In an advertisement, I have long-term banking experience and rich practical experience in corporate financing arbitrage. Welcome to inquire.
The first step is to issue a silver ticket. This step needs the cooperation of bank credit. As long as you can get bank credit, you can proceed to the next step. The next operation requires two conditions: first, there must be an affiliated enterprise controlled by itself, and second, the affiliated enterprise has an upstream and downstream relationship with itself, that is, it must have a real trade background.
Step 2: Affiliates apply to the bank for discount after endorsement. Bank discount rate is often the lowest, so there is room for spread.
The third step is to deposit the discounted funds into the bank and purchase structured deposits. For example, a bank's six-month structured deposit interest rate is 3.3% and the discount rate is 2.8%, so there is a 0.5% spread.
Profits that an enterprise can earn: First, if it is a loan deposit, it will only have a spread income of 5 million after being returned, that is, 5 million * 0.5% | 2 = 1.25 million yuan. Second, if they are all owned by themselves, they will earn 25,000 yuan plus 5 million deposit interest (if the deposit interest is higher). Note: 0.5 ‰ billing fee is not deducted here.
Bank advantage: the maximum deposit is 6.5438+0.5 million yuan, which is earned for nothing.
The above results are win-win, and banks welcome it, so this scheme works.
I am an empty valley cold pool, sharing my views with you.
Whether this can be done depends on who the customer is and what he has.
At present, when handling business, whether it is deposit, loan, RMB business or foreign exchange business, banks should follow a principle, that is, know your customers, understand your business and conduct due diligence review.
If only 5 million yuan is deposited, an acceptance bill of 6,543,800,000 yuan will be drawn. What about the remaining 5 million exposures? The problem lies in the exposure of this 5 million. If the customer has not opened an account in the bank for a long time, usually has no close business relationship with the bank, the bank doesn't know much about the customer, and there is nothing to pledge, how can the bank give him a risk exposure of 5 million? It is unacceptable to put this matter in any bank.
Why should banks trust customers? Only when the bank knows his customer like the back of his hand, and this customer is a customer with high credit rating, with both credit line and collateral, will the bank consider issuing an acceptance bill of 6.5438 million. After all, risky banks still have hands, don't they?
If there is no other way, there is another way, that is 100% deposit.
However, according to my current situation, even if there is a 100% margin deposit, there must be a real trading background. If there is no real trading background, the bank will not agree to accept the fabricated contract.
As long as the scale of the enterprise is large enough and the credit is high enough, it is feasible in principle to grant credit, but there is no arbitrage space, otherwise you will not understand the concept of acceptance bill. Because there are many expenses, including bank acceptance fee, bank acceptance fee and acceptance discount rate, its financing cost is higher, even higher than mortgage, equity pledge or credit loans of large enterprises.
Checks and promissory notes are one kind of bills of exchange. That is, from a big concept, bills of exchange include checks and promissory notes; From a small concept, it is different from checks and promissory notes. This is like a deposit slip. Generally speaking, certificates of deposit belong to bank deposits, but they are different from ordinary time deposits and demand deposits. It can be withdrawn or transferred in advance, and it bears interest on a reliable document which is current and fixed.
Checks are generally limited to domestic payment and settlement, only settlement tools, and have no credit nature. In other words, to write a check, you must deposit enough money in the corresponding bank, otherwise it is a bad check. According to Article 3 1 of the Measures for the Implementation of Bill Management, the People's Bank of China will impose a fine of 5% of the face value but not less than 1000 yuan.
Promissory note is not commonly used, but it is a credit tool, like a credit card, which can be paid in advance.
Bill of exchange combines the nature of check and promissory note, and can be used as both a settlement tool and a credit tool. You can draw an acceptance bill with the balance of your account or through the credit line.
If the scale of the enterprise is large enough, the credit is high enough, and the credit line is above 5 million, then a bank acceptance bill of100000 can be opened in combination with its own deposit of 5 million.
Acceptance refers to the record that the holder requires the drawee to pay the bill before it expires. That is to say, the bill has a certain redemption period, for example, it can be redeemed after three months, so it must be realized after three months. If it needs to be realized in advance, it must be realized in the form of discount to banks or other financial institutions, which is similar to the transfer of certificates of deposit, except that one is to pay interest and the other is to collect interest.
A bill payable at sight does not need to be presented for acceptance, so it is not an acceptance bill; A bill payable at regular intervals after sight will be accepted upon presentation.
The first condition for opening an acceptance bill is to register an effective enterprise legal person or other economic organization according to law and engage in business activities according to law. Non-individuals or deposits can be opened, and the conditions given in the title are insufficient. You can't use deposits other than enterprise legal persons or open acceptance bills in the name of enterprises. Secondly, there must be commodity trading, otherwise there will be greater compliance risks.
In principle, it is not arbitrable to open an acceptance bill, because there are great compliance problems, and you need to bear great compliance risks. There are many financing methods for enterprises, especially large enterprises. There is no need to take such risks and bear higher financing costs.
Financing costs mainly include bank acceptance fee, bank acceptance limit management fee and acceptance discount rate.
Handling fee for bank acceptance bills: Generally, the handling fee for paper bank acceptance bills is about 0.05%. The implementation standard of electronic bank acceptance bills ranges from 0.05% to 0.20%.
Bank acceptance bill limit management fee: if the deposit is 5 million and the acceptance bill is 5 million, then there is no acceptance bill limit management fee, that is, it is paid with 5 million deposits; However, it is 6.5438+million yuan, so there is still an exposure of 5 million yuan, and the quota management fee will be charged for this 5 million yuan.
Line management fee = actual invoiced amount * line management rate/12* invoiced months (actual invoiced amount, for example, tickets with 50% deposit account for 50% of the amount, and100000 accounts for 5 million). The specific rate of quota management depends on the credit rating of enterprises and the management standards of commercial banks, and generally ranges from 0 to 2.5%.
The discount rate of acceptance depends on the standard, specific term and amount of each commercial bank. Acceptance bills are generally within 6 months, while the discount rate of bank acceptance bills of 65438+ 10,000 to 500,000 for about 6 months is currently around 3.5%.
If it is an acceptance bill of 6,543,800,000 yuan, banks generally have to switch to private placement or trust products. For example, if the yield of some trust products reaches 67%, it is possible to invest in a large number of acceptance bills. According to the subject matter of the acceptance bill of 6,543,800,000, the discount rate should reach more than 6%.
To sum up, the minimum financing cost for opening an acceptance bill of RMB 6,543,800,000 should be above 6%, even as high as 78%. The financing cost is not low. If large enterprises have other mortgage products or equity pledge, other financing methods may be simpler and the exchange rate may be lower, especially long-term loans, not to mention arbitrage in this way (arbitrage refers to a way to obtain income through risk-free or low-risk means).
Deposit 5 million yuan and draw 6,543,800,000 yuan acceptance bill. This is a normal business. Can't use the word "arbitrage"!
Bank acceptance bills are divided into full acceptance bills and differential acceptance bills. All acceptance of the draft is the applicant's deposit in the bank 100%. Differential acceptance means that the applicant deposits a certain percentage of the deposit in the bank.
The advantage of full acceptance is that the applicant can deposit the money originally intended to buy goods in the bank as a deposit for accepting the draft. The deposit is in the bank and bears interest. The applicant paid for the goods by accepting the draft.
Full acceptance of the draft will not affect the use of the applicant's funds, but also allow him to obtain some interest income. At present, banks generally use full acceptance bills as products to pull corporate deposits.
For differential acceptance bills, I understand that most banks will require applicants to pay at least 50% deposit. Less than 50%, but the enterprise qualification is very good. If the applicant pays the deposit and the bank agrees to pay it, that's fine, but if the applicant doesn't pay the deposit, the bank needs to check whether the enterprise has this credit qualification.
Compared with the full acceptance bill, the differential acceptance bill is more popular with the applicant. Because it is equivalent to full acceptance and credit loan. It is difficult for enterprises to obtain credit loans from banks.
At present, banks are relatively cautious about differential acceptance, which can only be obtained by very high-quality enterprises.
Acceptance bills are still widely used, which is of great benefit to banks, sellers and buyers.
Summary:
This is not an arbitrage behavior, but a normal wealth management product.
I can give you an authoritative answer to this question.
Whether you can draw a bank acceptance bill of 6.5438 million depends on whether the bank can give you a credit line of 5 million for risk exposure.
When a bank gives you credit, it generally requires you to have a reasonable use and certain mortgage guarantee measures. Both are indispensable.
From the questioner's point of view, it may be purely to earn spread arbitrage. If so, it is definitely impossible to grant the credit line, not to mention that you need to add some collateral or other guarantee measures for the risk exposure of 5 million.
Therefore, if there is only a deposit of 5 million yuan, and the above two conditions are not met, it is impossible to issue a bank acceptance bill of 6,543,800 yuan, and it is impossible to carry out arbitrage.
My answer is the most professional.
First of all, it doesn't matter how much money you have. What matters is how much money you can borrow from the bank and how much interest you have.
Second, if you can withdraw 50 billion from the bank at 3% interest, then you don't have to do anything and you will be rich. Then you put 8- 10%.
Third, do you know Tianjin Iron and Steel? When it finally closed down, it owed the bank 200 billion yuan, so what you said was no secret long ago, and others had already done it.
If we seek benefits with this mentality, let alone 5 million deposits, that is, 50 million deposits, the bank may not agree to withdraw 6,543,800+million acceptance bills for the subject matter.
In fact, whether a bank can issue an acceptance bill to a customer depends not only on how much money the customer's bank has saved, but also on the customer's usual credit and customer's debt. At the same time, it is necessary to analyze the customer's deposit time. If it is only stored for a short time, the bank may observe that the customer has no real strength, and it may be patchwork. Then, banks will not easily open acceptance bills.
In fact, the use of acceptance bills is mostly a kind of credit exchange between production and operation enterprises, which is to gain the trust of banks by credit, rather than opening acceptance bills to enterprises at will without any credit business, and the acceptance amount is much higher than the capital assets owned by customers.
Therefore, it is not easy to use 5 million sets of 6,543,800+million. Unless there is collusion between bank staff inside and outside.
First of all,
5 million deposits,
100000 acceptance bill,
At this moment,
If the enterprise's credit is consistent with the credit.
50% margin requirement,
No problem.
Secondly,
100000 acceptance bill,
This is a short-term loan,
Must meet the purpose of the loan,
Carry out interest arbitrage,
Use violation.
Conclusion,
A single enterprise is not feasible.
But,
Practically speaking,
Enterprise-controlled
Upstream and downstream enterprises
Use financial instruments
continue
Rediscount arbitrage,
conclusion
Feasible.
But,
Premise is
legal
Compliance.
This model can be done, but the profit is not high and it is difficult.
The core problem is that if you deposit 5 million yuan and invoice100000, then you actually have 5 million yuan exposure and need to occupy the credit line, which also means that you need to apply for credit in the bank. Companies engaged in arbitrage are basically trading enterprises, which basically have no assets and it is very difficult to grant credit.
The so-called arbitrage is to maximize the benefits by using various conditions. Therefore, profit maximization is the core of arbitrage. The subject's model didn't realize the maximization of capital income at all, and he thought that he had set himself an insurmountable obstacle, so this model could not be regarded as arbitrage, but only as the arbitrage of the first single fund of some banks.
To do silver ticket arbitrage, you need to prepare some basic conditions first. You need to control at least two companies, A and B; Moreover, the two companies need to have a trade relationship and be able to issue invoices (the authenticity of the trade background and the cost of taxation are the core considerations in arbitrage); Then you need to have some money; Finally, bank resources are needed. With the above conditions, you can start the operation.
1, calculate interest in advance (without loss of principal)
At present, there are very few banks that can be front-end. The front-end logic is to drive the income of future deposits into the silver ticket by occupying the credit line. Because the ultimate repayment source of this credit line is the income from deposits, which is certain, it is not difficult to approve it.
Suppose you have 5 million funds, the deposit interest rate is 3%, and the discount rate is 2%, then you can approve a credit line of150,000 yuan (500*3%) in the bank first, and then you can operate it.
A company will deposit 5 million yuan in the bank with a deposit interest rate of 3%. Apply to open a bank note of RMB 50,000/kloc-0,000/0.5,000, and pay the trade payment to Company B, of which RMB 5,000,000 is guaranteed by the deposit, and RMB 654,380+0.5,000 takes up the credit line. After receiving the silver ticket of 501.5 million yuan, Company B applied to the bank for discount, and the amount that can be received after discount is 5 1.5-51.5 * 2% = 5.047 million yuan. After 1 year, when the silver ticket expires, the deposit of 5 million yuan plus interest 150000 yuan * * is 5 150000 yuan, and the bank acceptance bill can be paid in full.
After this process, your 5 million principal has not decreased, but your profit has increased by 47,000. Then, repeat the above steps and earn 47,000 yuan at a time. As long as you ride fast enough, the benefits are beyond your imagination.
2. Postposition of interest (loss of principal)
Due to the intervention of supervision, there are few banks that can carry out front-end business at present, so most of them are back-end business in the market. Postposition does not need to occupy the credit line, and it can reduce a link of credit approval line.
According to the previous assumptions:
Company A deposited 5 million yuan in the bank with a deposit interest rate of 3%, and applied to open 5 million silver tickets to pay the trade amount to Company B, with 5 million deposits as the full pledge guarantee. After receiving the 5 million silver ticket, Company B applied to the bank for discount. After the discount, you can receive 5 million-5 million * 2% = 4.9 million yuan. When the silver ticket expires after 1 year, the deposit of 5 million yuan plus interest 150000 * * is 5 150000 yuan, of which 5 million yuan is used to pay the silver ticket, and 150000 yuan is discretionary. After 1 year, the profit can be 500+15-490 = 50,000 yuan.
Note: Since this income will be realized after 1 year, your principal will be reduced by 1 10,000 when the discount is completed, so your principal will be reduced in the next cycle, and you can only open 4.9 million yuan of silver bonds according to the latter model. After discounting, the principal will be reduced again. The more cycles, the more principal will be reduced.
In practice, many arbitrage companies have certain funds. After the principal became 4.9 million, they borrowed 6.5438 million yuan to make up 5 million yuan, and repeated the whole process. Borrowing 6,543,800 yuan will have a certain cost, which is basically between 654.38+ 00% and 20% at present, which means that your actual profit is not 50,000 yuan, but 30,000-40,000 yuan.
The core idea of circular operation is to maximize the income mentioned above. In the previous model, if it is circulated 24 times a year (twice a month), the income is 4.7 * 24 =1128,000 yuan. Since your principal is 5 million yuan, the rate of return is 1 12.8/500=22.56%. In the latter mode, the loan interest rate is 10%, 24 cycles per year, the income is 4 * 24 = 960,000 yuan, and the profit rate is 96/500= 19.2%.
This is the most common routine on the market at present. Of course, it can be adjusted according to actual conditions. The general guiding ideology is "the income can be thin, the principal will not be lost, and the number of cycles will be many".
As mentioned above, some elements needed to carry out arbitrage business, combined with the current supervision of arbitrage business by regulatory agencies, are essentially to have a certain trade background. The authenticity of trade background is the focus of this kind of business supervision at present, and it is necessary to ensure that this transaction does exist and that this transaction can be invoiced.
This process involves two important aspects.
Taxes:
trade
It turns out that many trade transactions in this line are fictitious. After the current tax regulation, it means that there will be problems with fiction. How to conduct real trade transactions will also test the operational ability of the arbitrageur.
To sum up, arbitrage is actually the idling of funds in the financial system without actually flowing into the entity, which is contrary to the regulatory opinions, so it is inevitable to be hit. But banks have demand for deposits, and arbitrage can bring deposits, which is the significance of this kind of business. Personally, this kind of business will continue to exist in the gap between the two sides for a period of time, but with more and more people involved, the competition will become more and more fierce, and the profits will become less and less, and then a balance will be reached.
There is such a situation, but it is not necessarily as much as you said100000. There is a similar situation in the first-class central enterprises, and some even listed the financial department of the group, such as AVIC Capital and Ouye Shang Yun (affiliated to Baosteel Group) which plans to list in the future. All the transactions generated by the subsidiaries of their group go through these platforms, with a turnover of trillions of dollars a year, and all traders go through the platforms, otherwise you should not do business with them (foreign small-sum products are purchased by domestic companies, and large-sum and large-sum goods are directly purchased by foreign branches, such as European products, which are handled by Baoou Company of Baosteel). Within 60 days (8 months) after the invoice is issued, you will be given a semi-annual acceptance draft. Their financial center is responsible for the collection of invoices and bills. The interest rate of bill recovery is higher than that of banks, but the procedure is simple. After all, they gave you the ticket. That's why the central government asked for more loans to private enterprises this year. In fact, they have tickets to the bank, and they will pay the money immediately. So to sum up, a large enterprise borrowed 5 million yuan from others, and you mentioned 6.5438+million yuan, 5 million yuan was returned to the bank as interest, and 5 million yuan was distributed to the group company. Do you think they will make money?