For most investors, new bonds are usually sold on the day of listing. Because at this time, selling generally does not lose money, even if it loses money. Of course, if you insist on holding it, the long-term trend of many convertible bonds is also very good. If the bond price continues to fall, you are unwilling to bear the risk of principal loss, and you can also hold the due principal and income.

Playing new bonds is to subscribe for newly issued bond fund products. When the general bond fund products were first issued, the prices of the fund products were relatively low. At this time, investors' subscription for newly issued bonds is called new debt.

Bonds are securities issued by debtors such as governments, enterprises and banks in accordance with legal procedures in order to raise funds and promise creditors to repay the principal and interest on a specified date. Bond is a valuable security. Because the interest of bonds is usually determined in advance, bonds are a kind of fixed-interest securities. In countries and regions with developed financial markets, bonds can be listed and circulated.

Bond is a kind of financial contract, which is a creditor's right and debt certificate issued to investors when the government, financial institutions and industrial and commercial enterprises directly borrow money from the society and promise to pay interest at a certain interest rate and repay the principal according to the agreed conditions. The essence of a bond is a certificate of debt, which has legal effect. There is a creditor-debtor relationship between bond buyers or investors and issuers. Bond issuers are debtors and investors (bond buyers) are creditors.

In foreign countries, there is no distinction between corporate bonds and corporate bonds, which are collectively referred to as corporate bonds. In China, corporate bonds are bonds issued and traded in accordance with the Regulations on the Administration of Corporate Bonds, which are supervised and managed by the National Development and Reform Commission. In practice, the issuer is a subsidiary of the central government department, a wholly state-owned enterprise or a state-controlled enterprise. Therefore, it largely reflects the government's credit.

The corporate bond management institution is China Securities Regulatory Commission, and the issuer is an enterprise legal person established in accordance with the Company Law of People's Republic of China (PRC). In practice, the issuer is a listed company, and its credit guarantee is the issuer's asset quality, operating conditions, profitability and sustainable profitability. Corporate bonds are uniformly registered and managed by the securities depository and clearing company, and they can apply for listing and trading on the stock exchange. The credit risk is generally higher than that of corporate bonds. The Measures for the Administration of Debt Financing Instruments for Non-financial Enterprises in the Inter-bank Bond Market, which came into effect on April 15, 2008, further promoted the issuance of corporate bonds in the inter-bank bond market, and corporate bonds and corporate bonds became more and more important investment targets for commercial banks in China.