How can enterprises join the national interbank bond market?

Hello, I'm going to try your question.

First of all, it is necessary to understand the functions of the national interbank bond market.

To put it simply, the interbank bond market is a combination of the primary market (issuance market) and the secondary market (trading market), and occupies the absolute market for bond issuance and trading. In contrast to the inter-bank bond trading market, there are Shanghai and Shenzhen stock exchange markets, and commercial bank counter banks (individuals who handle certificate-type treasury bonds to open accounts with commercial banks).

So your question has 2 pieces of content:

1.How companies issue bonds in the national interbank bond market.

2.How companies can participate in the national interbank bond market for bond trading.

Question 1: Because of the stability of income required by bonds (which is why bonds are also called fixed income), the review of the listing of bonds is better than that of **IPO. **The quality of the bond depends on the fundamentals of the company, and the quality of the bond mainly depends on the credit rating of the bond issuer.

Therefore, the difficulty and way for enterprises to issue bonds in the inter-bank bond market are closely related to their own credit ratings. The landlord does not define what kind of business it is, so I will talk about the two situations that are easy to confuse:

One type is called corporate bonds. It is a company that complies with the provisions of the Company Law, ** Law, etc., and it is noted that it is currently in the pilot stage and is only limited to listed companies. If the company is not listed, there is no need to think about it.

If it is a listed company, the process is the same as an IPO, after an intermediary company, and then listed.

The other type is called corporate bonds, which are actually bonds issued by directly affiliated enterprises after approval. Note the difference with corporate bonds. This kind of bonds, because of the high credit rating of central enterprises, so easy to issue, the focus of the issuance is to obtain the first approval.

Question 2: Enterprises participate in the interbank bond market for trading.

At present, the institutions involved in the trading of the interbank bond market are mainly commercial banks, ** companies, ** insurance companies, **.

or the enterprise referred to by the landlord is a non-bank financial institution, which can directly conduct bond trading transactions in the inter-bank bond market. If the company is a non-financial institution, it enters the interbank market through settlement**, and the vast majority of such companies invest in central bank bills for liquidity management.

Fourth, the general trend: if the ** falls sharply on the same day, it will be even worse to break the position, and don't chase if there is a limit.

Under normal circumstances, the psychological impact of **breaking** on the main force and chasing the disk is also huge, the determination of the main force to pull up is weakened accordingly, and the follow-up disk also stops chasing up, and the main force often has no choice but to ship immediately the next day.

When **in the band**, there are more opportunities for the daily limit, and there are more opportunities overall, so you can be bold in chasing the daily limit; When the ** band is weak, we should be especially careful and try to focus on ST shares, because ST shares and ** may go in reverse, and the other 5% increase will not cause too much selling pressure. If the trend is unclear during the consolidation, it is mainly based on the ** pattern, the morning and evening limit time, and the time-sharing chart performance.

Fifth, the first limit is better, don't chase the second limit in a row.

The reason is that because the profit market is too large in the short term, selling pressure may occur. Of course, this is not a certainty, and the leading stocks in the bull market or the stocks with great good news can be exceptional.

The main functions of the interbank bond market are: to provide interbank foreign exchange transactions, RMB interbank lending, bond trading systems and organize market transactions; It provides information services for the foreign exchange market, the bond market, and the commodity and Li currency market. The exchange market is an information platform for trading certain information and goods.

Interbank bond market.

It is the largest bond market in China. In 2019, the bond market (including the interbank market, the exchange market, and the over-the-counter market.

A total of trillion yuan of bonds were issued, an increase from 2018 and a decrease of nearly 4 percentage points from the previous year. Among them, the new issuance of bonds in the interbank bond market is one trillion yuan, accounting for the total issuance of bonds in the bond market, which is still the main bond issuance venue in China. National debt:

trillion yuan outstanding. China's bond market is second only to local ** bonds.

<> Treasury bonds are generally issued across markets between banks and exchanges. Investors in the interbank market account for 96%, mainly major commercial banks and local banks, while investors in the exchange market account for less than 4%, mainly ** brokerage companies. The main body of bond issuance is banks and non-bank financial institutions.

Financial institutions can generally act as social credit intermediaries because of their strong financial strength. As a result, financial bonds generally have a good reputation. At present, financial bonds are mainly issued by the China Development Bank.

Export-Import Bank, Agricultural Development Bank.

and other policy banks.

Issuance. Judging from the name, it is self-evident that the issuer is an enterprise, and it is generally to raise funds for the needs of the enterprise.

Generally speaking, the issuer's company must participate in the credit rating, and only when it reaches a certain rating can it issue bonds. Relatively speaking, corporate bonds.

The risk coefficient is relatively large, and the natural return will be relatively high. At present, there are three types of bond issuers that are more common in the market, and only by fully understanding the characteristics of different bond entities can we be targeted when making investments.

Do a detailed explanation of the problem for a detailed interpretation of the Kaishan problem, I hope it will help you, if you have any questions, you can leave me a message in the comment area, you can comment with me a lot, if there is something wrong, you can also interact with me more, if you like the author, you can also follow me, your like is the biggest help to me, thank you.

The Ministry of Finance, the Chinese Bunker Bank, professionally qualified financial institutions, local **, certain foreign banks, ** Huijin companies, non-financial enterprises including directional instruments, these enterprises are the issuers of the interbank bond market.

The financial department, the local ** department, the bank, some financial institutions, I have enterprises, the national railway group, these are all issued by the company.

These institutions are, policy banks, commercial banks, the Ministry of Finance, the People's Bank of China, financial companies, and industrial and commercial enterprises, all of which are the main institutions of bond issuance.

Financial companies, industrial and commercial enterprises, banking and financial institutions, bond market institutions, and treasury bond institutions. These are the more common institutions.

The national inter-bank bond market refers to the market for bond trading and repurchase by financial institutions such as commercial banks, rural credit cooperatives, insurance companies, and ** companies, which rely on the National Interbank Funding Center (hereinafter referred to as the Interbank Funding Center) and the ** Treasury Bond Depository and Clearing Corporation (hereinafter referred to as the ** registration company), and was established on June 6, 1997.

After rapid development in recent years, the interbank bond market has now become the main part of China's bond market. Most of the book-entry treasury bonds and policy financial bonds are issued and traded in this market.

The general bonds and special bonds publicly issued by the local government can be issued within the scope of the region through the counter market of commercial banks (the bonds of the cities with separate planning are within the scope of the province), and the maximum issuance amount, issuance method and distribution period arrangement of the counter shall be specified in the issuance notice. Local governments should focus on issuing special projects through the counter market of commercial banks.

In accordance with the principle of active, prudent and step-by-step progress, the provincial-level finance departments will implement the over-the-counter market issuance of local bonds by commercial banks in batches. The Ministry of Finance has strengthened policy guidance by taking into account market demand, the maturity of bonds, bond varieties, project income, and issuance rhythm.

For local bonds issued through the over-the-counter market of commercial banks, the issuance interest rate (or**) shall be determined according to the interest rate of the first public offering (or**), and the issuance quota shall be determined by quantity bidding for the over-the-counter business start-ups.

For local bonds issued through the over-the-counter market of commercial banks, the distribution period is generally 3 working days from the day after the tender date. Unsold issuance after the end of distribution.

No. Banks sell financial bonds.

Financial bonds refer to bonds issued by banks and other financial institutions. The maturity of financial bonds is generally 3 to 5 years, and their interest rates are slightly higher than the interest rates of fixed deposits in the same period. Because the issuer of financial bonds is a financial institution, the credit rating is relatively high, and most of them are credit bonds.

Corporate bonds are bonds issued by enterprises in accordance with the statutory procedures and filial piety training order, and agree to repay the principal and interest within a certain period of time. Corporate bonds are issued by joint-stock companies, but they can also be issued by non-joint-stock companies. Corporate bonds are valuable bonds issued by the company in accordance with legal procedures and agreed to repay principal and interest within a certain period of time.

The issuance of bonds by enterprises means that due to insufficient funds, with the approval of the People's Bank of China, enterprises can issue bonds on their own, or they can entrust banks or other financial institutions to issue bonds to raise the required funds.

Similar to the interbank market. It's just that it's bonds that are traded. The participants are financial institutions such as commercial banks and insurance companies.

Therefore, the market where they trade bonds with each other is called the interbank bond market. Either Bank A sells the bonds it holds to Bank B (this is an ordinary bond transaction), or Bank A and Bank B handle bond repurchase business (A sells his bonds to B first, and then buys them back after a day or a few days to obtain short-term financing. ）