National debt usually pays interest once every six months or once a year. In the middle of the two interest payments, the interest is still calculated in a rolling way, and the holders of national debt enjoy the interest generated during this period. Therefore, if the goods are delivered before the next interest payment date, the buyer shall pay the seller the net price quotation plus the interest payable.

Because it is physical delivery, and the coupon rate and maturity of deliverable bonds are different from those of treasury bonds futures standard bonds, a basket of deliverable treasury bonds must be standardized separately before delivery, so the conversion coefficient is introduced. The Exchange will announce the conversion coefficient (CF) of each deliverable bond relative to the treasury bond futures contract with different maturities, and CF will remain unchanged during the delivery cycle without calculation.

Extended data

1, the quality of delivery futures commodities should strictly implement the prescribed standards.

2. Commodities delivered at reduced prices in the futures market must meet the relevant national standards.

3. Futures delivery cost accounting is lower than spot price difference.

4, the level of futures delivery income.

In the futures market, commodity futures are usually delivered in kind, while some varieties in financial futures are delivered in kind and some are delivered in cash. Cash delivery does not take physical delivery, but only takes the spot price at the time of delivery as the basis for trading profit and loss and fund allocation.

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