Urban investment bonds: Generally speaking, compared with industrial bonds, they are mainly issued for investment purposes such as urban infrastructure. Urban investment bonds, also known as "quasi-municipal bonds", are local investment and financing platforms for publicly issuing corporate bonds and medium-term notes, and their main businesses are mostly local infrastructure construction or public welfare projects.
Local debt: also known as local government bonds, refers to bonds issued by local governments and local public institutions in a country with fiscal revenue. Local government bonds are generally used for the construction of local public facilities such as transportation, communication, housing, education, hospitals and sewage treatment systems. Local government bonds are generally based on the tax capacity of local governments as a guarantee for repayment of principal and interest. There are two modes of local bond issuance. The first mode is that local governments issue bonds directly. The second is that the central government issues treasury bonds and then lends them to local governments, that is, the central government issues treasury bonds for local use. Under certain circumstances, local government bonds are also called "municipal bonds".
The creditor's rights bound by government credit are mainly divided into four categories: national debt, policy financial debt, local government debt and urban investment debt.
Treasury bonds are mainly divided into book-entry treasury bonds and savings treasury bonds according to storage purposes; Local government bonds are divided into general bonds and special bonds according to the use of funds; Financing platforms controlled by local governments at all levels are mainly divided into standard debt and non-standard creditor's rights according to different financing channels. Treasury bonds are theoretically risk-free bonds, while local government bonds and urban investment bonds are actually risk-free bonds interpreted by Jiang Chao, chief economist of Haitong Securities. According to the risk of recent urban investment bonds, local governments will actively raise funds to pay.
National debt:
The main issuer of national debt is the Ministry of Finance, which is endorsed by national credit, so it is extremely safe. The yield of government bonds has always been regarded as a risk-free interest rate. Theoretically, no wealth management product is absolutely safe except national debt. At present, China's national debt is divided into savings bonds and book-entry national debt. In addition, voucher-type treasury bonds and special treasury bonds were issued in earlier years.
Relatively speaking, savings bonds has a higher yield, with the 3-year and 5-year yields reaching 4% and 4.27% respectively. However, it is only open for purchase within a certain period and cannot be circulated. It can be redeemed in advance, but some gains need to be lost. The income of book-entry treasury bonds is relatively low, but they can be circulated in the market and can be purchased at any time through online banking and securities households on trading days.
Savings-type national debt:
Savings bonds is similar to a bank time deposit, which can be withdrawn in advance, but it needs to pay a handling fee of 0. 1% to the underwriter, and at the same time, it will lose some income. It can be purchased through the online banking or counter of ICBC or CCB. At the same time, the national debt is generally in short supply, and investors who are interested in buying it should try their best to start at the initial stage of issuance.
Book-entry treasury bonds:
Book-entry treasury bonds are divided into interest-bearing treasury bonds and discounted treasury bonds. It is not difficult to understand that one is interest bearing, that is, the face value 100 yuan, and the income is distributed regularly during the holding period, and the general term is longer; One is discount, that is, the face value is less than 100 yuan and there is no income during the holding period. Pay you 100 yuan after maturity, usually short. The circulation and frequency of book-entry treasury bonds are much higher than that of savings bonds. The actual yield of book-entry treasury bonds still has a little room for imagination.
The above is the national debt, so make a summary on the blackboard:
First of all, no product is safer than national debt. The risk-free interest rate and opportunity cost we refer to the income of national debt in the same period. Second, book-entry treasury bonds are more flexible and easier to buy than savings bonds, but the income is not as good as that of savings bonds; If you want to buy, we recommend savings bonds and policy financial bonds issued by CDB.
Local government bonds:
Local government bonds are bonds issued to the market by the financial departments of provinces, municipalities directly under the central government and cities under separate state planning, and are divided into general bonds and special bonds according to the use of funds and repayment arrangements.
General bonds are used for pure public welfare undertakings, and the project itself has no return income, which is repaid with general budget income; Special bonds are used for public welfare undertakings with certain income and are repaid with government fund income. The issuance of local government bonds must be within the government debt limit approved by the State Council, with an upper limit. From the State Council to the provincial finance, and then from the provincial finance department to the cities and counties under its jurisdiction, the payment is also unified by the provincial finance. After deliberation and approval by the National People's Congress, the national local government debt limit in 20 19 was 24,077.43 billion yuan. Among them, the general debt limit is 13308922 million yuan, and the special debt limit is 10768508 million yuan. In addition, in March this year, local bonds began to trade over the counter. Local bonds are issued at counters in Ningbo, Zhejiang, Shaanxi, Beijing, Shandong and Sichuan, with a coupon yield of about 3.3%.