How are Guotai Junan s national bonds classified?

Hello! In response to your questions, we have made the following detailed answers for you:

Treasury bonds can be classified according to the form of bonds, interest payment methods, coupon rates and issuance periods

1) Classified by bond form.

At present, the treasury bonds issued by China can be divided into two types: savings treasury bonds and book-entry treasury bonds.

Savings Treasury Bonds: It is a non-negotiable and registered treasury bond issued to individual investors for the purpose of absorbing personal savings funds to meet the needs of long-term savings investment. During the holding period, if the coupon holder needs to withdraw cash under special circumstances, he can redeem it in advance at the purchase outlet.

According to the different forms of recorded creditor's rights, they are divided into certificate-type treasury bonds and electronic savings treasury bonds. Certificate-type treasury bonds record claims in the form of "voucher-type treasury bond receipt vouchers", and electronic savings treasury bonds record claims electronically.

Book-entry treasury bonds: Treasury bonds that record creditor's rights in the form of electronic bookkeeping, are issued by the Ministry of Finance to all kinds of investors in the whole society, and can be registered, reported for loss, listed and circulated and transferred. Since the issuance and trading of book-entry treasury bonds are paperless, it is highly efficient, low-cost, and safe.

2) Classified according to the method of interest payment.

The treasury bonds issued by China can be divided into discounted treasury bonds and interest-bearing treasury bonds according to the method of interest payment.

Discounted treasury bonds: bonds that do not stipulate an interest rate on the coupon and are often issued at a fraction of the face value of the bond, and the principal and interest are paid at face value at maturity. From the point of view of interest payment methods, discounted treasury bonds are issued at a lower than face value.

Interest-bearing treasury bonds: Interest is generally paid annually or semi-annually, and the principal is repaid at maturity and the last installment of interest is paid.

3) Classified by coupon rate.

The treasury bonds issued by China can be divided into fixed-rate treasury bonds and floating-rate treasury bonds according to the coupon rate.

Fixed-rate Treasury bonds: The coupon rate is determined at the time of issuance and remains unchanged throughout the duration of the treasury bond.

Floating rate treasury bonds: The interest payment rate is generally determined by a market interest rate of the same maturity on the value date plus a fixed interest rate spread, and in China's treasury bond market, the interest rate of floating rate treasury bonds is generally determined with reference to the one-year fixed deposit rate.

4) Classification according to the maturity of bond issuance.

The treasury bonds issued by China can be divided into short-term treasury bonds (less than 1 year), medium-term treasury bonds (more than 1 year and less than 10 years), and long-term treasury bonds (more than 10 years) according to the maturity of bond issuance.

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Personnel: Guotai Junan** Account Manager Tu Manager.

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China's treasury bonds refer to the national bonds issued by the Ministry of Finance on behalf of the Ministry of Finance, guaranteed by the country's financial credibility, the credibility is very high, and it has always been known as "gilt bonds", and prudent investors like to invest in treasury bonds. There are three types of treasury bonds: voucher treasury bonds, bearer (physical) treasury bonds, and book-entry treasury bonds.

Certificate-type treasury bonds refer to treasury bonds issued by the state by filling in treasury bills collection vouchers instead of printing physical coupons. It is in the form of a treasury bond receipt voucher as proof of creditor's rights, which cannot be listed and transferred, and the interest is calculated from the date of purchase. During the holding period, if the coupon holder needs to hold cash under special circumstances, he can redeem it in advance at the purchase outlet.

In the case of early redemption, in addition to the repayment of the principal, the interest is calculated based on the actual number of days held and the corresponding expected annualized interest rate.

Bearer treasury bonds are physical treasury bonds, which are a kind of treasury bonds issued by recording creditor's rights in the form of physical coupons (the year of issuance, the face amount of the coupons, etc.) that do not record the name of the creditor or the name of the unit on the face of the coupon, also known as physical coupons. It is a kind of treasury bond with the longest history of issuance in China.

Book-entry treasury bonds, also known as paperless treasury bonds, accurately define bonds issued by the Ministry of Finance in a paperless manner, record claims in the form of computer bookkeeping, and can be listed and traded.

Hello! In response to your questions, we have made the following detailed answers for you:

Treasury bonds, also known as public bonds, are a kind of bonds issued by the government to raise financial funds. It is based on national credit, and is issued by the company to investors through legal procedures and channels, promising to pay interest at a certain time and repay the principal at maturity. Since the issuer of treasury bonds is the state, it has the highest creditworthiness in a country's bond market and is often recognized as a safe investment tool.

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Personnel: Guotai Junan** Account Manager Tu Manager.

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Hello! In response to your questions, we have made the following detailed answers for you:

China's treasury bond market includes both on-exchange and over-the-counter markets. The exchange market is dominated by the Shanghai and Shenzhen stock exchanges, and the participants are non-bank financial institutions, corporate and individual investors. The over-the-counter market is dominated by the inter-bank bond market, including over-the-counter cash bonds and repo transactions in which commercial banks and other financial institutions participate, as well as open market operations by the People's Bank of China.

At the same time, the over-the-counter market also has a commercial bank counter market, which is mainly for corporate and individual investors. Institutional investors, as rational market players, have become the mainstream of the treasury bond market. With the gradual development of China's bond market, the types of participants in the bond market have gradually increased, and the investors in treasury bonds have gradually diversified.

Taking the interbank bond market as an example, by the end of 2012, the number of market transactions had increased from 16 commercial bank heads office at the beginning of its launch to tens of thousands of financial institutions and other institutional investors. Among them, commercial banks account for the proportion of book-entry treasury bond balances, and are the largest investors in treasury bonds; followed by special clearing members, proportion; the third is insurance companies, accounting for proportion; The proportion of companies, while the proportion of companies only.

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Personnel: Guotai Junan** Account Manager Tu Manager.

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Hello! In response to your questions, we have made the following detailed answers for you:

Bonds are issued to investors when financial institutions, industrial and commercial enterprises and other institutions directly borrow from the society to raise funds, and promise to pay interest at a certain interest rate and repay the principal according to the agreed conditions.

Treasury bond is a kind of bond issued by **** to raise financial funds, and it is a creditor's right and debt certificate issued by **** to investors and promises to pay interest and repay the principal at maturity in a certain period.

From the perspective of the form of treasury bonds, there are two types of treasury bonds issued by China: voucher treasury bonds and book-entry treasury bonds.

Certificate-type treasury bonds are a type of national savings bonds, which are filled out without printing physical coupons"Certificate-type treasury bond receipt voucher"The form of recording creditor's rights can be registered and reported as loss, and cannot be listed for circulation, and interest is calculated from the date of purchase.

Book-entry treasury bonds, also known as paperless treasury bonds, do not print physical coupons, record claims in the form of computer bookkeeping, and issue and trade through the trading system of the ** exchange or the interbank bond market, which can be registered and reported as lost.

Corporate bonds, also known as corporate bonds, are bonds issued by enterprises in accordance with legal procedures and agreed to repay principal and interest within a certain period of time.

Yes, it can be purchased through Guotai Junan**.

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Hello, Guotai Junan ** Jiangxi Branch is happy to answer for you!

Bond is a kind of financial contract, which is issued to investors when financial institutions, industrial and commercial enterprises, etc. directly borrow from the society to raise funds, and at the same time promise to pay interest at a certain interest rate and repay the principal according to the agreed conditions. The essence of a bond is a certificate of debt, which has the force of law. The bond purchaser or investor and the issuer are in a creditor-debt relationship, with the bond issuer being the debtor and the investor (bond buyer) being the creditor.

Treasury bonds, also known as state public bonds, are creditor-debtor relationships formed by the state on the basis of its credit and in accordance with the general principle of debt by raising funds from the society. Treasury bonds are bonds issued by the state, is a kind of bond issued by the state to raise financial funds, is issued by the company to investors, promises to pay interest in a certain period of time and repay the principal at maturity of the creditor's rights and debt certificates, because the issuer of national bonds is the state, so it has the highest creditworthiness, is recognized as the safest investment tool.

Enterprise bonds, also known as corporate bonds, are bonds issued by enterprises in accordance with legal procedures and agreed to repay principal and interest within a certain period of time. The issuer of corporate bonds is a joint-stock company, but it can also be a non-joint-stock company's corporate bonds, so when generally classified, corporate bonds and bonds issued by enterprises can be combined to directly become corporate (enterprise) bonds. 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.

It usually refers to the bonds issued by enterprises, and some of the enterprises that issue bonds in China are not joint-stock companies, and this kind of bonds are generally called corporate bonds.

Hello! In response to your questions, we have made the following detailed answers for you:

As a kind of bond based on national credit, treasury bonds have the following main characteristics:

First, it has high security, and the country's credit is used as a guarantee for the repayment of principal and interest on treasury bonds, and there is almost no risk of default;

Second, it has strong liquidity, high credit rating, and is easy to realize in the market;

Third, the income is stable, and the fluctuation range is small.

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Personnel: Guotai Junan** Account Manager Tu Manager.

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Hello! In response to your questions, we have made the following detailed answers for you:

The basic functions of treasury bonds include fiscal functions and financial functions: first, to make up for fiscal deficits, raise construction funds, and make up for the shortfall in the balance of payments; the second is to form a market benchmark interest rate, which becomes the basis for the pricing of other financial instruments; Third, as one of the financing tools for institutional investors, it can adjust the balance of short-term funds; Fourth, it serves as an open market operation tool to regulate the supply and demand of funds and the amount of money in circulation.

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Personnel: Guotai Junan** Account Manager Tu Manager.

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Hello! In response to your questions, we have made the following detailed answers for you:

The issuance of treasury bonds in China mainly adopts the following three modes:

The first is to issue marketable treasury bonds to the primary underwriters of treasury bonds through market-oriented bidding;

the second is to underwrite to the underwriters, such as the treasury bond operating institutions affiliated to the commercial bank and the financial department, the first unlisted savings treasury bonds;

The third is to target treasury bonds to social security institutions and insurance companies through targeted recruitment.

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