Types of national debt:
China's national debt refers to the national debt issued by the Ministry of Finance on behalf of the central government. Guaranteed by the national financial reputation, the credibility is extremely high. It has always been called "Phnom Penh bond", and cautious investors like to invest in government bonds.
There are three types: voucher type, physical voucher type and bookkeeping type, among which bearer bonds are rare, and the latter two are the main forms.
Bearer from bond is a kind of bond with no creditor's name or company name on its face, which usually appears in the form of physical bond, also known as physical bond or national debt.
Bearer from bond is the oldest national debt issued by China. Since the founding of the People's Republic of China, the bonds issued in 1950s and since 198 1 are mainly bearer bonds.
At the time of issuance, it is sold to the public through bank savings outlets, treasury bond service departments of financial departments and business outlets of treasury bond institutions. Investors can also use securities accounts to entrust securities institutions to buy on the stock exchange floor.
The cash payment in bearer securities is handled by banks, postal savings outlets and financial bond intermediaries; Or carry out on-site exchange at the trading place.
The general characteristics of bearer from bond are: anonymity, no loss reporting and listing. Because it is anonymous, it does not report the loss, and its security is not as good as that of voucher and bookkeeping treasury bills, but the purchase procedure is simple. Because it can be listed and transferred, it has strong liquidity.
The listing transfer price depends on the supply and demand situation in the secondary market. When the market factors change, its price will fluctuate greatly, so it has the opportunity to obtain greater profits, but it is also accompanied by certain risks. Generally speaking, bearer from bond is more suitable for financial institutions and buyers with strong investment awareness.
Extended data:
Coiling method
Treasury bonds are issued indirectly through securities institutions, and investors can buy them from securities institutions. Different types of government bonds are purchased in different ways, among which bearer bonds and voucher bonds are simple, while book-entry bonds are slightly more complicated.
1, buy bearer bonds
Bearer bonds are mainly purchased by various institutional investors and individual investors. Buying bearer physical bonds is the simplest.
Investors can go to major banks (including China Industrial and Commercial Bank, China Agricultural Bank, China Construction Bank, Bank of Communications, etc.). ) and various outlets of securities institutions purchase bearer bonds with the issuance period. The types of bearer bonds are generally RMB 65,438+000, 500 yuan, RMB 65,438+0000, etc.
2. Buy voucher government bonds
Voucher bonds are mainly issued to individual investors. Its sale and redemption are handled through major bank savings outlets, postal savings department outlets and treasury bond service department of the financial department. Its outlets are all over the country, which can meet the needs of the masses to buy and redeem to the maximum extent.
Investors who purchase voucher-type government bonds can go to various outlets to fill out forms and pay for them during the issuance period. The issuing point shall fill in the voucher-type treasury bond receipt voucher, including the date of purchase, the name of the purchaser, the type of purchase voucher, the purchase amount, the ID number, etc. , and submitted to the buyer for acceptance.
The procedure is similar to bank time deposit. Voucher bonds 100 yuan shall be sold in whole numbers and purchased at face value. After the end of the issuance period, the certificate-based government bonds redeemed by customers in advance can be sold to the public by designated institutions within the control index.
When investors buy after the issuance period, the bank will re-fill in the voucher-type treasury receipts, and investors will still buy at face value when they buy. The purchase date is the value date. At the time of redemption, the interest is calculated and paid according to the actual holding days and the interest rate of the corresponding grade (the interest is calculated until the last day of the due redemption period).
3. Buy book-entry treasury bonds
Book-entry treasury bonds are issued by bookkeeping through the exchange trading system. Investors who purchase book-entry treasury bonds must open a securities account or a special treasury bond account in the exchange and entrust a securities institution to act as an agent.
Therefore, investors must have a securities account in the stock exchange and open a capital account in the securities business institution to buy book-entry treasury bonds.
Reference source: Baidu Encyclopedia-Buying Treasury bonds