Public bonds are the symmetry of private bonds.

Bonds issued by a company to the public.

Publicly offered bonds can be underwritten or sold through intermediaries.

Underwriting means that the underwriter will sell all the bonds within the agreed time, and the unsold portion will be subscribed by the underwriter himself; agency sales means that the agent will try his best to sell, but the seller does not guarantee that all the bonds will be sold out.

At maturity, the agent returns the unsold bonds to the issuer.

When issuing public bonds, you must: follow the information disclosure system to ensure the interests of investors; obtain approval from relevant departments (such as the Securities and Exchange Commission); and have the credit rating assessed by a recognized credit rating agency. Different credit levels have different bond issuance conditions.

Also different.

In Europe, the distinction between public and private bonds is not clear, but this is not the case in the United States and Japan.

In the United States, when issuing public bonds, it must be registered with the Securities Commission in accordance with the Securities Act of 1933.

In Japan, when issuing public bonds, a securities report must be submitted in accordance with the Securities and Exchange Act.

After issuance, securities reports will be submitted every statistical year to provide security holders with relevant securities information to protect the interests of investors.

In addition, Japanese Securities Law also stipulates that bonds with more than 50 investors are public bonds, and vice versa are private bonds.

Issuing public bonds helps to increase the issuer's profile.

Private Placement Bond Bonds are classified according to the method of issuance and can be divided into public placement bonds and private placement bonds.

Private placement bonds are bonds raised from a small number of investors who have a specific relationship with the issuer, and their issuance and transfer have certain limitations.

The issuance procedures for private placement bonds are simple and generally cannot be traded on the securities market.

The distinction between public bonds and private bonds is not obvious in the European market, but in the bond markets of the United States and Japan, this distinction is very strict and very important.

Warm reminder: 1. The above content is for reference only and does not make any recommendations; 2. Before investing, it is recommended that you first understand the risks of the project, and have a clear understanding of the project’s investors, investment institutions, chain activity and other information.

Rather than investing blindly or entering the capital market by mistake.

Investment involves risks, so be cautious when entering the market.

Response time: 2021-11-26. For the latest business changes, please refer to the official website of Ping An Bank.