Future chat group - Chapter 855 Exercise of Power

You use your strength to suppress others, and I use my strength to hurt others. This is what Lei Hao does.

The target bonds for the reserve business are Thai three-year and five-year treasury bonds. The numbers are 03XX01 to 03XX13 and 05XX01 to 05XX09. 03 and 05 represent three-year and five-year maturities, XX represents the year, followed by 01-13 and 01 -09 represents periods 1 to 13 and periods 1 to 9.

There are currently 13 types of three-year Thai government bonds in circulation, and 9 types of five-year treasury bonds. Each type has a different price. Lei Hao’s approach is to increase the price by 20 points, with each point worth 0.2 baht, that is, to increase the price. The 4 baht investment just offsets the 20 points in the options contract.

The options contract signed by China Construction Bank’s foreign exchange and reserve business department and Thunder Fixed Income Department stipulates that if the option is exercised, the bond price will not be exercised at a certain moment, but at the average option price on that day.

This is a commonly used method in the financial circle. For example, a price is published every five minutes. After the equalization calculation, the number obtained is not the closing price or the price of a certain denominator, but the number obtained will reflect the average price of the day.

In other words, Thunder will ensure that the bond price fluctuates within the specified range around the clock, raising the price by about 4 baht. If Zhao Weihua exercises the option, the price will be falsely high, and he will not be happy to get chips 20 points lower than the falsely high price.

But the bait that Lei Hao used to fish was the expectation of interest rate cuts and the expectation of inflation. As long as the former is certain and the latter is low, the bond market has great prospects, and 20 points is nothing.

If the analysis conclusion is inappropriate, then… Thunder will follow this method anyway to find the next fishing opportunity.

This also has the disadvantage of putting huge pressure on the arbitrage rhythm of the fixed income department. It can be said that it is difficult for Xia Yibei to perform high-frequency and technical operations when the points are falsely high.

Yanjing, China Construction Bank, Huizhu Business Department.

Zhao Weihua, who has returned to the head office, is not at all as comfortable as he was a while ago, and instead feels a trembling feeling in his heart.

According to common sense, Thunder’s inflated bond prices are a provocation to the entire bond market. Even the small Thai government bond market has a total volume of tens of billions of dollars, but the price Thunder paid for this is not high.

The entire market seemed to be blind, and all the securities holding institutions were silent collectively. They did not want to face the Thunder because of the 5 baht price difference. They seemed to be trembling under the roar of the Thunder.

No large institutions started cleaning up bond holdings, and no funds entered the market for short selling. When the Thai stock market and foreign exchange market began to fluctuate, institutional investors collectively ignored Thunder’s “small” manipulation behavior in the bond market.

“Thunder’s reputation in the international market.” Zhao Weihua’s heart trembled even more intensely, and he knew why.

No institution dared to compete with Lei Hao because of the small bond market. After HSBC, Ketak and other institutions exchanged chips, they stood on the sidelines. Local financial institutions such as Siam and Thailand remained silent and gave Lei Hao sufficient concessions. , they don’t want to enter the bond market.

After all, the price difference between 20 points and 5 baht is too small. If the manipulator was not Thunder, everyone would still be interested in making some extra money, but it was Lei Hao. Lei Hao, who had just defeated the North American capital forces in the Korean market, was in Thailand. The national debt is such a small pond, if he wants to play, let him play.

It was as if Lei Hao walked into someone else’s property in a swagger and said, “Lend me the place first.” Then everyone went into spectator mode in a dignified manner, and he just stood there and started waving to the CCB’s foreign exchange and savings business department.

“But this is also the scene we hope for, isn’t it?” Zhao Weihua had mixed feelings about Lei Hao, but a fire was slowly burning in his heart.

If Zhao Weihua could win against the Thunder on behalf of a state-owned institution under such circumstances, it would be exciting to think about it. He would become a star figure within the bank and earn both face and honor.

“Xiao Zhao, don’t be pressured. The worst result is that Thunder will get the same status as us, and it’s temporary. You have to remember, we are China Construction Bank! Don’t be pressured. “Zhao Weihua’s boss also took the time to watch this little hedging.

In terms of profits, in fact, what the two parties are fighting for is only money on the order of millions of dollars. But in fact, it is a trial of a cooperation model between state-owned financial institutions and private financial institutions after financial marketization.

The Thunder is a special case, and Lei Hao is also a special case, but what the Thunder has done and what Lei Hao has done means that private financial institutions can also do it. Even if it is not possible, they can achieve their goals by gathering under the Thunder’s banner.

If you take the 20-point difference, if you take the option, you must let us see that you have the ability, and you must let us see that these terms are necessary. If not, then you can continue to take it. , but do you have the nerve to take it?

If Lei Lei were a hospital, CCB’s foreign exchange and savings business department would be like saying hello in advance and asking Lei Lei to reserve a delivery room, and then… you’re in labor. If it’s diarrhea, what delivery room do you want?

This was a point in Lei Hao’s calculations. He could give up profit margins, but the other options contracts would become a slap in front of the CCB’s foreign exchange and reserve business department, which could be called out at any time.

“Active and passive can exchange directions at any time. The financial market is really a wonderful place.” Zhao Weihua slowly calmed down, opened the documents sent by his department subordinates, carefully read and analyzed them, and then started to make phone calls. Communicate with various agencies and relevant personnel.

“Compared with our understanding of the bond market, CCB will not lose to the Thunder! And we have the power to influence the attitude of the Thai authorities, as long as… the time is right!” Zhao Weihua felt a strong fighting spirit in his heart.

In the Shanghai Stock Exchange, Lei Hao took advantage of this incident to avoid some social activities and stayed at the Leiting Shanghai Stock Exchange Branch. He did not want to go anywhere. Compared to trivial matters in life, he preferred to spend time in the financial field. .

Now Lei Hao and Qiu Yuting have a tacit understanding. He will not devote all his energy to official matters, and Qiu Yuting will not bother him with those trivial matters. The two of them are like students in puppy love, using study as an excuse to avoid the big crowd. Part of the trivia.

However, Lei Hao’s participation in the Huichuan business will indeed reach a critical point at any time. One thing that is very clear within the group is: Lei Hao has been seducing CCB to exercise its rights.

This shows that Lei Hao is bearish on the bond market outlook.

The Thunder will also start to make plans at the end of the year. Judging from past experience, there should be some year-end effects in the global financial market this year, with institutions withdrawing funds and selling off various chips.

The great thing about Thunder is that there is no worry about their funds being redeemed. The gorgeous profit data on their books means that they don’t have to worry about withdrawing funds. Coupled with the US dollar currency that has been gradually withdrawn from the Korean capital market, they are simply rich. Oily flow.

It is precisely because the January effect may appear after the year-end effect. Whether it is Lei Hao or others, they believe that all markets, including Thailand, will release the development direction of the year between the end of December and the beginning of January. , for example, whether the Bank of Thailand really wants to lower the bank’s benchmark interest rate.

CCB’s foreign exchange and reserve business department did not let Lei Hao wait too long. On Wednesday night, December 20, Lei Hao received a notice that the other party would exercise the option at today’s average price.