Although there is only one word difference between CDB bonds and national bonds, there is an essential difference between the two. The main differences are as follows:

① CDB bonds are policy financial bonds issued by the China Development Bank. They are mainly financial bonds issued to financial institutions such as Postal Savings Bank, state-owned commercial banks, and regional commercial banks.

②Treasury bonds are national public bonds issued by the Ministry of Finance on behalf of the central government. They are issued to domestic and foreign institutions and individuals, and are issued to a wider range of targets than state-owned bonds.

Extended information

The yield on financial bonds issued by China's policy banks was once about 90 basis points higher than that of government bonds, but this spread has begun to shrink significantly.

From the perspective of implicit tax rates, the investment value of policy bank financial bonds, especially long-term varieties of more than ten years, is now quite limited. However, the confusing trend of domestic inflation after the increase in oil prices makes it even more confusing. Increased financial bond investment risks.

As an important step in the commercialization reform of China Development Bank. The China Development Bank Co., Ltd. is expected to be established at the end of the month. The commercial restructuring of policy banks, which the market has long feared, may take substantial steps, and financial bond yields may also face greater fluctuations.