What kinds of bonds are there?

According to the bond form, there are:

1, physical bonds (bearer bonds)

Physical bond is a bond with standard format and physical surface. It corresponds to a non-physical ticket, which simply means that the bonds issued to you are paper rather than the numbers in the computer.

On the face of its bonds, various bond face elements such as bond denomination, expected annualized interest rate of bonds, bond term, full name of bond issuer, repayment method, etc. are generally printed. It is anonymous, does not report the loss and can be listed and circulated. Physical bonds are bonds in a general sense, and many countries have clearly stipulated the format of physical bonds through laws or regulations. Physical bonds will be phased out due to the high issuance cost.

2. Certificate bonds

Voucher-type national debt refers to the national debt issued by the state by filling in the "treasury receipt voucher" instead of printing physical coupons. China began to issue voucher-type government bonds from 1994. Voucher-type treasury bonds are similar to and superior to savings, and are often called "savings-type treasury bonds", which is an ideal investment method for individual investors with the purpose of saving. Interest is calculated from the date of purchase and can be registered and declared, but it cannot be listed and circulated. Similar to saving, but the interest is higher than saving.

3. Bookkeeping bonds

Bookkeeping bonds refer to bills that have no physical form, record creditor's rights by computer bookkeeping, and are issued and traded through the trading system of stock exchanges. Book-entry treasury bonds issued and traded in China through the trading systems of Shanghai and Shenzhen stock exchanges are examples in this regard. Investors buying and selling book-entry bonds must set up an account in the stock exchange. Therefore, book-entry treasury bonds are also called paperless treasury bonds.

Book-entry treasury bonds can be transferred in the securities market at any time after purchase, which is highly liquid, just like buying and selling stocks. Of course, in addition to the interest due (market pricing has been taken into account), you can also get a certain annualized income from the price difference (the possibility of loss is not ruled out). There are two kinds of national debt: interest-bearing bonds and zero coupon bond. Interest-bearing bonds are issued at face value and pay interest once or more every year. In discounted zero coupon bond, they are paid at face value at maturity. There is no interest in it.

Because the issuance and transaction of book-entry treasury bonds are paperless, the transaction efficiency is high and the cost is low, which is the trend of bond development in the future.

Reply time: 202 1-07-09. Please refer to the latest business changes announced by Ping An Bank in official website.

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