To sum up briefly, the China Bond Composite Index has the largest sample size, including all bonds listed in China except asset-backed securities and convertible bonds, including inter-banks, Shanghai Stock Exchange and Shenzhen Stock Exchange. Taking the China Bond Composite Index as a sample, the New China Bond Composite Index does not include bonds issued by private investors (such as PPN, small and medium-sized private placement bond, etc.). ). In addition, the reinvestment of interest principal of its wealth index adopts a slightly different method.
The sample of China Bond Index is all interest rate bonds, including government bonds, central bank bills and policy financial bonds, but excluding local government bonds. The name of this index is the most deceptive. The samples of China Bond-Corporate Credit Bond Index are all credit bonds. The sample of China Bond-Credit Bond Index is all credit bonds, but it does not include credit bonds jointly issued by collective bills and collective corporate bonds. It is also easy to be confused with the credit bond index of China Debt Corporation. Ordinary bonds generally pay interest on a regular basis, and the coupon income can be evenly distributed to every day when held.
Before the interest payment date, the accumulated interest of bonds distributed evenly from the last interest payment date to the current day is called the interest payable on the current day of bonds. It has a simple formula: accrued interest = coupon rate? 365 days from the last interest payment date. When a bond is traded, the price that the bond buyer needs to pay is the full price, including the net price of the bond and the accrued interest of the day. Full price = net price+accrued interest Accrued interest is the difference between the net price and full price of a single bond. The interest payment date is zero, and then gradually increases until the next interest payment date is reset.