Bond Paper According To The Distribution Of The Main Division
Bond Paper According to the distribution of the main division
According to the distribution of the main division
Government bonds are bonds issued by the government to raise funds. Mainly including government bonds, local government bonds, the most important of which is the national debt. Treasury bonds because of its good reputation, favorable interest rates, the risk is small and also known as the "side bonds." In addition to government-issued bonds, some countries have classified government-guaranteed bonds as government bond systems, known as government-guaranteed bonds. Such bonds are issued by companies or financial institutions that are directly related to the government and are guaranteed by the government.
The main varieties of national debt issued in Chinese history are treasury bonds and state bonds, of which treasury bills are issued annually after 1981. Mainly on the enterprises, individuals, etc .; national bonds have been issued, including the national key construction bonds, state construction bonds, financial bonds, special bonds, hedge bonds, capital construction bonds, most of these bonds on banks, non-bank financial institutions, enterprises, Distribution, part of the individual investors also issued. The interest rate of treasury bills issued to individuals is basically based on the bank rate, which is generally 1 to 2 percentage points higher than the bank deposit rate. In the high inflation rate, the Treasury bills also adopted hedging measures.
Financial bonds are bonds issued by banks and non-bank financial institutions. In China, financial bonds are mainly issued by national development banks, import and export banks and other policy banks. Financial institutions generally have a strong financial strength, higher credit, so financial bonds tend to have a good reputation.
3. Company (enterprise) bond
In foreign countries, there is no corporate debt and corporate debt division, collectively referred to as corporate bonds. In China, corporate bonds are issued and traded in accordance with the provisions of the "Enterprise Bond Management Regulations", by the National Development and Reform Commission supervision and management of bonds, in practice, the main body of the issuance of the central government departments, state-owned enterprises or state-owned Business, therefore, it largely reflects the government credit. The corporate bond management institution is the China Securities Regulatory Commission, and the issuer is the legal person established by the Company Law of the People's Republic of China. In practice, the issuer is the listed company, whose credit guarantee is the asset quality of the issuing company, Operating conditions, profitability and sustained profitability. Corporate bonds are registered in the securities registration and settlement company, can apply for listing on the stock exchange, the credit risk is generally higher than corporate bonds. The "Measures for the Administration of Debt Financing of Non-financial Enterprises in the Inter-bank Bond Market", which came into effect on April 15, 2008, further promoted the issuance of corporate bonds in the inter-bank bond market. Corporate bonds and corporate bonds became more and more important for China's commercial banks Investment object.
By property guarantee
Mortgage bonds are corporate bonds as collateral, which can be divided into general mortgage bonds, real estate mortgage bonds, chattel mortgage bonds and securities trust mortgage bonds. In real terms such as housing, etc. as collateral, known as real estate mortgage bonds; as a movable property such as marketable goods as a provision, known as chattel mortgage bonds; to securities such as stocks and other bonds as collateral, known as securities trusts Bonds. Once the bond issuer defaults, the trustee can sell the collateral to dispose of the creditor's priority.
Credit bonds are not secured by any company's property, entirely by credit. Government bonds belong to such bonds. This bond has a solid reliability due to the absolute credit of its issuer. In addition, some companies can also issue such bonds, that is, credit corporate bonds. Compared with mortgage bonds, holders of credit bonds bear greater risk, and thus often require higher interest rates. In order to protect the interests of investors, companies that issue such bonds are often subject to restrictions, and only those reputable companies are eligible to issue. In addition to the bond contract to join the protective provisions, such as the assets can not be credited to other creditors, can not merge with other enterprises, without the consent of the creditors can not sell assets, can not issue other long-term bonds.