Interest rate:
Three-year period: 5%; 5 years: 5.4%.
In fact, national debt is a very good hedging tool in our asset allocation.
A * * * is divided into voucher type, bookkeeping type and (electronic) savings type. At present, the bonds issued in China are mainly voucher bonds and (electronic) savings bonds.
Voucher-type treasury bonds: the form of treasury bonds receipts is used as the creditor's rights certificate, which can be registered, reported loss, transferred without listing, pledged loans and paid in advance. When the principal is redeemed in advance, the interest will be calculated according to the actual holding days and the corresponding interest rate grade, and the handling agency will charge a handling fee of 1‰ of the paid principal. Voucher-type national debt repays the principal and interest in one lump sum at maturity, excluding compound interest. Voucher bonds are divided into paper voucher bonds and electronic bookkeeping voucher bonds.
Book-entry treasury bonds: also known as paperless treasury bonds, are treasury bonds that are issued by the Ministry of Finance in a paperless way, record creditor's rights in a computerized bookkeeping way, and can be listed and traded. You can register, report the loss, conduct transactions through securities accounts, pledge loans, and cannot repay in advance. Book-entry treasury bonds are usually issued for a long time, and the interest rate in the same period is lower than that of voucher treasury bonds and savings treasury bonds. Investors generally buy low and sell high to get the spread profit. Therefore, there is no risk in acquiring coupon rate at maturity, but there is a certain risk if it is traded in the market. For example, if 100 yuan is used to buy government bonds with an annual interest rate of 3%, and it is sold at the price of 98 yuan after half a year, then it will bear the price difference loss in 2 yuan.
Savings bonds: Also known as electronic national debt, it is a kind of national debt issued by the government to individual investors to absorb personal savings funds and record creditor's rights electronically to meet the needs of long-term savings and investment. Bearer, no loss reporting, no circulation, no listing. If you hold it for more than half a year, you can redeem it in advance, but you will lose interest and pay a handling fee of 1‰. You can pledge the loan and transfer the ownership without transaction. Compared with the simple interest-bearing of certificate-based government bonds, most electronic savings bonds pays interest annually, and the interest is transferred to the fund account designated by the investor on the interest-bearing date every year, and the principal is repaid when the interest is paid for the last time. The interest transferred to the fund account is regarded as resident deposit, and the interest is calculated according to the deposit interest rate, which belongs to compound interest calculation.
Before buying government bonds, they will be repeatedly instilled with the idea of poor liquidity of government bonds. It may not be as bad as you think. The key is to see if it is appropriate:
Book-entry treasury bonds are the most liquid because they can be listed and traded, but they cannot be redeemed in advance. You can get capital gains by listing and trading, buying low and buying high. Voucher treasury bonds and (electronic) savings treasury bonds can be redeemed in advance, and interest and handling fees can be paid according to the provisions of current treasury bonds, which can be used for pledge loans, but they cannot be listed and traded.