With the increasing variety of national debt, it is gradually standardized into two categories: savings bonds (voucher and electronic) for individual investors and book-entry national debt for institutional investors; There are both fixed expected annualized interest rate treasury bonds and floating expected annualized interest rate treasury bonds; There are both short-term national debt below 1 year and ultra-long-term national debt of 30 years.
Voucher bonds are mainly issued to individual investors, and their sale and redemption are handled through major bank savings outlets, postal savings department outlets and treasury bond service department of the financial department. The procedure is similar to that of bank time deposit, but it can only be purchased within the prescribed issuance period. In addition, it can only be redeemed in advance in the bank at one time, so it is difficult to buy it again, and the liquidity is relatively poor.
Book-entry treasury bonds are bonds issued by the Ministry of Finance in a paperless way, which record creditor's rights in a computerized way and can be listed and traded. It can be bought and sold at any time, has strong liquidity, pays interest once a year, and the actual income is higher than the expected annualized interest rate of the coupon. Professional investors can "buy low and sell high" after making judgments and forecasts on the market and individual bonds. If the price of national debt is expected to rise in the future, they can buy national debt and sell it after the price rises. If the price of national debt is expected to fall in the future, sell the national debt held in your hand and buy it when the price falls. This investment method has higher expected annualized income, but it also faces higher market risks.