Question 2: I want to know what corporate bonds mean. Securities issued by the company in accordance with legal procedures and agreed to repay the principal and interest within a certain period of time. It is a written certificate issued by a company for borrowing long-term funds, and its essence is a long-term payable bill.
Question 3: What do you mean by high discount bonds? Hello, classmate, I'm glad to answer your question!
Deep discount bonds High discount bonds 1. A bond that sells at a great discount to its face value. Coupon rate is far below the current interest rate of fixed-rate securities with similar risk level, as well as bonds with a significant discount to face value.
At present, the qualification examination subjects for futures practitioners are "futures basic knowledge" and "futures laws and regulations". After passing the above two subjects, you can apply for Futures Investment Analysis.
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Question 4: What is bond issuance? Bond distribution refers to the business that bond underwriters transfer purchased bonds to other market members during the bond distribution period. When the Ministry of Finance, CDB or Export-Import Bank issue bonds in the interbank market, enterprises and institutions apply to the bank for subscription and sign a distribution agreement. After customers buy bonds in the primary market, they hold them for a period of time and then sell them in the secondary market, or hold them for interest income at maturity.
Procedures: Every bank is different, but the general procedures are similar.
1. Before bidding for each bond, the customer will decide whether to issue bonds according to the bond issuance information and investment forecast analysis sent by the bank and combined with their own needs;
2. When customers have investment needs, they will prepare a letter of intent for bond issuance through the "agency system" and send it in writing or fax it to our bank before the bidding date;
3. On the bond issuance date, if the customer wins the bid, the bank will sign a bond distribution contract with the customer; If the customer fails to bid or still needs to invest, the bank can sign a bond distribution contract with the customer if there is a distribution quota; .
4. On the payment date, the customer will transfer the bond issuance to the bank account designated by the Bank according to the bond issuance contract, and the Bank will transfer the bond to the customer on the next day of payment, and the customer can directly inquire whether the bond has arrived by telephone.
situation
On June 2, 2000, the Ministry of Finance issued the sixth issue of book-entry treasury bonds, with a term of five years and an annual interest rate of 3%, an annual interest rate of 2.2‰ and a redemption fee of 0.5‰. If the customer distributes100000 yuan, it is assumed that the issuance fee of1.100000 yuan is received (the fee ratio is specifically negotiated between the bank and the customer), and the customer earns interest and issuance fee of 3 1. 1 00000 yuan in the first year; In the second year, the third year and the fourth year, the customer earned 300,000 interest and paid fees respectively; In the fifth year, the customer earned 305,000 interest and paid fees.
In the past five years, customers * * * made a profit of 1, 5 1.6 million yuan, which was 48 1.6 million yuan more than the deposits of financial institutions in the same period (calculated by simple interest).
Bond repurchase-offset
Question 5: What is a bond? Let's learn bonds from scratch. Let's follow today's talented teachers to understand the main types of China's bond products, understand the bond issuance in 20 13 years and the overall transaction in China's bond market in 20 1 1 years, and gain a lot.
Question 6: By the way, what is commercial cp and what does it mean? Five points means partners, business partners!
Question 7: What does the Asian Development Bank mean by issuing RMB bonds? That is, let ADB come to China to issue bonds denominated in RMB, and then convert them into foreign exchange through the central bank. ADB will use them, and when they expire in the future, ADB will convert them into central banks and return them to domestic investors.
Question 8: What are financial bonds? ! Financial bond is a kind of valuable securities issued by banks and other financial institutions to individuals as financing subjects, and it is a kind of certificate that shows the relationship between debt and creditor's rights. Bonds are issued in accordance with legal procedures, and they promise to pay interest regularly at the agreed interest rate and repay the principal at maturity. Active liabilities of financial institutions such as banks.
The new China financial bonds have developed by leaps and bounds, and the types are increasing. Important as follows:
(1) central bank bills;
(2) Securities company bonds. A security issued by a securities company according to law, with an agreement to repay the principal and interest within a certain period of time.
(3) Subordinated bonds of commercial banks. Subordinated bonds of commercial banks refer to bonds whose principal and interest are paid off after other liabilities of commercial banks and before equity capital of commercial banks.
(4) Subordinated bonds of insurance companies.
(5) Short-term financing bonds of securities companies.
(6) Mixed capital security.
Question 9: What is the issue of bonds by banks? A bank that issues bonds is a bank that issues financial bonds.
What is a financial bond?
Financial bond is a kind of valuable securities issued by banks and other financial institutions to individuals as financing subjects, and it is a kind of certificate that shows the relationship between debt and creditor's rights. Bonds are issued in accordance with legal procedures, and they promise to pay interest regularly at the agreed interest rate and repay the principal at maturity. Active liabilities of financial institutions such as banks.
The role of banks in issuing financial bonds;
Financial bonds can effectively solve the contradiction between insufficient sources of funds and maturity mismatch in banks and other financial institutions. Generally speaking, banks and other financial institutions have three sources of funds, namely, absorbing deposits, borrowing from other institutions and issuing bonds. One of the characteristics of deposit funds is that when the economy is in turmoil, depositors are easy to rush to withdraw money, which leads to unstable sources of funds;
The funds obtained by borrowing from other commercial banks or central banks are mainly short-term funds, while financial institutions often need long-term investment and financing, so there is a contradiction between the source of funds and the use of funds within the time limit, and issuing financial bonds effectively solves this contradiction. Generally, bonds cannot be exchanged in advance before maturity, but can only be transferred in the market, thus ensuring the stability of raised funds.
At the same time, financial institutions can flexibly set the term when issuing bonds, for example, for some long-term project investments, they can issue bonds with longer term. Therefore, issuing financial bonds can enable financial institutions to raise stable and flexible funds, which is conducive to optimizing asset structure and expanding long-term investment business.
Question 10: What types of bonds are there, including the following:
Book-entry bonds: refers to bonds that have no physical form, and the bonds held by investors are registered in securities accounts, and investors only obtain receipts or statements to confirm their ownership. The bonds in China bond market are mainly book-entry bonds. Investors who buy and sell book-entry bonds in the exchange bond market must set up accounts in the stock exchange; To buy or sell book-entry bonds in the inter-bank bond market, you must open a bond custody account with the China Government Securities Depository and Clearing Corporation. To buy and sell bonds at the counter of a securities company or commercial bank, an account must be opened at the counter system of the securities company or commercial bank.
National debt: In China, national debt refers to bonds issued by the Ministry of Finance to meet the capital needs of public facilities or key construction projects invested by * * * and make up the national fiscal deficit. By the end of February 2007, the balance of book-entry treasury bonds issued by the Ministry of Finance was 2.84 trillion yuan.
Voucher bond: Voucher bond is a receipt form for creditors to subscribe for bonds, rather than a bond with a standard format formulated by bond issuers. In recent years, China's voucher-type treasury bonds issued through the banking system are a kind of national savings bonds, and the face value is not printed (but the actual payment amount is filled in according to the subscription amount of the subscriber). You can register to report the loss, and the creditor's rights are recorded as "voucher-type treasury bonds receipt vouchers", which cannot be listed and circulated, and interest will accrue from the date of purchase. During the holding period, if the holder needs to withdraw cash under special circumstances, he can redeem it at the purchase outlet in advance. When redeeming in advance, in addition to repaying the principal, the interest will be calculated according to the actual holding days and the corresponding interest rate grade, and the handling agency will charge a handling fee of 0.2% of the paid principal.
Central bank bills: Central bank bills, that is, central bank bills, are short-term debt certificates issued by the central bank to commercial banks to regulate their excess reserves, and their essence is central bank bonds. The reason why it is called "central bank bill" is to highlight its short-term characteristics (from the perspective of issued central bank bills, the shortest term is 3 months and the longest is only 3 years). However, there are essential differences between central bank bills and bonds issued by various issuers in the financial market: bonds issued by various issuers are a means of raising funds, with the purpose of raising funds, that is, increasing available funds; The central bank bill issued by the central bank is a monetary policy tool for the central bank to adjust the base currency, with the purpose of withdrawing the base currency and reducing the loanable funds of commercial banks. After commercial banks pay for central bank bills, the direct result is the decrease of loanable funds. At present, central bank bills are an important tool for the daily operation of monetary policy, and the central bank issues central bank bills every Tuesday and Thursday. At present, the central bank bill is the largest bond in China bond market. By the end of February 2007, the outstanding central bank bills issued by the central bank totaled 3.39 trillion yuan.
Corporate bonds: Corporate bonds refer to securities issued by enterprises in accordance with legal procedures and agreed to repay the principal and interest within a certain period. In China, corporate bonds generally refer to bonds issued by enterprises of various ownership systems. In western countries, because only joint-stock companies can issue corporate bonds, corporate bonds are corporate bonds, including a wide range, such as convertible bonds and asset-backed securities.
Convertible corporate bonds: Convertible corporate bonds refer to corporate bonds issued by the issuing company according to law and can be converted into shares at one time within a certain period of time. According to the latest Measures for the Administration of Securities Issuance of Listed Companies, the shortest term of convertible bonds is 1 year and the longest is 6 years. The Measures for the Administration of Securities Issuance of Listed Companies also stipulates that qualified listed companies can issue convertible corporate bonds that can be traded separately. The conversion right in ordinary convertible corporate bonds generally expires at the same time as the bonds, and the bonds are cancelled after exercise; However, the warrants and creditor's rights of convertible corporate bonds that can be traded separately are listed and traded separately, and the exercise of warrants does not affect the existence of pure bonds. Ordinary convertible corporate bonds are in the form of corporate bonds before conversion, which is equivalent to issuing additional shares after conversion, and have the dual nature of creditor's rights and equity. Ordinary convertible corporate bonds, like ordinary bonds, investors can get interest income regularly before conversion, but they do not have the rights of shareholders at this time; When the operating performance of the issuing company has achieved significant growth, the holders of ordinary convertible corporate bonds can be converted into shares of the company at the predetermined conversion price within the agreed time limit and share the benefits brought by the company's performance growth. The pure debt part of convertible corporate bonds traded separately is exactly the same as ordinary bonds, and stock options are the same as ordinary bonds. & gt