What's the difference between two kinds of national debt which are both "Phnom Penh bonds"?

Interpretation of conceptual differences

Voucher-type treasury bonds are savings-type treasury bonds, which are purchased by filling in "People's Republic of China (PRC) * * * and China voucher-type treasury bonds", and no physical coupons are printed. The characteristic is that the income is fixed and exceeds the interest rate of fixed deposits in the same period, and the capital preservation is strong. This feature has caused the situation that the demand for each issue of certificate-based government bonds will be in short supply recently.

Book-entry treasury bonds are a kind of treasury bonds that record creditor's rights in the form of bookkeeping, and are mainly issued and traded through the trading system of stock exchanges. You can register to report. Its main feature is that the price fluctuates greatly, which makes the people stay away from it. "The price of national debt can still fluctuate, which makes people feel too nervous. I definitely dare not buy it! " Ms. Li, who bought voucher-type government bonds in the bank, categorically denied the practice of choosing to buy book-entry government bonds as savings.

Unscramble the difference of the second purchase process

Voucher bonds are mainly sold through banks and postal savings channels, while book-entry bonds are mainly sold through exchanges, and there is little difference in the convenience of purchase between them.

The purchase and payment of voucher-type treasury bonds are very convenient, and there are more than 40 commercial banks and nearly 80 thousand postal savings counter outlets in China that can handle this business. During the issuance period, investors can fill in the purchase order at each outlet, and the issuing point will fill in the voucher-type treasury bond receipt voucher, which includes the purchase date, buyer's name, purchase voucher type, purchase amount, ID number and so on. , and then give it to the buyer for signature.

Book-entry treasury bonds are mainly issued and traded through the trading system of stock exchanges, which can be registered and declared, but some book-entry treasury bonds are also traded through bank counters. Investors need to hold shareholder code cards in Shanghai or Shenzhen and make purchases through securities companies that open accounts. The account opening fee is generally 5 yuan. Investors must have at least 1 000 yuan in face value when purchasing book-entry treasury bonds, that is, 10 lot (1 lot, face value 1 yuan). If the face value exceeds 1 000 yuan, it must be a multiple of 1 000 yuan.

This transaction method does not need to hold bond certificates, and the bond custody account opened by the bond custodian will record the bonds held by investors. Investors can buy government bonds at home through telephone entrustment and online trading system, avoiding the pain of queuing in the bank.

At the same time, book-entry treasury bonds can also be bought and sold through bank counters. To purchase this kind of national debt, you need to open a bond custody account, and the fee for opening an account is generally 10 yuan. You can use a bank fund account for trading without any fees.

Unscramble the Three Income Gaps

At present, all voucher-type government bonds basically repay the principal and interest at maturity in coupon rate, with no interest paid in the middle. This is an investment similar to savings. Once redeemed in advance, investors will face the risk of losing some interest income.

For book-entry treasury bonds, the income from holding maturity is also fixed, which is no different from the savings function of voucher-type treasury bonds.

Book-entry treasury bonds are divided into face value (100 yuan) and discount (less than 100 yuan). Government bonds issued at face value will be published in coupon rate. After the expiration of each year, the state will pay interest according to coupon rate, while at discount will not stipulate coupon rate. Interest income during the holding period is RMB 65,438+000 at face value minus the issue price.

However, book-entry treasury bonds are more attractive, because their real rate of return may exceed their coupon rate, and the price fluctuation caused by listing on the exchange is the main reason for this extra income.

Column: If you buy savings bonds with a three-year term of 6,543.8+10,000 yuan, you will get annual interest of 654.38+ 000,000 * 5.74% = 5,740.00 yuan at maturity. 5,740.00 yuan for three consecutive years. From the point of view that interest can also generate interest, "it will be a little more than the three-year one-time interest of certificate-based government bonds 17220.00 yuan." However, his shortcoming is that he can't withdraw in advance within half a year, while voucher-type government bonds can be withdrawn at any time without time limit.

Interpretation of Four Liquidity Differences

Certificate-based government bonds are relatively at a disadvantage in terms of liquidity. Investors don't have to worry about buying during the issuance period. Because there is no secondary market, certificate-based government bonds can't be listed and circulated. Therefore, if investors want to cash out, they need to cash out in advance at the original subscription outlets, but they need to pay a handling fee of 0. 1% to redeem the principal, and pay interest according to the actual holding time and the corresponding grading interest rate. This way of recording interest by holding time makes the buyer completely avoid the interest loss caused by cashing out in advance, and can also be regarded as a compensation for the relative lack of liquidity. In addition, due to people's "special" preference for voucher-type government bonds, redeemed government bonds are often unable to be repurchased, resulting in the same investor selling government bonds only once.

Book-entry treasury bonds are listed on the stock exchange and have strong liquidity. After opening an account in a securities company, investors can buy and sell in the secondary market through the securities trading system, or through telephone entrustment or online trading.

Besides trading on the stock exchange, the bank counter is also an important place for investors to trade book-entry treasury bonds. At present, the four major state-owned commercial banks of industry, agriculture, China and China Construction will, according to the daily transactions in the national inter-bank bond market, hang the buying and selling prices of government bonds at the counters of their subordinate business outlets to ensure that investors can buy and sell government bonds in time.

However, it should be noted that there is a difference between the buying price and the selling price of the bank counter. Therefore, even if there is no need to pay formalities for buying and selling book-entry treasury bonds in commercial banks, for investors, the difference between high selling and low buying is actually the commission paid to banks.

The book-entry treasury bonds quoted by the four commercial banks are all set by themselves, so their quotations on that day may be different. Some people try to arbitrage the operation of inter-bank transactions by transferring custody. However, since the commission for each transaction is 50 yuan, and according to the regulations of the central bank, the bid-ask spread of government bonds published by commercial banks shall not exceed 1%, there is really little chance for investors to exceed the bid-ask spread of transaction costs. However, a senior banker revealed that after the central bank introduced major monetary policies, such as raising interest rates and other measures, commercial banks were not prepared enough, and there might be a large quotation spread and arbitrage opportunities.

Through the above comparison, readers may have a clearer understanding of these two kinds of national debt. Voucher type focuses on safety, and bookkeeping type focuses on income.

Book-entry treasury bond bank counter trading is still relatively unfamiliar to most investors. To this end, relevant experts made it clear to investors through the comparison between book-entry treasury bonds and voucher-type treasury bonds.

First of all, in terms of interest income, the income of interest on voucher debt is relatively fixed; For book-entry treasury bonds, according to the principle of net transaction of treasury bonds, the stipulated interest will be calculated until the day before the transaction.

Secondly, as far as capital gains are concerned, voucher-type government bonds cannot be bought or sold, so they are not capital gains. When investing in book-entry treasury bonds, investors value capital gains. For a simple example, if the interest rate of RMB deposits is lowered, the investment value of national debt will be highlighted. Because the compound interest calculation formula is complicated, simply speaking, if the deposit interest rate of RMB is lowered by 1 percentage point, the yield of 10-year treasury bonds with face value of 100 yuan will be around 10%, which means that the bank's treasury bond quotation is likely to rise to1/kloc-0. Of course, there are many factors that affect the quotation of book-entry treasury bonds, which require investors to have certain theoretical knowledge, analyze the current economic situation and predict the future trend of treasury bonds according to relevant data such as prices and economic growth indexes.

Of course, benefits and risks are also inseparable brothers. From the risk point of view, because voucher-type government bonds can be realized in advance and do not participate in interest rate setting, investors bear almost no risks, but banks bear both liquidity and liquidity risks; The risk of book-entry treasury bonds shall be borne by the investors themselves. However, if investors do not trade with banks in 5-year and 10-year treasury bonds, the interest income is still relatively fixed and the risk is not great.

But for real investors, there is no doubt that book-entry treasury bonds should be chosen;

Note: The above analysis does not consider the change of market interest rate with the remaining term.

The longer the book-entry treasury bonds are held, the closer yield to maturity will be. Regardless of the market interest rate, the yield curve will converge to a point on the maturity date. In other words, when holding book-entry treasury bonds, the risk of yield will be 0.

The intersection of the yield curves of voucher-type treasury bonds and book-entry treasury bonds is advanced, that is, when they are paid within a certain period of time, the yield of voucher-type treasury bonds and book-entry treasury bonds is the same, and this period is extended with the increase of market interest rate. For example, when the market interest rate is 5%, the holding period of the same yield is about 1 year, and when the interest rate is 8%, the holding period of the same yield is more than 3 years. If the future market interest rate is 3%, then it is more favorable to buy book-entry treasury bonds at any time than certificate-based treasury bonds.

Second, the difference analysis of the value deviation between voucher-type treasury bonds and book-entry treasury bonds

Traditionally, it is also a national debt, and there will not be such a big difference in yield because of the place and object of issuance, but it does exist in China's national debt market for a long time, which is unimaginable in developed countries. Analyzing the reasons, I think the main reasons are as follows:

The habit of irrational investment is the most important factor. People are used to buying government bonds in banks, not in other ways.

People hate learning new trading tools, such as the trading system and trading rules of securities companies.

The interest rate risk of book-entry treasury bonds is greater than that of voucher treasury bonds. The risk tolerance of ordinary people is extremely poor. Even if the holding time is extended, this kind of risk can be reduced, and finally stable income can be obtained.

Third, how do investors choose?

For real investors, the reason for buying book-entry treasury bonds is simple-high yield.

After solving the choice of voucher-type treasury bonds and book-entry treasury bonds, we should further solve the problem of which book-entry treasury bonds to buy, which is determined by the following factors:

The expected holding period is the most important premise of the buyer's fund use plan.

Choose the book-entry treasury bonds with the highest internal rate of return within the above period.

If the expected holding period is uncertain, you can buy short-term treasury bonds or make a portfolio of treasury bonds.

The problems faced, how to effectively avoid the risk of market interest rate changes, can be solved through the following programs:

One way to reduce the risk is to buy short-term book-entry treasury bonds in a rolling way, which changes slightly with the change of market interest rate, at the cost that yield to maturity is lower than long-term treasury bonds.

Buying a portfolio of government bonds with multiple maturities can effectively balance the rate of return and risk.