Many people are confused about what constitutes structured finance and what is structured deposit. Even those who often deposit and manage money in banks may not understand the relationship and difference between the two. Structural wealth management has always belonged to niche financial management. The proportion of banks issued and the number of people buying is not too large. However, this year’s structural deposits suddenly burst into flames. Many banks strongly recommend them and use the banner of deposits to protect interest and interest. Is that true?
Today, 360 financial analysts will come to share with you, what is the relationship and difference between structured financial management and structured deposits.
I. Relevance and similarities
1. The issuing bank must be qualified for derivative products.
Not all banks can sell structured products. The recently issued new regulations on financial management and new financial regulations clearly reaffirm that only banks with eligibility for derivatives transactions can issue structured products. Although this rule existed before, there are still some banks that illegally sell structured deposits, but recently the regulation has strengthened, and those banks that do not qualify for derivatives trading have stopped selling structured deposits.
2, are divided into the management of bank wealth management
Structured financial management and structured deposits can be seen from the name. One is financial management and the other is deposit. For the sake of reason, structural wealth management is divided into bank wealth management. Structured deposits should be classified in deposit management, but In fact, this is not the case.
Due to the special nature of structured deposits, there are no special regulations. At present, most banks divide structured deposits into bank wealth management. For example, the threshold is the same as bank wealth management, which is 50,000 yuan, on the "China Wealth Management Network". You can check the issuance of bank wealth management. Before you purchase for the first time, you need to do a risk assessment questionnaire online. Since October, the threshold for wealth management has been lowered, and the threshold for structural deposits of some banks has also dropped to 10,000 yuan.
However, there are also a few exceptions to banks. For example, the structural deposits of some local city commercial banks cannot be found on the “China Wealth Management Network”. The starting point for the structural deposits of private banks is generally 1,000 yuan, and there is no need to go to the offline outlets to sign.
3, the rate of return has certain uncertainty
What is structural?
Structured financial management and structured deposits are linked to derivatives, such as stock indexes, stocks, gold, foreign exchange, interest rates, etc. The rate of return is often an interval with a revenue upper limit and a lower income limit. The gap between the two is sometimes not small. For example, some structured products are expected to have a maximum yield of 8% or even 10%. The expected minimum yield is only 0.5% or 1%, and may even be negative.
The specific rate of return after expiration depends on the product's revenue rules, which is based on the performance of the linked product during the observation period.
A simplified example: a 3-month structured wealth management product is linked to gold. If the gold price fluctuates between 265-275 yuan/gram during the observation period, the yield to maturity is 8%. As long as the gold price is lower than Over 265 yuan / gram, the yield to maturity is 4.5%, as long as the gold price has been higher than 275 yuan / gram, the yield to maturity is 1%.
From the recent performance of gold, there is no guarantee that the price of gold will be between 265 and 275 yuan in 3 months. For example, it has exceeded 275 yuan/gram in a while, so that it can only achieve the expected minimum rate of return of 1%.
Structured financial management is divided into two parts: wealth management + options. Structured deposits are divided into deposits and options. There are certain uncertainties in the yield to maturity of the two. In terms of "structural" or "options", the nature of the two is the same.
Second, the difference
Although they are all structured products, there are still essential differences between structured financial management and structured deposits.
1. Structured financial management is not guaranteed, and structured deposits are guaranteed.
Structured financial management belongs to bank financing, and there are insurance and non-guaranteed. However, according to the new rules of capital management, bank financing must break the rigid payment, investors must be responsible for their own profits and losses, and all future capital preservation and financial management must withdraw from the market, which means structural financial management. It will not be guaranteed in the future.
Most of the underlying assets of structured deposits are deposits. Although they are managed in bank financing, they are counted in deposits. Although not guaranteed, all structured deposits are guaranteed.
2. The structural financial management income is unstable, and the structural deposit can reach the upper limit of income with a high probability.
As mentioned above, the yield to maturity of structured wealth management and structured deposits has certain uncertainties, but the probability is very different.
According to the data monitored by Rong 360, the probability that the structural products did not reach the expected maximum rate of return in the past is between 20% and 40%, and the higher the expected maximum rate of return, the greater the probability of not reaching.
For example, the expected maximum yield of a structured product is 10%, and the probability of not reaching it is high. If the expected maximum rate of return is only 4.5%, the probability of achieving it is relatively high. All in all, it is difficult for structured wealth management products to achieve high returns.
However, structured deposits are different and can reach the expected maximum rate of return with a high probability. At present, the structural deposits of state-owned banks and national joint-stock banks also carry a “structural” component, but many local banks’ structural deposits have divested the “structural” component and can approach 100% to achieve the expected maximum return. rate.
For example, if a structural deposit issued by a city commercial bank is between 2000 and 5000 points during the observation period, investors can get the expected maximum rate of return of 4.5%, if it was less than 2000 points. Or above 5000 points, then investors can only get the expected minimum rate of return of 1.5%.
Judging from the trend of the Shanghai and Shenzhen 300 Index, it has not fallen more than 2,000 points in the past few years, and it has not exceeded 5,000 points. It is almost a steady rate of 4.5%.
In the past, many banks’ structural deposits were in this situation. When propaganda, they played the banner of “guarantee and protect interest”. Although this situation is illegal in terms of supervision, there is no harm to investors.
Rong 360 financial analysts believe that the purchase of structured financial management is a bit like the nature of gambling, the gambling is right for you to get a high rate of return, but the casino is often more likely to win the game; the structural deposit is the bank's high interest rate One way to save money is to get a much higher interest rate than ordinary time deposits.
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