MTN refers to medium-term bills, while CP generally refers to short-term financing bills. Others are PPN directional tools and SCP ultra-short-term financing bonds, which are the terms of interbank market products, and of course occasionally appear in the exchange market. 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.

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Although there are many kinds of bonds, they all contain some basic elements in content. These elements refer to the basic contents that must be stated in the bonds issued, and are the main agreements that clarify the rights and obligations of creditors and debtors, including:

1. Bond face value

The face value of bonds refers to the face value of bonds, which is the principal amount that the issuer should repay to the bondholders after the maturity of bonds, and is also the calculation basis for enterprises to pay interest to bondholders on schedule. The face value of bonds is not necessarily the same as the actual issue price of bonds. If the issue price is greater than the face value, it is called premium issue; If it is lower than the face value, it is called discount; And if it is equivalent, it is called parity issue.

2. Repayment period

Bond repayment period refers to the time limit for repaying the principal of the bond stipulated by the corporate bond, that is, the time interval between the bond issuance date and the maturity date. The company should determine the repayment period of corporate bonds in combination with its own capital turnover and various factors affecting the external capital market.

3. Interest payment period

Bond interest payment period refers to the time when an enterprise pays interest after issuing bonds. It can be paid at one time, or 1 year, half a year or three months. Considering the time value of money and inflation, the interest payment period has a great influence on the actual income of bond investors. The interest of a bond that pays interest once at maturity is usually calculated at simple interest; For bonds that pay interest in installments during the year, interest shall be calculated according to compound interest.

4. coupon rate

The coupon rate of bonds refers to the ratio of bond interest to the face value of bonds, which is the calculation standard of the remuneration that the issuer promises to pay to bondholders in a certain period of time. The determination of bond coupon rate is mainly influenced by the bank interest rate, the issuer's credit status, the repayment period and interest calculation method, and the capital supply and demand in the capital market at that time.

5. Name of issuer

The name of the issuer indicates the debt subject of the bond, which provides the basis for the creditor to recover the principal and interest at maturity.

The above elements are the basic elements of the face value of bonds, but not all of them are printed on the face value when they are issued. For example, in many cases, bond issuers announce the term and interest rate of bonds to the public in the form of announcements or regulations.