, 107.471 billion yuan and 64.826 billion yuan respectively. In the field of non-policy financial bonds, the top three are CITIC Securities, CITIC Securities and CICC, with underwriting scales of 99.801 billion yuan, 91.04 billion yuan and 73.3 billion yuan respectively.
In addition, in the area of local government bonds, CITIC Securities led the way with an underwriting scale of 110.834 billion yuan, followed by CITIC Construction Investment and Huatai Securities. In the ABS field, the top three are CITIC Securities, Ping An Securities and CITIC Securities.
A brokerage investment bank commented in an interview with a "Securities Daily" reporter that compared with banks and trusts, the performance of securities brokers in bond underwriting business this year is remarkable, which is conducive to increasing the overall performance income this year, especially With the support of favorable policies, the bond business is expected to further increase the operating performance of securities firms.
At the end of May this year, the Shanghai and Shenzhen Stock Exchange issued the “Notice on Issues Related to the Pilot Issue of Public Short-Term Corporate Bonds” (“Notice”), which allows eligible issuers to make public offerings to professional investors within one year during the pilot period Of short-term corporate bonds. Many industry analysts believe that the "Notice" has broadened corporate financing channels or may have a boosting effect on brokerage performance. However, there are also some securities firms that "stepped on the mine" default debts and undertook a "price war" to gain market share during the underwriting process. In response, the regulatory authorities have imposed relevant penalties to severely crack down on price wars and promote the sound development of the bond business of securities firms. (Securities Daily)