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The bond ETF market welcomes another "10 billion level" product。

Wind data shows that on July 15,The scale of HFT SSE Municipal Investment Bond ETF (511220, referred to as Municipal Investment Bond ETF) exceeded RMB 10 billion for the first time, the latest scale has reached 10.025 billion yuan, with a year-on-year growth rate of 244%. After the short-term bond ETF (511360) under Haitong Fund exceeded the 30 billion mark, the scale of Haitong Fund's bond ETF products has expanded again.

The Shanghai Stock Exchange Municipal Investment Bond Index is closely tracked by the Municipal Investment Bond ETF (511220) and is the first municipal investment bond ETF on the market.The index sample consists of credit bonds issued by municipal investment platforms with a credit rating of investment grade or above in the Shanghai Stock Exchange. It provides investors with an effective tool for investing in a basket of subdivided bonds. In addition,The ETF also supports on-site T+0 turnaround trading.According to Wind data, as of June 30, the average daily trading volume of the municipal bond ETF has exceeded 300 million yuan so far this year, and its liquidity performance can meet the daily trading needs of investors.

Wind data shows thatMunicipal Investment Bond ETF (511220)Since the transition (April 24, 2019) to track the Shanghai Stock Exchange Municipal Investment Bond Index, until the end of June 2024,The fund has distributed dividends 18 times in total. Since its transformation (as of the close of July 15), its yield rate has been 23.35%. In addition, the maximum drawdown of the product this year has been only -0.23%, and the net value trend has been relatively stable.

In addition to the above-mentioned municipal bond ETF (511220) and short-term bond ETF (511360), HFT Fund's bond ETF products also include: 10-year local government bond ETF (511270), 5-year local government bond ETF (511060), and SSE convertible bond ETF (511180).The total scale of bond ETFs exceeds RMB 40 billion, covering short-term, medium-term and long-term bonds and various bond varieties.。

Since the beginning of this year, cases of “unified borrowing and repayment” of municipal bonds have been implemented, and the debt reduction policy has been further expanded from 12 key provinces. The newly added special bonds in some provinces may be used to resolve existing debts.China Chengxin International believesThe policy allows municipal investment platforms in key provinces that have no equity relationship to borrow new money to repay old debts through unified borrowing and repayment, which is a breakthrough in unified borrowing and repayment.Opened up a new path for this round of local debt。

Huatai Securities pointed out，Pay attention to the "newly appeared" urban investment entities with new capabilitiesConsidering that the use of funds raised by most of the "newly-launched" entities this year is still limited to borrowing new money to repay old debts for their subsidiaries, in comparison, the "newly-launched" broad-sense urban investment entities with new capabilities may serve as one of the windows for local new financing and provide certain liquidity support for local platforms.However, there is not much growth in this category at present, and we should pay attention to the possibility of increasing the volume in the future. In addition, the market awareness of this type of entity is relatively low in the early stage of issuance, so there may be certain alpha opportunities.。

(The opinions expressed in this article come from licensed securities institutions and do not constitute any investment advice, nor do they represent the opinions of the platform. Investors are requested to make independent judgments and decisions.)