bonds are divided into nine categories:

1. By issuers:

1. Government bonds:

Government bonds are bonds issued by the government to raise funds. It mainly includes national debt and local government bonds, the most important of which is national debt. National debt is also called "Phnom Penh bond" because of its good reputation, excellent interest rate and low risk.

2. Financial bonds:

Financial bonds are bonds issued by banks and non-bank financial institutions. At present, financial bonds in China are mainly issued by policy banks such as China Development Bank and Export-Import Bank.

3. Corporate (enterprise) bonds:

Corporate (enterprise) bonds are bonds issued by enterprises according to legal procedures and agreed to repay the principal and interest within a certain period of time. Corporate bonds are mainly issued by joint-stock companies, but they can also be issued by enterprises that are not joint-stock companies. Therefore, when generally classified, corporate bonds and bonds issued by enterprises can be directly classified as corporate (enterprise) bonds.

2. Classification by interest payment method

1. Discounted bonds:

Discounted bonds refer to bonds with no coupon attached to their face, which are issued at a prescribed discount rate at a price lower than the face value of the bonds, and the principal and interest are paid at face value at maturity. The difference between the issue price of a discounted bond and its face value is the interest of the bond.

2. zero coupon bond:

zero coupon bond refers to a bond that pays interest in one lump sum together with the principal at maturity, and the interest is paid off with the principal. It can also be called an interest-paying bond at maturity. The first feature of interest payment is that interest is paid in one lump sum. The second is to pay when the bond expires.

3. Interest-bearing bonds:

Interest-bearing bonds refer to bonds with coupons attached to the face of the bonds, which pay interest according to the interest rate and payment method specified on the face of the bonds. The coupon is marked with the amount of interest, the time limit for paying interest and the bond number. The holder can cut the coupon from the bond and receive interest accordingly. The interest payment method of interest-bearing treasury bonds is generally to pay interest on schedule within the repayment period, such as once every six months or once a year.

4. Fixed-rate bonds:

Fixed-rate bonds are bonds with fixed interest rates during the repayment period.

5. floating rate notes:

floating rate notes refers to a bond whose interest rate can be changed. The interest rate of this bond is linked to the market interest rate, which is generally higher than a certain percentage point of the market interest rate.

3. Divided into interest-bearing methods:

1. Simple interest bonds

Simple interest bonds refer to bonds that only bear interest according to the principal regardless of the term, and the interest generated is no longer added to the principal to calculate the interest for the next period.

2. compound interest bond

compound interest bond corresponds to simple interest bond, which refers to a bond that adds the generated interest to the principal for a certain period of time to calculate the interest, and then rolls it over period by period.

3. Progressive interest rate bonds

Progressive interest rate bonds refer to bonds whose annual interest rate is calculated by the method of progressive interest rate year by year. With the passage of time, the interest rate of progressive interest rate bonds is higher in the later period than in the earlier period, showing a progressive state.

four, according to the method of determining interest rates:

1. Fixed-rate bonds

Fixed-rate bonds refer to bonds that stipulate that the interest rate will remain unchanged throughout the repayment period at the time of issuance.

2. floating rate notes

floating rate notes is a bond corresponding to a fixed-rate bond. It refers to a bond whose bond interest rate fluctuates regularly with the market interest rate at the time of issuance, and its interest rate is usually determined according to the market benchmark interest rate plus a certain spread. Floating rate notes is often a medium-and long-term bond. Since the interest rate can fluctuate with the market interest rate, taking the form of floating rate notes can effectively avoid the interest rate risk.

5. According to the repayment period:

1. Long-term bonds

Generally speaking, long-term bonds with a repayment period of more than 1 years are long-term bonds

2. Medium-term bonds

Medium-term bonds: medium-term bonds with a maturity of one year or more and less than 1 years (including 1 years)

3. Short-term bonds

. Physical bonds will be cancelled gradually because of their high issuance cost.

2. Voucher bond

Voucher bond is a kind of savings bond, which is issued by a bank and bears interest from the date of purchase, but it cannot be listed and circulated.

3. Bookkeeping bonds

Bookkeeping bonds refer to bills that have no physical form, record creditor's rights by bookkeeping, and issue and trade through the trading system of the stock exchange. Because the issuance and transaction of book-entry treasury bonds are paperless, the transaction efficiency is high and the cost is low, which is the trend of bond development in the future.

VII. By way of offering:

1. Public offering bonds

Public offering bonds refer to bonds that are publicly issued in the market with the approval of the securities authorities according to legal procedures. The subscriber of this bond can be anyone in society. Publishers generally have a high reputation. Except for government agencies and local public organizations, general enterprises must meet the prescribed conditions before issuing public bonds, and issuers are required to abide by the information disclosure system and submit securities declarations to the securities authorities to protect the interests of investors.

2. private placement bond

private placement bond refers to bonds issued for a specific minority of investors. The issuance procedures are simple and generally cannot be publicly traded.

VIII. Classification by nature of guarantee

1. Mortgage bonds:

refers to bonds issued with special property as collateral. Taking real estate as collateral, such as houses, is called real estate mortgage bonds; Movable property, such as marketable goods, is called chattel mortgage bond; Securities trust bonds are those that use securities such as stocks and other bonds as collateral. Once the bond issuer defaults, the trustee can sell the collateral to ensure the creditor's priority claim.

2. unsecured bonds:

also known as credit bonds: refers to bonds issued only by the credit of the fundraiser without providing any form of guarantee. Government bonds belong to this kind of bonds. This kind of bond has solid reliability because of the absolute credit of its issuer. In addition, some companies can also issue such bonds, that is, credit corporate bonds. Compared with secured bonds, holders of unsecured bonds bear greater risks, so they often demand higher interest rates. However, in order to protect the interests of investors, companies that issue such bonds are often subject to various restrictions, and only those large companies with outstanding reputation are eligible to issue them.

3. Pledged bonds

refer to bonds issued with its securities as collateral. Pledged bonds in China refer to government bonds, central bank bonds, policy financial bonds that have been issued by the government, central bank, policy banks and other departments and units and are managed by China Government Securities Depository and Clearing Co., Ltd., as well as other securities that are recognized by the People's Bank of China and can be used for pledge.

IX. Classification by interest payment

1. Fixed-rate bonds refer to bonds whose interest rate is fixed throughout the repayment period at the time of issuance.

2. floating rate bonds refers to bonds whose bond interest rate fluctuates periodically with the market interest rate at the time of issuance, that is to say, the bond interest rate can be changed and adjusted during the repayment period.

3. zero coupon bond refers to bonds issued at a discount and bought back by the issuer at a fair price at maturity.

There are three channels for individuals to buy bonds: entrusted financing at the counter of the exchange bank. Although there are many kinds of bonds in China's bond market, such as government bonds, policy financial bonds, corporate bonds, convertible bonds, corporate bonds, short-term financing bonds and medium-term notes, there are still many individual investors who are unclear about bond investment. Many investors mistakenly believe that individuals can only buy government bonds, and think that only the bank counter is the only way to buy bonds.