In our country, the national debt issuance method and underwriting methods are which kinds?

Since the reform and opening up, China's national debt issuance method has experienced the 80's administrative allocation, the early 90's underwriting, to the current directional offering, underwriting and bidding for the coexistence of the development of the process, the general trend is to continue to tend to the low-cost, high-efficiency issuance methods, and gradually move towards the standardization and marketization.

(1) directional offering. Directed offering method is designated to the pension fund, unemployment insurance fund, financial institutions and other specific institutions to issue treasury bonds, mainly used for national key construction bonds, fiscal bonds, special treasury bonds and other varieties.

(2) Underwriting. Underwriting began in 1991, mainly used for non-circulating vouchers, it is by the local government bond underwriting agencies to form an underwriting group, through the underwriting agreement with the Ministry of Finance to determine the conditions of issuance, underwriting costs and the obligations of the underwriters, and therefore with certain market factors issuance method.

(3) Tender issuance. Tendering refers to the way to determine the underwriters and conditions of issuance of treasury bonds through bidding. According to the different object of issuance, tender issuance can be divided into three forms of payment period tender, price tender, yield tender:

①Payment period tender. Contributor bidding, refers to the national debt coupon rate and issue price has been determined under the conditions, according to the underwriting institutions to the Ministry of Finance in the order of payment to obtain the right to win, until the scheduled amount of issuance is met.

② price bidding. Price bidding is mainly used for the issuance of discount bonds, according to the bidder's purchase price from the highest to the lowest order of winning, until the scheduled amount of issuance to meet. If the bidding rules for the "Dutch", then the bidding underwriting agency are the same price (the lowest price of all the bidding price) to subscribe to the winning amount of treasury bonds; and if the bidding rules for the "U.S.", then the underwriting agency to their respective prices to subscribe to the winning amount. The winning bid amount is subscribed by each of the underwriters at their respective bids.