The transaction mode of listed bonds (1) is transaction transfer. This trading method is that the securities trading institution buys the seller's bonds at a discount rate, and then sells them to the new buyer with a certain handling fee. In this bond transfer mode, both buyers and sellers of bonds conduct cash transactions with securities trading institutions. The buying and selling prices of bonds fluctuate within the prescribed range with reference to the bank discount rate, bond supply and demand and bond term. The securities trading department lists the buying price, selling price and maturity interest rate of bonds every day.
(2) Entrusted purchase. Holders and purchasers of bonds may also entrust securities trading institutions to buy and sell bonds on their behalf. Securities trading institutions will sell bonds on their behalf after charging a certain percentage of handling fees according to the price proposed by the bondholders themselves. After the bond is sold, the securities trading institution notifies the customer to collect the money.
(3) Mortgage discount. Some bondholders are in urgent need of cash, but are unwilling to sell bonds. In this case, bondholders can get cash by discounting bonds, and securities trading institutions charge a certain percentage of mortgage according to the face value of bonds. Generally speaking, the mortgage period does not exceed two months. If it is not redeemed within the time limit, the securities trading institution shall sell it back according to the regulations.
(4) Legal transactions. Buyers and sellers freely negotiate and reach a deal at the place designated by the trading department. After the transaction, the securities trading institution is responsible for verifying the legality and authenticity of the transaction, verifying and stamping it, and then delivering cash and bonds face to face under the supervision of the securities trading institution.
Trading method of bonds (1) Spot trading
Cash spot trading, also known as cash spot trading, is a trading method in which both buyers and sellers are satisfied with the buying and selling price of bonds and deliver them immediately after the transaction, or in a very short time. For example, investors can buy and sell listed bonds directly through securities accounts at various securities outlets of Shenzhen Stock Exchange.
(2) Repurchase transactions
It means that when the bondholder, issuer and purchaser reach a deal, it is agreed that the issuer must buy back the bonds originally sold from the purchaser at an agreed price at an agreed time in the future, and pay interest at an agreed interest rate (price). At present, both Shenzhen Stock Exchange and Shanghai Stock Exchange have bond repurchase transactions, but only institutional legal persons are allowed to open accounts for transactions, and individual investors cannot participate.
(3) Futures trading
Bond futures trading refers to a group of transactions that are delivered and settled at the price stipulated in the futures contract at a specific time in the future after the two parties complete the transaction. At present, Shenzhen Stock Exchange and Shanghai Stock Exchange do not open bond futures trading.
Compared with the on-site market, the off-site market is the home of bond trading in China, which is what we usually call the inter-bank market. Its bond custody has exceeded 260 billion yuan, accounting for 93% of the total stock of bonds. In other words, 93% of bonds can only be traded through the interbank market.
Conditions for Termination of Listed Bonds (1) The company has committed major illegal acts or failed to fulfill its obligations in accordance with the measures for raising corporate bonds, and the consequences are serious after investigation.
(2) Significant changes have taken place in the company's situation, which does not meet the conditions for listing corporate bonds, or the funds raised by corporate bonds have not been used in accordance with the approved purposes, or the company has suffered continuous losses in the last two years and failed to eliminate them within the time limit.
(3) The company is dissolved, ordered to close down or declared bankrupt according to law. In this case, the stock exchange should terminate the listing of bonds and deal with the aftermath by the relevant parties.
Trading mode of listed bonds