What are the differences between book entry treasury bonds and voucher treasury bonds?

Hello, book-entry treasury bonds and voucher treasury bonds have the following differences: different forms of bonds, different ways of recording creditor's rights, different coupon rate determination mechanisms and interest calculation methods, and different circulation or realization methods.

1. The way of recording creditor's rights is different. Book-entry treasury bonds record claims through the bond custody system, and investors must open an account to purchase book-entry treasury bonds; For the purchase of certificate-type treasury bonds, there is no need to open an account, and the issuing bank will present the receipt of certificate-type treasury bonds to investors as proof of creditor's rights records.

2. The coupon rate determination mechanism is different. The coupon rate of book-entry treasury bonds is determined by the bidding of the members of the treasury bond underwriting syndicate; The interest rate of certificate treasury bonds is determined by the Ministry of Finance and the People's Bank of China, with reference to bank deposit interest rates and market supply and demand in the same period.

3. Different ways of circulation or realization. Book-entry treasury bonds can be listed and circulated; Certificate-type treasury bonds cannot be listed for circulation, but they can be redeemed in advance.

4. The degree of prediction of the profit from selling before maturity is different. The secondary market trading of book-entry treasury bonds** is determined by the market, and the buying and selling** (net price) may be higher or lower than the face value of the issue. When selling ** is higher than ****, it indicates that the seller not only obtains the interest of the treasury bonds during the holding period, but also obtains part of the spread income, and when the selling ** is lower than ****, it indicates that the seller has obtained the interest of the treasury bonds during the holding period, but also pays part of the spread loss.

Therefore, investors who buy book-entry treasury bonds and sell them before maturity cannot predict the return in advance. At the time of issuance, the interest rate of the certificate treasury bond is stipulated to be redeemed in advance at different times, and the investor who redeems the certificate treasury bond in advance will pay interest according to the actual holding time and the corresponding interest rate grade. In other words, the income that investors can obtain by redeeming certificate treasury bonds in advance is predicted in advance and will not change with changes in market interest rates.

There are five main differences between voucher treasury bonds and book-entry treasury bonds, and the differences between the two are described in detail below.

Records are in different forms

After the purchase of certificate-type treasury bonds, the bank will issue and present a receipt to the purchaser to prove that the purchaser has purchased the treasury bonds as a record of creditor's rights. Book-entry treasury bonds need to open a special account to purchase, and the record of claims is also kept in the account information.

Monetization is done in different ways

Certificate-type treasury bonds cannot be circulated in the market, that is, they cannot be transferred to others, but they can be cashed in advance; Book-entry national fiber pure bonds can be listed and circulated on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and bank counters, and their ** is determined by the market.

Interest is calculated in different ways

Interest on certificate-type treasury bonds starts from the date of purchase; Interest on book-entry treasury bonds begins to accrue from the date of issuance.

The coupon rate is determined in a different way

The coupon rate of certificate treasury bonds is determined by the Ministry of Finance and the People's Bank of China with reference to the bank deposit interest rate and market supply and demand during the same period. Book-entry treasury bonds are determined by the bidding of the members of the treasury bond underwriting syndicate.

The nature of the vouchers is different

Certificate-type treasury bonds are issued by banks, and the face value is not printed on the face of the bonds; Book-entry treasury bonds are based on the actual payment amount of the purchaser.

Certificate-type treasury bonds refer to the state's use of "treasury bills" instead of printing physical bills.

Treasury bonds issued in the form of "receipt vouchers". Certificate-type treasury bonds have the characteristics of being similar to and superior to savings, and are often referred to as "savings treasury bonds", which are the ideal investment methods for individual investors for the purpose of savings. Compared with savings, the main characteristics of certificate treasury bonds are safety, convenience, and moderate returns.

Book-entry treasury bonds refer to bills that do not have a physical form, but are recorded in a computer account. In China, Shanghai is the first to trade in the Xun Orange Exchange.

and Shenzhen Exchange has set up computer accounts for investors.

Therefore, it is possible to use the system of ** exchange to issue bonds.

Regulations of the People's Republic of China on Treasury Bills

Article 7 The issuance of treasury bills and the repayment of principal and interest shall be handled by the financial departments and the People's Bank of China under the unified leadership of the people at all levels.

Organize relevant departments to handle it through multiple channels.

Treasury bills may be used as collateral, but they may not be circulated as cargo and mountain currency.

1. The form is different.

From the perspective of the form of bonds, the treasury bonds issued by China can be divided into three types: voucher treasury bonds, savings 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.

Savings treasury bonds are non-negotiable registered treasury bonds issued to individual investors for the purpose of absorbing personal savings funds and meeting the long-term storage and storage investment needs.

2. The characteristics are different.

Compared with traditional savings bonds, electronic savings bonds are more diverse, more convenient to purchase, and more flexible in interest rates. Due to its non-tradable nature, it is determined that there will be no capital gains at any time.

Compared with other investment varieties, paper certificate treasury bonds are characterized by safety, convenience and moderate returns.

The capital security of book-entry treasury bonds, the treasury bonds are guaranteed by the reputation of the state-owned blind Pi Yanjia, and investors will hold the principal at maturity after purchasing the book-entry treasury bonds, and the principal will be paid by the Ministry of Finance.

3. The benefits are different.

At present, the yield of book-entry treasury bonds on exchange treasury bonds is generally higher than the interest rate on savings deposits in the same period, and it is also higher than that of certificate-type treasury bonds issued in the same period.

At the time of issuance, the interest rate of the certificate treasury bonds will be held at different times in advance, and the income that investors can obtain from the early redemption of certificate treasury bonds can be predicted in advance, and will not change with the change of market interest rate, and do not have to bear the risk brought by the change of market interest rate.

The yield on savings bonds is safe and stable. Issued by the Ministry of Finance and responsible for repayment of principal and interest, the coupon rate is determined at the time of issuance (not changing with the change of market interest rate or savings interest rate), exempt from interest tax, suitable for investors with low risk appetite.

Encyclopedia - Savings Treasury Bonds.

Encyclopedia - Holding the Treasury Bonds.

Encyclopedia - Book-entry Treasury Bonds.

Treasury bonds are safer than bank deposits because they are guaranteed by state credit, and many people are very keen to buy them. So, what are the types of government bonds? Let's talk about it below.

What are the types of government bonds?

Treasury bonds are distinguished according to the issued vouchers, which can be divided into voucher treasury bonds and book-entry treasury bonds. Certificate-type treasury bonds refer to the bonds issued by the state by filling in the receipt voucher of treasury bills, which are paper-based bonds.

Book-entry treasury bonds, also known as paperless bonds, are bonds issued by the Ministry of Finance through paperless and recorded in the form of computer bookkeeping, which can be listed and traded.

What is the difference between book-entry treasury bonds and voucher treasury bonds?

Whether it can be listed for circulation

Certificate-type treasury bonds cannot be listed and circulated (cannot be sold to others) and can be cashed in advance; Book-entry treasury bonds can be circulated over the bank counter and on the Shanghai and Shenzhen stock exchanges, and their ** is determined according to the market.

The way it is recorded is different

In the purchase of certificate-type treasury bonds, the bank issues a receipt to the purchaser as a record of creditor's rights; Book-entry treasury bonds require the opening of a special treasury bond account, in which the creditor's rights are recorded. Friendship Cave Reputation.

The interest accrual date is different

Interest is accrued on treasury bonds with a trembling mask from the date of purchase, and book-entry treasury bonds are calculated from the date of issuance of the treasury bonds (which may change hands).

Coupon rates are different

The coupon rate of book-entry treasury bonds is determined by the bidding of the members of the treasury bond underwriting syndicate, while the certificate treasury bonds are determined by the Ministry of Finance and the central bank based on the bank deposit interest rate and market conditions of the same period.

The face value is different

The voucher treasury bonds are not good for printing the par amount, and the book-entry treasury bonds are filled in the par amount according to the actual payment amount of the purchaser.