The determinants of national debt interest rate in different periods are different. The change of national debt interest rate is mainly determined by three factors, namely, bank deposit interest rate, financial market interest rate and economic development level.
1. Bank deposit interest rate is often the target of national debt interest rate. The interest rate of bank deposits is slightly lower than that of national debt, but it is also stable. Steady investors usually consider bank deposits when they can't buy government bonds, and the interest rate of government bonds will be slightly higher than that of savings deposits on the basis of bank interest rates.
2. The interest rate of national debt depends on the average interest rate of various securities in the financial market. If the interest rate of national debt is too high, it will not only cause the financial burden of the country, but also squeeze other creditor products in the market. If the interest rate of the whole market rises, it will have a negative impact on the securities market. Simply put, if the interest rate of national debt is too high, it will also cause blood loss to the high-risk securities market, and the liquidity of the securities market will be problematic.
3. The interest rate of national debt also needs to consider economic development. If the social capital is sufficient, the interest rate of national debt will decrease, and if the social capital is tight, the interest rate of national debt will increase accordingly. This is also a question of balance between supply and demand. In the case of sufficient social capital, higher interest rate of national debt will lead to extra interest payment by the state, while in the case of sufficient social capital, lower interest rate of national debt will lead to poor issuance of national debt. In 2022, affected by the epidemic, residents' income was low, social funds were not much, and the stock market developed. Based on the above three factors, the interest rate of electronic savings bonds issued on June 10 may be raised, but the adjustment will not be too big.
Types and purchase methods of national debt 1, savings bonds is the favorite choice of prudent investors, and savings bonds's national credit endorsement has higher income than bank time deposits and less risk than investing in the stock market, so buying savings bonds is a prudent and profitable investment. In addition to electronic savings bonds, there are voucher bonds and book-entry bonds, and the repayment methods of interest are also different. Savings bonds repay the principal and interest once a year after the interest payment expires; Certificate bonds have a fixed term, and the principal and interest are repaid at maturity. If it is not held at maturity, the interest will be recorded in segments according to the holding period. Book-entry treasury bonds are more flexible and pay interest on schedule.
2. savings bonds can buy from the bank, with 100 shares as the first hand, and the national debt is purchased at an integer multiple of 100 yuan; Voucher bonds are also purchased in banks, but they are rarely issued, which is generally an integer multiple of 1000 yuan; Book-entry treasury bonds can be purchased in banks and securities companies, with a face value of 100 yuan, which is an integral multiple of 10.
It should be noted that book-entry treasury bonds can be traded through securities accounts, and if there is market fluctuation, book-entry treasury bonds may suffer losses.
It is not easy for ordinary people to buy national debt. From the perspective of investment stability, many people want to buy government bonds. Compared with new shares, national debt is easier to win, but it is not easy to buy. The issuance of government bonds is distributed by the central bank to banks for sale in proportion. The business departments of banks purchase from superior units through the system, and some business departments will not be able to purchase, and the successful business departments will generally give priority to large customers. The distribution of the business department is also to prevent the deposit amount of this business headquarters from falling sharply.
If you don't often deal with banks, the chances of ordinary investors buying government bonds are very small, especially those who are unfamiliar with government bonds and want to buy them can't buy them without in-depth understanding. If you can't buy government bonds and want to invest stably, you can consider bond funds in addition to time deposits.
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