City investment bonds are divided into two types: standardized claims and non-standardized claims. Standardized claims can be purchased through exchanges, bank counters and other channels, while non-standardized claims can be purchased through trust institutions and asset management institutions. purchased.
"Chengtou" is the collective name for local financing platforms of governments at all levels, and urban investment bonds are bonds issued by these financing platforms. Because urban investment bonds are backed by local governments, they have a higher credit rating and have a rigid redemption nature. Although the first urban investment bond default occurred at the beginning of the month, investors are still paying high attention to urban investment bonds.
Buyers of urban investment bonds: Urban investment bonds with standardized debt rights are publicly offered bonds. Individual investors can purchase them publicly through securities accounts. Their expected yields are also relatively low, generally between 5% and 8%. between. Urban investment bonds with non-standardized claims are non-publicly raised and are private placement bonds that are only issued to specific investors, such as securities firms, financial planners, etc.
Conditions for purchasing urban investment bonds: Most of the issuers of urban investment bonds are at the provincial and municipal levels, and the ratings of the issuers are mainly AAA and AA+. Because they are endorsed by government credit, urban investment bonds have always been regarded as Since bonds are subject to rigid redemption, urban investment bonds can be regarded as rare bonds with high expected returns and low risks. However, not all individual investors can participate in urban investment bonds, and they need to be certified as qualified investors before they can purchase them. The qualification standards for qualified investors are very high, such as having more than 2 years of investment experience and having a household financial net worth of no less than 3 million yuan, etc. If investors who do not meet the conditions are interested in urban investment bonds, they can indirectly invest in urban investment bonds by purchasing funds.
The full name of convertible bonds is convertible corporate bonds. In the current domestic market, it refers to bonds that can be converted into company stocks under certain conditions. Convertible bonds have the dual attributes of debt and options. Their holders can choose to hold the bonds until maturity and receive principal and interest payments from the company; they can also choose to convert them into stocks within an agreed period of time and enjoy dividend distribution or capital appreciation. For investors who already hold the underlying shares of convertible bonds, in addition to enjoying a small profit from the placement, they are more concerned about the trend of the stock price. What impact does the company's issuance of convertible bonds have on the stock? Is it good or bad? This is the key.
The main characteristics of exchangeable bonds: Exchangeable bonds and the subject shares of the exchangeable bonds belong to different issuers. Generally speaking, the issuer of the exchangeable bonds is the controlling parent company, while the issuer of the subject matter of the exchange is the controlling parent company. It is a listed subsidiary. The subject matter of the exchangeable bonds is the subsidiary stock held by the parent company, which is an existing stock. The issuance of exchangeable bonds generally does not increase the total share capital of its listed subsidiary, but after the share conversion, it will reduce the parent company's holdings in the subsidiary. share ratio. Exchangeable bonds provide fundraisers with a low-cost financing tool. Because exchangeable bonds give investors the right to convert into stocks, their interest rates are lower than ordinary bonds of the same maturity and credit rating. Therefore, even if the conversion of the exchangeable bonds is unsuccessful, the issuer's debt repayment costs will not be high and there will be no impact on the listed subsidiaries.