Investors Still Have Misconceptions About Structured Assets.

At the end of the bank, the storage war, CPI pressure, Internet financial impact... The traditional bank deposit business has caused huge squeezing, which also provides huge room for the innovation of bank financial products.

However, as the mainstream financial product form currently sold by overseas banks, many linked structured financial products have been criticized recently for not reaching the expected maximum yield. This may be that investors still have some misunderstandings in the face of various financial products.

According to the statistics of Wind, all the 13 thousand financial products disclosed by the bank in 2013 actually achieved a guaranteed break. But with the expected maximum yield, 113 products failed to meet expectations.

"You can't analyze structured products by analyzing the expected yield of ordinary products, because structured products are complex and have their own characteristics." Yang Dehang, deputy general manager of China Merchants Bank's asset management department, said that in fact, it is a confusion and misunderstanding of "expected revenue" and "potential income". When banks report to the CBRC, structured financial products will not apply the expected yield.

It is understood that structured products usually use a portion of the principal investment to make risk-free investment or transactions, such as bonds, so that principal protection can be carried out, while the other part is invested in "risky assets" in order to gain higher profits. The allocation of the two depends on the expectation of product returns and the degree of risk tolerance of investors. The performance of linked assets determines the potential income range of structured products. Therefore, unlike traditional fixed income products, linked structured products are a floating income product.

Take China Merchants Bank, which has the largest number of structured financial products in China, for example, the data show that the actual yield of the golden sunflower focus chain series is different from the expected maximum annual yield. The gap ranges from 0.17% to 7.6%. Although it does not achieve the highest potential returns, it is still within its default potential income range, and the cumulative products of the interval are 33, while 27 of them are higher than the same period.

"In the future data statistics, Wind will add some special instructions to these concepts which may be confused by the public, not just structured financial products. We are making some improvements in this regard. " Wealth management Zhang Zhongyu, President of Overseas Affairs Division, said that Wind only provided data and did not evaluate the data itself, but "analyzing the expected maximum yield of structured financial products is indeed not rigorous".

Insiders said that Derivative It does not mean high risk. The problem is how to use these derivatives. Now structured products can achieve the balance of income risk through reasonable design, and products will not become more risky because of the existence of derivatives.

It should be said that with the advance of interest rate marketization and the arrival of the era of large capital management, banks financial products Innovation has created an investment channel between investors and high risk investment for investors. This is a good thing for investors in the banking industry, which is under the pressure of interest rate pressure, or on the lack of investment channels. This is also the most recognized part of the regulatory authorities in traditional shadow banking.

Since the landing of China's structural products in the Chinese market, especially the impact of the financial crisis in 2008, the structured financial products are at risk, but their own "floating income" characteristics determine that investors are bound to bear certain risks. Of course, insiders say that because the products themselves or linked derivatives are quite complex, banks should bear some responsibility if the banks fail to fulfill their obligation to inform or mislead sales.

However, even in the traditional unstructured financial products, regulatory authorities have banned banks from using the concept of "expected maximum return" to publicize investors. Prior to that, the CBRC also issued a notice on regulating the investment and operation of commercial banks' financial management business, standardizing the investment operation of financial services, and preventing and eliminating the risk of commercial banks' financial management business.

Last year, the Shanghai Banking Regulatory Commission issued a special document asking the bank to synchronize the recording and video recording of the sale of financial products and eliminate the behavior of private sale.

A state-owned bank Shanghai branch of the head of the Department of gold told reporters that structured products are simply "fixed + floating", for investors, mainly depends on their risk control security cushion, "structured products should look at the product design itself, the importance of the structure itself far exceeds the reported yield."