2. Different in nature: bonds are securities that repay the principal and interest within a certain period of time; Fund is that investors hand over funds to fund managers for management, and fund managers use funds to invest in financial instruments such as stocks and bonds. It is a collective securities investment method with * * * returns and * * risks.
3. Different risks: Generally speaking, bonds are less risky than funds, and bonds are guaranteed by the issuer's credit, so the risk is relatively small; There is nothing to guarantee the fund, so the risk is relatively high, but there are also funds with low risk, such as money funds and bond funds.
4. Different income: the expected income of bonds is lower than that of funds, and the income of bonds mainly includes the interest income of bonds and the spread income of bond transactions, and the income is relatively stable; Fund income is mainly determined by the investment target.
5. Different trading places: bonds are mainly traded on the bank side, and stock exchanges can trade convertible bonds and reverse repurchase of government bonds; Funds are mainly traded in fund companies, consignment agencies and stock exchanges.
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Corporate bonds refer to loan certificates issued by joint-stock companies for additional capital within a certain period of time (such as 10 or 20 years). For the holder, it is only a voucher to provide loans to the company, reflecting only an ordinary creditor-debtor relationship. Although the holder has no right to participate in the operation and management activities of the joint-stock company, he can charge the company fixed interest at par value every year, and the order of collecting interest should take precedence over shareholders' dividends. When the joint-stock company goes bankrupt, he can also get back the principal first. Corporate bonds have a long term, generally more than 10 years. Once the bond expires, the joint-stock company must repay the principal and redeem the bond. [ 1]
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It's risky.
The repayment source of bonds is the company's operating profit, but there is great uncertainty in the future operation of any company, so corporate bondholders bear the risk of losing interest or even principal.
Higher rate of return
The principle of direct proportion to risk requires that corporate bonds with higher risks should provide bondholders with higher investment returns.
elect
Issuers and holders can give each other certain options.
management right
It embodies the creditor's rights relationship, and has no right to operate and manage the company, but it can have the right to claim interest and compensation first and distribute the remaining assets before shareholders.
Edit and broadcast bond guarantee
(1) The scope of guarantee includes the principal and interest of corporate bonds, liquidated damages, damages and expenses for realizing creditor's rights.
(2) If the guarantee is provided by way of guarantee, it shall be joint and several liability guarantee, and the assets of the guarantor are of good quality.
(3) If there is property guarantee, the ownership of the guaranteed property is clear, and no guarantee or preservation measures have been taken, and the value assessed by a qualified asset appraisal institution is not less than the amount of the guaranteed property.
Editorial broadcast of bond listing
(1) The term of corporate bonds is greater than 1 year;
(2) The actual amount of corporate bonds issued is not less than 50 million yuan;
(3) It meets the statutory conditions for issuing corporate bonds.
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(1) The company has committed major illegal acts;
(2) Significant changes have taken place in the company, and it no longer meets the conditions for listing corporate bonds;
(3) Not using the funds raised by corporate bonds according to the approved purposes;
(4) Failing to fulfill its obligations in accordance with the measures for raising corporate bonds.
(5) The company has suffered continuous losses in the last two years.
Existing risks are edited and broadcast.
Risk category
1. Interest rate risk. Interest rate is one of the important factors affecting bond prices. When interest rates rise and bond prices fall, there is risk. The longer the remaining maturity of bonds, the greater the interest rate risk.
2. Liquidity risk, bonds with poor liquidity make it impossible for investors to sell bonds at reasonable prices in a short time, thus suffering reduced losses or losing new investment opportunities.
3. Credit risk refers to the losses caused to bond investors by the failure of bond issuing companies to pay bond interest or repay principal on time.
4. Reinvestment risk. Buying short-term bonds instead of long-term bonds will have the risk of reinvestment. For example, the interest rate of long-term bonds is 14%, and the interest rate of short-term bonds is 13%. To reduce interest rate risk, buy short-term bonds. However, if the interest rate falls to 65,438+00% when the short-term bonds recover cash at maturity, it is not easy to find investment opportunities higher than 65,438+00%. It is better to invest in current long-term bonds and still get a return of 14%. In the final analysis, reinvestment risk is still an interest rate risk problem.
5. Recoverable risk, specifically to bonds with recoverable clauses, because it often has the possibility of compulsory recovery, and this possibility is often that when the market interest rate drops and investors charge the actual increased interest according to the nominal interest rate of bonds, a good cake often has the possibility of recovery, and our investors' expected income will suffer losses, which is called recovery risk.
6. Inflation risk refers to the risk that the purchasing power of money will decrease due to inflation. During the period of inflation, the investor's real interest rate should be coupon rate minus the inflation rate. If the bond interest rate is 10%, the inflation rate is 8%, and the real rate of return is only 2%, the purchasing power risk is the most common risk in bond investment.
counter-measure
Considering the interest rate, reinvestment risk and inflation risk, we can adopt the method of diversification to buy bonds with different maturities and cooperate with different securities. In view of liquidity risk, investors should try to choose bonds with active trading. In addition, they should also think carefully before investing in bonds, and should prepare some cash for emergencies. After all, transferring bonds halfway will not bring good returns to bondholders. To guard against credit risk and repurchase risk, we must inspect the company when choosing bonds. By analyzing its statements, we can understand its profitability and solvency, operating conditions and the company's previous bond payments, and try to avoid investing in corporate bonds with poor operating conditions or bad reputation. During the period of holding bonds, we should try our best to understand the company's operating conditions so as to make a decision to sell bonds in time.
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1, corporate bonds are necessary securities;
2. Corporate bonds are monetary securities and financing securities;
3. Corporate bonds are securities that can be transferred, mortgaged and circulated;
4. Corporate bonds are warrants.
5. Corporate bonds are repaid with corporate profits, with high risks and high returns.
Mainly classified editing and broadcasting.
According to whether it is registered or not, it can be divided into
(1) Registered bonds, that is, the name of the holder is registered on the front of the bond, and the principal and interest are collected with the seal. When transferring, it must be endorsed and registered in the bond issuing company.
(2) Bearer bonds, that is, the name of the holder is not required to be stated on the face of the bonds, and the principal and interest repayment and circulation transfer are only subject to the bonds without registration.
The basis of profit distribution
(1) Participating corporate bonds refer to corporate bonds that can not only obtain interest income as agreed in advance, but also participate in the company's profit distribution to a certain extent.
(2) Non-participating corporate bonds refer to corporate bonds whose holders can only get interest at the pre-agreed interest rate.
According to whether it can be redeemed in advance.
(1) Corporate bonds can be redeemed in advance, that is, the issuing company repurchases all or part of its bonds before their maturity.
② Corporate bonds cannot be redeemed in advance, that is, corporate bonds that can only repay the principal and interest in one lump sum.
Classification by issue purpose
① Ordinary corporate bonds, that is, corporate bonds characterized by fixed interest rate and fixed term. This is the main form of corporate bonds, which aims to provide a source of funds for the company to expand its production scale.
(2) Reorganization of corporate bonds, bonds issued to pay off corporate debts, also known as old bonds with new ones.
(3) Interest-bearing corporate bonds, also known as adjusted corporate bonds, refer to new bonds with lower interest rates issued by companies facing debt credit crisis with the consent of creditors in exchange for previously issued bonds with higher interest rates.
(4) Deferred corporate bonds refer to corporate bonds that the company can extend the repayment period after obtaining the consent of creditors when the issued bonds cannot be paid at maturity and new debts cannot be issued to repay the old debts.
Is it classified by option?
(1) Corporate bonds with options refer to some corporate bonds issued by issuers, which give the holders certain options, such as convertible corporate bonds (with options to convert into common stocks), corporate bonds with warrants and repayable corporate bonds (with options for the holders to sell the bonds back to the issuer before the maturity of the bonds).
(2) Corporate bonds without options, that is, corporate bonds in which the issuer has not given the above options to the holders.