Government bonds are bonds issued by the government to raise funds. It mainly includes national debt and local government bonds, the most important of which is national debt. National debt is also called "Phnom Penh bond" because of its good reputation, excellent interest rate and low risk. In addition to bonds directly issued by government departments, some countries classify government-guaranteed bonds as government bond systems, which are called government-guaranteed bonds. This kind of bond is issued by some companies or financial institutions directly related to the government and guaranteed by the government.

The types of national debt issued in the history of our country are mainly national debt and national debt, among which national debt has been issued almost every year since 198 1. Mainly for enterprises and individuals; National bonds were issued, including national key construction bonds, national construction bonds, financial bonds, special bonds, value-added bonds and capital construction bonds. Most of these bonds are issued to banks, non-bank financial institutions, enterprises and funds, and some are issued to individual investors. Treasury bill rate for individual issuance is basically determined according to the bank interest rate, which is generally higher than the bank deposit interest rate in the same period by 1~2 percentage points. When the inflation rate is high, the national debt is also hedged.

2. Financial bonds

Financial bonds are bonds issued by banks and non-bank financial institutions. In China, financial bonds are mainly issued by policy banks such as China Development Bank and Export-Import Bank. Financial institutions generally have strong financial strength and high credit, so financial bonds often have a good reputation.

3. Corporate (enterprise) bonds

In foreign countries, there is no distinction between corporate bonds and corporate bonds, which are collectively referred to as corporate bonds. In China, corporate bonds are bonds issued and traded in accordance with the Regulations on the Administration of Corporate Bonds, which are supervised and managed by the National Development and Reform Commission. In practice, the issuer is a subsidiary of the central government department, a wholly state-owned enterprise or a state-controlled enterprise. Therefore, it largely reflects the government's credit. The corporate bond management institution is China Securities Regulatory Commission, and the issuer is an enterprise legal person established in accordance with the Company Law of People's Republic of China (PRC). In practice, the issuer is a listed company, and its credit guarantee is the issuer's asset quality, operating conditions, profitability and sustainable profitability. Corporate bonds are uniformly registered and managed by the securities depository and clearing company, and they can apply for listing and trading on the stock exchange. The credit risk is generally higher than that of corporate bonds. The Measures for the Administration of Debt Financing Instruments for Non-financial Enterprises in the Inter-bank Bond Market, which came into effect on April 15, 2008, further promoted the issuance of corporate bonds in the inter-bank bond market, and corporate bonds and corporate bonds became more and more important investment targets for commercial banks in China.

Divided by property guarantee

1. mortgage bonds

Mortgage bonds are bonds secured by enterprise property, which can be divided into general mortgage bonds, real estate mortgage bonds, movable property mortgage bonds and securities trust mortgage bonds according to different collateral. Taking real estate as collateral, such as houses, is called mortgage bonds; Movable property, such as marketable goods, is called chattel mortgage bond; Securities trust bonds are bonds with stocks and other bonds as collateral. Once the bond issuer defaults, the trustee can sell the collateral to guarantee the creditor's priority.

2. Credit bonds

Credit bonds are bonds issued entirely by credit, without any company property as a guarantee. National debt belongs to this kind of bond. This kind of bond has solid reliability because of the absolute credit of its issuer. In addition, some companies can also issue such bonds, that is, credit company bonds. Compared with mortgage bonds, holders of credit bonds bear greater risks, so they often demand higher interest rates. In order to protect the interests of investors, companies that issue such bonds are often subject to various restrictions, and only those large companies with outstanding reputation are eligible to issue them. In addition, protective clauses should be added to bond contracts, such as not mortgaging assets to other creditors, not merging other enterprises, not selling assets without the consent of creditors, and not issuing other long-term bonds.

Classification by bond form

1. Physical bonds (bearer bonds)

Physical bond is a bond with standard format and physical surface. It corresponds to a non-physical ticket, which simply means that the bonds issued to you are paper rather than the numbers in the computer.

The face of its bonds is generally printed with various bond face elements such as bond denomination, bond interest rate, bond term, full name of bond issuer and repayment method. It is anonymous, does not report the loss and can be listed and circulated. Physical bonds are bonds in a general sense, and many countries have clearly stipulated the format of physical bonds through laws or regulations. Physical bonds will be phased out due to the high issuance cost.

2. Certificate bonds

Voucher-type national debt refers to the national debt issued by the state by filling in the "treasury receipt voucher" instead of printing physical coupons. China began to issue voucher-type government bonds from 1994. Voucher-type treasury bonds are similar to and superior to savings, and are often called "savings-type treasury bonds", which is an ideal investment method for individual investors with the purpose of saving. Interest is calculated from the date of purchase and can be registered and declared, but it cannot be listed and circulated. Similar to saving, but the interest is higher than saving.

3. Bookkeeping bonds

Bookkeeping bonds refer to bills that have no physical form, record creditor's rights by computer bookkeeping, and are issued and traded through the trading system of stock exchanges. Book-entry treasury bonds issued and traded in China through the trading systems of Shanghai and Shenzhen stock exchanges are examples in this regard. Investors buying and selling book-entry bonds must set up an account in the stock exchange. Therefore, book-entry treasury bonds are also called paperless treasury bonds.

Book-entry treasury bonds can be transferred in the securities market at any time after purchase, which is highly liquid, just like buying and selling stocks. Of course, in addition to the interest due (market pricing has been considered), you can also get a certain price difference income (the possibility of loss is not ruled out). There are two kinds of treasury bonds: interest-bearing bonds and zero coupon bond. Interest-bearing bonds are issued at face value and pay interest once or more every year. In discounted zero coupon bond, they are paid at face value at maturity. There is no interest in it.

Because the issuance and transaction of book-entry treasury bonds are paperless, the transaction efficiency is high and the cost is low, which is the trend of bond development in the future.

The difference between book-entry treasury bonds and voucher treasury bonds;

1. In the way of issuance, book-entry treasury bonds are issued through computer bookkeeping and paperless, and voucher-type treasury bonds are issued through paper accounting vouchers;

2. In terms of circulation and transfer, book-entry treasury bonds can be bought and sold freely, and circulation and transfer are also convenient and fast. Voucher bonds can only be redeemed in advance and cannot be circulated, and there is a handling fee for redemption in advance;

3. In terms of debt service, book-entry treasury bonds pay interest every year, which can be automatically received by the computer system on the same day. After the maturity of the certificate-based national debt, the customer needs to go to the bank to pay interest at one time.

4. From the perspective of profitability, book-entry treasury bonds are slightly better than voucher-type treasury bonds, and the coupon rate of book-entry treasury bonds is usually slightly higher than that of voucher-type treasury bonds of the same term.