Treasury bonds include bearer bonds, voucher bonds, book-entry bonds and electronic savings bonds. Among them, bearer bonds are suitable for financial institutions to buy, and book-entry bonds need to open securities accounts to buy, so here we mainly talk about the remaining two kinds, that is, voucher bonds and electronic bonds that everyone is robbing.

1. Voucher treasury bonds

Voucher treasury bonds are used as proof of creditor's rights in the form of treasury receipts, and they cannot be listed, circulated and transferred. During the holding period, you can redeem it in advance at the bank outlets. Its advantages are many outlets, convenient purchase and redemption, and simple procedures. Secondly, you can report the loss by name, and the security of holding it is very good.

in terms of interest rate, the certificate-based government bonds are one to two percentage points higher than the bank deposit rate in the same period. If you want to buy voucher-type government bonds, you need to go to the bank outlets. Certificate-based treasury bonds are more suitable for investors who know little about financial management and have low risk tolerance, such as aunts and uncles, and are very suitable as savings.

2. Electronic treasury bonds

Compared with voucher treasury bonds, electronic treasury bonds are more convenient to purchase. Just open a "national debt custody" account at the bank counter, and then you can buy it at bank outlets, mobile banking or online banking.

in terms of interest rate, take the two issues issued in April as an example. The first issue has a term of 3 years and an annual coupon rate of 3.5%. The period of the second phase is 5 years, and that of coupon rate is 4.17%. Although the term is relatively long, you can redeem it in advance if you hold it for more than half a year, but you will lose some interest and handling fees.

conclusion: in the short term, the liquidity of funds is not very good when buying government bonds, but in the long term, it is more cost-effective to buy government bonds, which is more suitable for friends who have no capital demand in the short term and are risk-averse.

expanding information

issuance strategy and authority of national debt:

Although the issuance of national debt adopts the credit method of borrowing and returning, it is not an easy task after all to transfer the funds that the people can control to the government. For small owners, they always want to keep their funds for their own life; For large owners, they always want to keep their funds for their own operations, and there is more or less a feeling of not wanting to raise funds. Therefore, if the country wants to issue bonds, it must study the issuing technology, make use of the people's psychology and pay attention to the issuing strategy. The issuing strategies mainly include:

1. Issuing patriotic bonds. Cultivate the patriotism of the people and the spirit of sacrifice for the country. The people's emotions are full of impulsiveness, which is easy to be aroused and depressed. This strategy is not easy to use for a long time.

2. High-interest issuance. The issuance of government bonds should mainly be based on the market interest rate, but it is not enough to issue high-interest government bonds at certain times.

3. Tax-free issuance. That is, the government will not tax anyone who buys government bonds, so as to encourage people to subscribe. However, this method may further aggravate the degree of social inequality and further tilt wealth towards the rich.

4. Compulsory issuance. Use national sovereignty to force people to subscribe. The adoption of this method means that the national credit is insufficient, which further damages the national credit and should not be adopted unless necessary.

5. Restrict people's private investment and force them to invest in national debt. If the state can restrict people's free consumption and business, it can free up some funds to subscribe for government bonds. However, the effectiveness of this restriction is limited. If the purpose of restriction is achieved, detailed restrictions are often required.

6. Economic issuance law. This is a normal method of issuing national debt, and it is also the most commonly used and common issuing strategy. The first five strategies have their limitations and can only be adopted in a specific period, but they can be combined with economic issuance as a supplement.

On the issue of issuing authority of national debt. Generally speaking, the authority to issue national debt belongs to the highest legislative or administrative body of the country. It should be unified with the subject of debt.

the debtor refers to the debtor, who not only has the obligation to repay the principal and interest on time according to the law or the contract, but also has the right to issue national debt.

the government is composed of various administrative departments or institutions. After all, the functional organizations of each department are different, and the borrowing, use and use of national debt are often out of line. Therefore, the state must clearly define the debt subject and its specific executing agency in legal form; Then make their rights consistent with the obligation to repay the principal and interest, ensure the rational and orderly issuance of national debt, protect the legitimate rights and interests of national debt creditors and maintain the credibility of the government.

Reference: Baidu Encyclopedia-Conditions for Issuing National Debt.