The difference between the accounting type and the voucher type of state affairs volume

What is the difference between account treasury bonds and certificate treasury bonds?

There are several main differences. In terms of issuance, book-entry treasury bonds are issued through computer bookkeeping and paperless, while voucher-type treasury bonds are issued through paper accounting vouchers; In terms of circulation and transfer, book-entry treasury bonds can be freely bought and sold, and the circulation and transfer are also more convenient and faster than ours. Certificate-type treasury bonds can only be redeemed in advance, and cannot be negotiable and transferred, and a handling fee will be paid for early redemption; In terms of repayment of principal and interest, the annual interest payment of book-entry treasury bonds can be automatically received through the computer system on the same day, while the certificate-type treasury bonds are a one-time payment of interest after maturity, and customers need to go to the bank for processing.

According to a relevant person of the China Construction Bank, the returns and risks of investing in book-entry treasury bonds are higher than those of certificate-type treasury bonds. Over-the-counter book-entry treasury bonds are direct transactions between banks and customers, and after being listed and circulated, net price transactions are adopted, and banks carry out transactions according to a benchmark price every day, and the transaction does not charge handling fees. It is also very easy to trade treasury bonds over the counter.

Investors only need to open a bond account at the bank first, and then they can handle the book-entry treasury bond counter trading business.

Recently, the returns of 3-year and 5-year certificate treasury bonds have been higher than the returns of book-entry treasury bonds of the same time.

If you are sure that you will not use your money for exactly 3-5 years, then buy certificate treasury bonds.

However, certificate treasury bonds are not something you can buy if you want to, and you have to wait until the issuance period. And book-entry treasury bonds can be bought at the bank or ** every day.

Book-entry treasury bonds and voucher treasury bonds are two different types of treasury bonds, and they have the following main differences:

1. Creditor's rights recording method: book-entry treasury bonds are recorded through the ** treasury bond registration and clearing company and the bond registration and custody system of various undertaking banks, and investors must open treasury bond accounts in advance to purchase book-entry treasury bonds; Certificate-type treasury bonds are presented by the issuing bank to investors as proof of creditor's rights record, in which electronic bookkeeping uses a computer network system to record creditor's rights in the form of electronic bookkeeping.

2. Liquidity: Book-entry treasury bonds can be listed and circulated, and investors can buy and sell them at any time according to the market. Banks issue book-entry treasury bond counter transactions through the **business system**. Certificate-type treasury bonds cannot be listed and circulated, and can be redeemed in advance.

3. Principal and interest repayment methods: Book-entry treasury bonds include three methods: fixed expected annualized interest rate zero interest, fixed expected annualized interest rate and floating expected annualized interest rate, which are automatically repaid through the system. Certificate treasury bonds are fixed expected annualized interest rates, and the bonds are redeemed by investors at the counter at the outlets.

4. Predictable degree of expected annualized return from selling before maturity: The secondary market trading of book-entry treasury bonds** is determined by the market, and the trading ** (net price) may be higher or lower than the face value of the issue. When the selling ** is higher than the ****, it indicates that the seller not only obtains the interest of the treasury bond during the holding period, but also obtains the expected annualized return of part of the spread.

Investors buy book-entry treasury bonds and sell them before the maturity date, and their expected annualized returns cannot be predicted in advance. At the time of issuance, the expected annualized interest rate of the certificate treasury bonds will be held at different times and redeemed in advance.

5. Different processing time: Many banks stipulate that the fixed time of the ** business system is the trading time of over-the-counter book-entry treasury bonds. Ordinary certificate-type treasury bonds are not affected by the ** system during the issuance period (except for electronic bookkeeping).