Up posture: using repo every day I buy them a few bonds YTM Bank – financial Sohu recently wool is generally between 6%-8%, these bonds at the securities account, always thinking about the out of "surplus value", want to get extra income. To see these bonds can be stored, think of through repurchase way to get higher returns, but do not want to bear the risk of leverage, so want to adopt the bank T+0 financial management methods. First of all, through the repurchase of a loan, its annual interest in about 2%, and then borrowed money transferred out of the securities account to buy T+0 financial management, assuming that the annual financial income of 4%, you can get 4% – 2% = 2% of interest income. However, it should be noted that because the repo funds borrowed only accounted for about 60% of the original bond market value, so this 2% earnings multiplied by 60%, about only increased by 1.2% of the proceeds. The 1.2% rate of return without risk, even cancel bond conversion, can also in the immediate redemptions T+0 financial payments, no postage due owed to the library problem. Although this 1.2% looks very small, but the bond is intended to obtain a higher risk in a very small risk conditions, can increase the risk of 1.2% of the income, is also pretty good. Later, he came up with a way to further increase returns. Repurchase day interest is about 2%, this refers to the average interest in repurchase operations every morning, if the operation after 2:55 p.m., repurchase interest can be reduced to less than 1%. However, want to repurchase at 2:55 operation firms were strictly prohibited, because if the operation is not successful, there will be less. I think of an alternative way to redeem the bank’s T+0 money back to the securities account every morning at 9:30, so I see in the securities account that I have returned the money I borrowed yesterday, and the broker thinks you don’t need to buy back today. And then after 2:55, I go back to buy back, borrow the same amount of money, but the interest can be less than 1%. Turn the money you borrowed back into the bank to finance T+0. Repeat the operation second days later. The risk of this operation is that once the repurchase is not successful, no less owed to the library the risk of loss is only you do not get extra income spreads. With this method, the spread can be 4% – 1% = 3%, and then multiplied by 60%, about 1.8% of the operation can be obtained. However, the problem of this method is: every day need to do bank account purchase and redemption, the amount of operation is large, in addition, the bank account of the frequent transactions will lead to bank monitoring that illegal money laundering also need to consider. At the same time, if the bank T+0 redemptions appear foreclosure, but also lead to earnings decline. The above is just the assumption, I wonder whether the actual operation is feasible?

涨姿势:巧用正回购 每天都能薅银行的羊毛-搜狐理财   最近我买的几只债券YTM一般在6%-8%之间,看着证券账户里的这几支债券,总想着榨干其“剩余价值”,想获得额外的收益。   看到这几个债券可以入库,就想到了通过正回购的方式来获得更高收益,但是又不想承担加杠杆的风险,于是想采用购买银行T+0理财的方法。首先通过正回购借得一笔资金,其年化利息在2%左右,然后把借到的钱转出证券账户购买T+0的理财,假设理财年化收益在4%,则可以获得 4% – 2% = 2%的息差收益。不过需要说明的是,由于正回购借得的资金仅占原始债券市值的60%左右,因此这个2%的收益要乘以 60%,大约只提高了1.2%的收益。这个1.2%的收益率不用承担风险,即使债券取消折算,也可以在当天立即赎回T+0的理财还款,不会出现欠资欠库的问题。   虽然这个1.2%看起来很小,但是做债券本来就是想在风险很小的条件下获得较高的收益,能够无风险地提高1.2%的收益,也算不错了。   后来,又想到了一个进一步提高收益的手段。正回购一天的利息大约是2%,这个是指每天上午进行操作正回购的平均利息,如果在下午2点55分之后操作,则正回购利息可以降到1%以下。但是,想在2点55分操作正回购是被券商严格禁止的,因为万一操作不成功,就会出现欠资的情况。我想到了一个变通的方法,每天早上9点半把银行T+0的理财赎回,转回到证券账户,这样在证券账户中看到的情况是:我已经归还了昨天借的钱,券商认为你今天不需要做正回购了。然后等到2点55分之后,我再去做正回购,借得同样数量的资金,但是利息可以在1%以下。把这个借到的钱再转回银行做T+0的理财。第二天再重复这个操作。这个操作的风险是:一旦正回购不成功,没有任何欠资欠库的风险,损失的仅仅是你没有获得额外的利差收益。   采用这个方法,则利差可以获得 4% – 1% = 3%, 再乘以60%,大约可以获得1.8%的操作。但是,这个方法的问题是:每天都需要做银行账户的申购和赎回,操作量较大,另外银行账户的频繁交易是否会导致银行监控认为是非法洗钱也需要考虑。同时,如果银行T+0的赎回出现拒赎,也会导致收益下降。   以上仅仅是设想,不知实际操作中是否可行?相关的主题文章: