That the bond holders (creditors) the right to obtain a fixed interest rate schedule, due back the principal securities. Is a kind of securities. A national issue of public bonds, treasury bills and corporate bonds issued by joint-stock companies.
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zhài quàn
A government or company issuing vouchers, which could be exchanged for cash, there is interest. Government-issued bonds that the bonds
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No. 3
The bond holders receive a fixed schedule of interest and repayment of principal of the evidence obtained. Lu Xun's "Letter of the two Xu Guangping Ninth Five-Year": "I is not to the creditor itself, and no debt."
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No. 4
Public debt.
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Bond concepts:
Bond (bond) is the government, when financial institutions, businesses and other institutions to borrow directly from the community to raise funds, to be issued to investors, and promised to pay interest according to the agreed terms of repayment of debt principal debt obligations by a certain rate. The nature of the bond is a certificate of debt, with the force of law. Is a relationship between bond debt bond buyers and issuers, the bond issuer is the debtor, the investor (or bondholders) that creditors. A bond is a portfolio, is the subject of various economic and social to raise funds issued to bond investors, and promise to pay interest periodically at a certain interest rate and bond debt obligations due for repayment of principal. Interest on bonds is usually due to the pre-determined, so the bond is also known as fixed interest securities.
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Meaning bonds
National government bonds, while financial institutions, enterprises and other institutions to borrow directly from the community to raise funds issued to investors, and promised to pay interest rates as required according to the agreed terms to repay debts certificate principal. Thus, the bond contains the following four meanings: 1. Bond issuer (government, financial institutions, enterprises and other organizations) who are borrowed funds; 2. Investors who buy bonds are lending money; 3. Issuer (borrower) requires a certain period of debt; 4. A bond is a certificate of debt, with the force of law. Is a debtor-creditor relationship between the purchaser and the bond issuer, the bond issuer is the debtor, the investor (or bondholders) that creditors.
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Elements coupon bonds
Bond certificates as proof of debt payment, usually with a coupon in the form of a certain format to performance. Typically, the bond coupon basic content elements indicated are: The basic elements of the bond is mainly constituted by the following aspects: Par value Include: currency; par value Payback period From the date of issue of the Bonds until the time of day to pay off the principal and interest of the ending. Bond rates Interest on bonds and bond par value ratio, usually expressed as a percentage per annum. Name of issuer Specify the subject of debt bonds, provide the basis for a creditor to recover the principal and interest become due. The four elements are the basic elements of the coupon, but not necessarily at issue in the face of all printed out, for example, in many cases, the duration of the bond issuer is a form of regulations published announcements or bonds to the public and interest rates. In addition, some bond also contains other elements, such as servicing mode.
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Bond characteristics:
Bonds as a bond debt obligations, and other securities, just as a kind of virtual capital, rather than real capital, it is the practical application of the economic operation of the certificate of real capital. Bonds as an important means of financing and financial instruments with the following characteristics: (1) Repayment of sex. Bonds are generally provides for repayment, the issuer must repay the principal and interest payments on contracts. (2] liquidity. Bonds - as can circulate freely transferable in the market. (3) security. Compared with stocks, bonds usually provide a fixed interest rate. There is no direct link with business performance, revenue is relatively stable, with less risk. In addition, in bankruptcy, bond holders have priority in the stock holders of the remaining as_set_s of the enterprise to obtain the right. (4) profitability. Revenue of bonds mainly manifested in two aspects, one can invest in bonds to investors on a regular or irregular basis to bring income: Second, investors can take advantage of movements in bond prices, the sale of bonds to earn the difference.
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Types of bonds
1. Whether the claims secured by, mortgage bonds and bonds can be divided into credit bonds. (1) mortgage bonds are secured corporate as_set_s as bonds, according to different collateral can be divided into general mortgage bonds, real estate, mortgage bonds, mortgage bonds and securities credit chattel mortgage bonds. Mortgage bonds can be divided into two kinds of open and closed. "Closed" corporate bond issuance amount will be limited, which can not exceed the value of its mortgage as_set_s; "open" unlimited amount of corporate bond issuance. The value of mortgage bonds depends on the value of the encumbered as_set_s. Value of the collateral-backed bonds generally exceed the value it provides 25% to 35%. (2) Credit bonds are not guaranteed by any company property as completely with bond credit issued. Only the holders of the company's non-mortgage as_set_s with recourse, corporate profitability is the main guarantee of these bonds investors. Because there is no credit bonds secured property, so in the bond contract must be added protective provisions, if they can not be secured by as_set_s other creditors, not mergers and other enterprises, the as_set_s can not be sold without the consent of the creditor, not the issue of other long-term bonds. 2. According to whether the company can shoot exchange stocks, bonds can be divided into non-convertible bonds and convertible bonds. (1) convertible bonds can be converted by means of a fixed ratio of ordinary shares into bonds within a specific period, it has the dual attributes of debt and equity, belongs to a mixed financing. As the convertible bond entitles the holder the right to become shareholders of the company in the future, so the interest rate is usually lower than non-convertible bonds. If the conversion is successful in the future, the issue before the conversion of low-cost financing for enterprises to achieve the purpose, and then convert the stock issuance cost savings. In accordance with "Company Law", the issuance of convertible bonds by the securities administration department of the State Council approved the issuing company should also have the issue of corporate bonds and shares outstanding condition. (2) non-convertible bonds are bonds that can not be converted into ordinary shares, also known as ordinary bonds. Due to its bondholders in the future are not given the right to become shareholders of the company, so the interest rate is generally higher than the convertible bonds. Bond issues discussed in this section is mainly for ordinary bonds. 3. Interest rates are fixed according to the bond can be divided into fixed-rate bonds and floating rate bonds. (1) fixed-rate bonds will pay interest on the interest rate of its printing press in the coupon to bondholders bonds. The interest rate does not vary with changes in market interest rates adjusted, fixed-rate bonds and thus can better resist the risk of deflation. (2) a floating rate bond coupon rate is adjusted with changes in market interest rates. Because the floating rate bonds with interest rates linked to the current market rates, and the current market interest rates and took into account the effects of inflation, so the floating rate bonds can better resist the risk of inflation. 4. According to whether early repayment, bonds and callable bonds can be divided into non-redeemable bonds. Bonds are redeemable prior to maturity means the issuer can recover the prior agreement of the redemption price of bonds. Callable bonds issued mainly on account of the company's future investment opportunities and avoid interest rate risk and other issues, in order to increase the flexibility of the company's capital restructuring. The most critical issue of redeemable bonds issue is the redemption period and the redemption price of the formulation. Bonds are not redeemable prior to maturity of the bonds that can not be recovered bonds. 5. In different ways according to the repayment of bonds can be divided into a maturity bonds and bond maturity stages. A maturity at issuance of corporate bonds are bonds the maturity date of the bonds to repay the principal amount of all bonds; staging maturity bonds in the bond issue is the time it provides for bonds of different maturities, that batches of bonds to repay the principal . Installment maturity bonds can reduce the financial burden of the issuing company focused on principal.
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The difference between bonds and bond funds
Bond Fund is an investment in bonds subject securities investment fund, which funds many investors by focusing on bonds portfolio, seeking a more stable income. With the development of the bond market, bond funds have also become important types of securities investment funds, their second in size only equity funds. Bond funds have the following characteristics: A low-risk, low income. Since bond yields stable, the risk is small, relative to stock funds, bond funds are not low risk but high returns. 2, the cost is lower. As the bond investment management better than stock investment management complex, bond fund management fees are relatively low. 3, stable income. Investments in bonds have interest return on a regular basis, also promised debt maturity, and therefore more stable yield bond fund. 4, focusing on current income. Bond fund the pursuit of profit is more fixed income, relative to the potential lack of appreciation of the stock fund, the more suitable not want too much risk, investors seeking stable income for the current period. Relative to direct investments in bonds, investors in bond funds has the following advantages: A lower risk. Bond fund investors by focusing on different bonds portfolio, individual investors can effectively reduce the risk of a direct investment in bonds may face. 2, the expert operations. With the increasingly diverse types of bonds, bond investors want to invest not only to study carefully the entity issuing bonds, but also to determine the interest rates and other macroeconomic indicators, often inadequate, while investing in bond funds can share expert operating results. 3, strong liquidity. If investors to invest in non-tradable bonds. Only the maturity to be honored, while indirect investment through bond funds in bonds, you can get a very high liquidity, bond funds can be held at any time of the transfer or redemption. China currently has nearly 18 bond funds, the total share of nearly 400 million copies.
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The basic elements of Bonds
Bond issuers issued in accordance with legal procedures, agreed in a certain period of debt securities to the bondholders. A bond is a debt certificates, reflecting the debtor-creditor relationship between the publisher and the purchaser. Despite the varied types of bonds, but the content should be included in some of the basic elements. These elements must be stated is the basic content of the bond issue, which is clearly the rights and obligations of the debtor's creditors and major conventions, including: 1. Nominal value of the bonds. Nominal value of the bonds is the par value of the bonds, is the principal amount of the issuer of the bond holders after the maturity of the bonds to be repaid, but also companies scheduled payment of interest calculated according to the bondholders. Nominal value of the bonds and the actual bond issue price is not necessarily the same, the issue price is greater than the nominal value of the issue is called a premium, called the discount is less than the par value. 2. Coupon rate. The coupon rate of the bonds is defined as the ratio of the nominal value of bonds and bond, the issuer promises to pay is after a certain period to calculate the standard bondholders reward. The coupon rate is determined mainly by the bank interest rate, issuer credit status, repayment period and interest calculation methods and the impact on the capital market factors such as supply and demand of funds at that time. 3. Interest payment period. Interest-bearing debt refers to the time period of interest on corporate bonds issued after the payment. It can be paid at maturity, or one year, six months or three months in arrears. In consideration of the time value of money and inflation factors, the payment period has a great influence on the actual yield bond investors. Interest due on the bonds, the interest is usually simple interest calculations; while interest-bearing debt by installments during the year, of which the interest is compounded computing. 4. Repayment. Debt repayment is the deadline stated in the corporate bonds to repay the principal amount of the bond, that the time between the issue date to maturity interval. Company to combine a variety of factors outside its own liquidity position and capital markets to determine the repayment of corporate bonds.
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Bond issue
1. Conditions of the bond issue. In accordance with "Company Law", the subject of the bond issue, mainly corporate enterprises and state-owned enterprises. Corporate bond issuance conditions are: Net as_set_ value (1) Company of not less than RMB 3,000 yuan, net as_set_s of the limited liability company is not less than RMB 6,000 yuan. (2) the cumulative total debt does not exceed 40% of net as_set_s. (3) the last three years average distributable profits sufficient to pay interest on the public debt a year can. (4) financing of capital investment in line with national industrial policy. (5) bond interest rate must not exceed the level of interest rates by the State Council. (6) other conditions. 2. Issue price of bonds. Issue price of the bonds, is the original investors in the bond purchaser shall pay the bond market prices, the nominal value of which is consistent with the bond may also be inconsistent. In theory, the price is the present value of the bond issue was to pay interest on the nominal value of the bonds and the prevailing market interest rate issue get. Relationship shows that the coupon rate and the market interest rates affect the issue price of bonds. When the bond coupon rate equal to the market rate, the bond issue price equal to the par value; When the bond coupon rate below the market rate, the nominal value of the issue of enterprises still can not attract investors, it is generally issued at a discount; Conversely, when the bond coupon rate is higher than the When market interest rates, companies are still issuing costs will increase the nominal value of the issue, it is generally issued at a premium. In practice, the issue price is generally based on the above formula is the basis for determining the actual issue price, but also with the issue of the credibility of the company's own situation.
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Bond trading
Trading of listed bonds generally have bond spot trading, bond repurchase transactions, bond futures. Currently in the deep bond Shanghai Stock Exchange's stock trading and repo transactions. (A) spot trading Also known as cash spot trading, bond buyers and sellers on the trading price of the bonds were satisfied, immediately after the transaction handle delivery, or within a very short time handle transactions for delivery. For example, investors can directly through the securities account of each country in the Shenzhen Stock Exchange trading of debt securities business outlets species already listed. (Ii) repurchase transactions Refers to the bond holders and one side of the coupons while shopping coupons parties to reach a deal, the provisions of the party ticket at a future agreement must be agreed by both parties time to purchase ticket prices again from square to repurchase previously sold there that Pen bonds, and agreed interest rate (price) to pay interest. Currently the Shanghai and Shenzhen stock exchanges have bond repurchase transactions, but only allows legal institutions account trading, individual investors can not participate. (C) Futures Bond futures trading is a group of parties to the transaction after transaction, _set_tlement and clearing of futures contracts in accordance with the provisions of the price of a particular time in the future. Currently the Shanghai and Shenzhen stock exchanges are not open bond futures.
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Features bond financing
1 bond financing advantages. Low (1) cost of capital. Deductibility of interest bonds may, with tax-deductible role; another bond investors is lower than the investment risk of the stock investors, and therefore the rate of return on their requirements are relatively low. Therefore, the cost of capital is lower than corporate bonds ordinary shares. (2) has a financial leverage. Interest on bonds is fixed fee, in addition to the bondholders receive interest, but can not participate in the distribution of net profit, which has financial leverage, interest income in the case under the pre-tax profit will increase at a faster rate of shareholders increased. (3) The funds raised are long-term funding. Funds raised by issuing bonds are generally long-term funds available for business use in more than one year's time, it provides a strong financial support arrangements for the enterprise investment projects. Wide range (4) bond financing, a large amount. Bond financing for a wide range of objects, both may apply to all types of banks and non-bank financing institutions vague, it may apply to other legal entities, personal financing, and therefore easier to raise capital financing for a larger amount. 2. Disadvantages bond financing. (1) financial risks. Bonds have a fixed maturity and a fixed interest payments, when corporate cash flow difficulties, easy to fall into financial difficulties the industry, and even bankruptcy liquidation. Future earnings and therefore financing companies to issue bonds in the fund-raising, we must consider the use of funds raised from the bond financing investment projects carried out the stability and growth issues. (2) multi-restrictive clauses, the lack of flexibility in the use of funds. Because creditors do not have the right to participate in enterprise management, in order to protect the safety of creditor claims usually include a variety of restrictive clauses in bond contracts. These restrictive provisions will affect the flexibility of enterprise funds.
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Calculation of bond yields
When people invest in bonds, bond yields are most concerned about is how much. In order to accurately measure the bond yields, bond yields generally use this indicator. Bond yields are bond yields and their principal investment ratio, usually expressed in annualized. Unlike bonds bond yields. Interest on bonds and bond coupon rate refers only to the product of the nominal value of the bond. However, because people in the bond holding period, also ha in the bond market to be traded to earn spreads, so bond yields in addition to interest income, but also includes trading gains and losses spread. Major determinant of bond yields, bonds have a coupon rate, maturity, pretty face, and the purchase price. The most basic bond yields is calculated as: Bond yields: (principal and interest become due and - the issue price) / (repayment issue price *) * 100% Bondholders may be transferred bonds due in bond repayment period, therefore, bond yields can also be sold into bond yields yields, bond buyers and bond yields have periods of paternity. Each is calculated as follows: Bond sellers benefit rate = (buy at the price - the issue price plus the interest holding period) / (issue price * holding period) * 100% Yield bond buyers = (principal and interest become due and - purchase price) / (purchase price * remaining period) * 100% Bond yields holding period = (sell price - buy price + interest only period) / (purchase price * holding period) * 100% If a person on January 1, 1995 at a price of 102 yuan to buy a piece of a face value of 100 yuan, the interest rate is 10% per annum payable on January 1, 1991 issue of interest 5-year Treasury bills, well held to expires Jan. 1, 1996, the Yield bond buyers = (100 +100 * 10% -102) / (102 * 1) * 100% = 7.8% Bond yields sellers = (102-100 +100 * 10% * 4) / (100 * 4) * 100% = 10.5% Again in 1993, a person with a) the date of purchase plant par value at a price of 120 yuan to 100 yuan, the rate was 10%, 10-year Treasury every year on January 1, 1992 interest payment once issued, and holds the January 1, 1998 at a price of 140 yuan to sell, then Bond yields holding period = (140-120 +100 * 10% * 5) / (120 * 5) * 100% = 11.7% The above calculation does not consider factors reinvested interest earned proceed. The interest earned is reinvested earnings account human bond yields, pursuant to calculate the yield of rice, is compounded yield.
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Special type of bond
Special type of bond, such as convertible bonds. According bonds negotiable or not can also be divided into tradable and non-tradable bonds bonds, or bonds listed or unlisted bonds, and so on. Many bond division method, just a bond can be attributed to many species. Such as: 998 bonds, which can be attributed to government bonds, it is interest-bearing bonds, it is long-term bonds, listed bonds, finally, it can be attributed to the public offering of unsecured bonds and debentures. Other bonds as well. A listed bond After the issuance of the Shanghai and Shenzhen stock exchanges, namely the transfer of traded bonds on the secondary market for the listing of bonds, including the listing of government bonds, corporate bonds and listing of listed convertible bonds. Good liquidity of listed bonds, realized easily adapted to readily realizable investment needs required to idle funds. Second, the Treasury Also called the national debt, the credit is based on the principle of the central government to assume responsibility for the debt financing of debt obligations premise funds. The main varieties of bonds issued in the history of our country are: Treasury bills and government bonds. Among them, the Treasury since 1981, basically every year after issuance. Mainly for enterprises and individuals; countries have issued bonds, including key national construction bonds, national construction bonds, financial bonds, special bonds, indexed bonds, infrastructure bonds, most of these bonds to banks, non-bank financial institutions, corporations, funds directed issue, but also on the part of individual investors issue. Treasury bill rate is basically issued to individuals to develop according to bank interest rates generally higher than bank deposit rates over the same period of 1 to 2 percentage points. At higher inflation, Treasury also uses hedging approach. Third, corporate bonds Corporate bonds are issued company in accordance with legal procedures, agreed in a certain period of debt securities. Usually refers to bonds issued by corporations, corporate bonds are not part of our shares in the company, the general type of bond called corporate bonds. According to the Shanghai and Shenzhen stock exchange regulations on listed corporate bonds, corporate bonds issued by the body can be stock companies, as well as limited liability companies. Application for listing of corporate bonds must meet the following conditions: 1. Departments authorized by the State Council approved and public offering; Corporation's net as_set_s of not less than thirty million yuan, net as_set_s of the limited liability company is not less than sixty million yuan; 2. Cumulative total face value of outstanding debt does not exceed 40% of net as_set_ value; 3. The last three years average distributable profits sufficient to pay interest on bonds a year; 4. To raise funds to invest in line with national industrial policy and the issue of the approval authority approved uses; 5. Term bonds is more than one year; 6. Rate bonds shall not exceed the level of interest rates by the State Council; 7. The actual amount of the bond issue is not less than fifty million yuan; 8. Bond credit rating of not less than a Class A; 9. Bond guarantor guarantees their security conditions are met by laws and regulations; credit when aaa grade bonds issued by the competent authorities and agreed to waive the bond except the guarantee. 10. The company still meets the statutory bond issuance conditions for listing its bonds; other conditions approved by the Exchange. Fourth, convertible bonds Currently in Shanghai and Shenzhen stock exchange convertible bonds that can be converted into stock of corporate bonds, common stocks and bonds both dual characteristics. An important feature is to have the conversion price. After the agreed period, investors can be held at any time by the stock transfer vouchers converted into shares. Convertible bond's interest rate is the annual interest rate on the face amount, generally low interest rates than ordinary corporate bonds, usually issued at par value in issue. The conversion price is the par value of bonds issued stock for each share conversion required. Convertible bonds have these characteristics: First, you can expect an increase in value. Second, as a bond, the lower its price support, not as first mate fell like a stock.
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Special type of bond
Special type of bond, such as convertible bonds. According bonds negotiable or not can also be divided into tradable and non-tradable bonds bonds, or bonds listed or unlisted bonds, and so on. Many bond division method, just a bond can be attributed to many species. Such as: 998 bonds, which can be attributed to government bonds, it is interest-bearing bonds, it is long-term bonds, listed bonds, finally, it can be attributed to the public offering of unsecured bonds and debentures. Other bonds as well. A listed bond After the issuance of the Shanghai and Shenzhen stock exchanges, namely the transfer of traded bonds on the secondary market for the listing of bonds, including the listing of government bonds, corporate bonds and listing of listed convertible bonds. Good liquidity of listed bonds, realized easily adapted to readily realizable investment needs required to idle funds. Second, the Treasury Also called the national debt, the credit is based on the principle of the central government to assume responsibility for the debt financing of debt obligations premise funds. The main varieties of bonds issued in the history of our country are: Treasury bills and government bonds. Among them, the Treasury since 1981, basically every year after issuance. Mainly for enterprises and individuals; countries have issued bonds, including key national construction bonds, national construction bonds, financial bonds, special bonds, indexed bonds, infrastructure bonds, most of these bonds to banks, non-bank financial institutions, corporations, funds directed issue, but also on the part of individual investors issue. Treasury bill rate is basically issued to individuals to develop according to bank interest rates generally higher than bank deposit rates over the same period of 1 to 2 percentage points. At higher inflation, Treasury also uses hedging approach. Third, corporate bonds Corporate bonds are issued company in accordance with legal procedures, agreed in a certain period of debt securities. Usually refers to bonds issued by corporations, corporate bonds are not part of our shares in the company, the general type of bond called corporate bonds. According to the Shanghai and Shenzhen stock exchange regulations on listed corporate bonds, corporate bonds issued by the body can be stock companies, as well as limited liability companies. Application for listing of corporate bonds must meet the following conditions: 1. Departments authorized by the State Council approved and public offering; Corporation's net as_set_s of not less than thirty million yuan, net as_set_s of the limited liability company is not less than sixty million yuan; 2. Cumulative total face value of outstanding debt does not exceed 40% of net as_set_ value; 3. The last three years average distributable profits sufficient to pay interest on bonds a year; 4. To raise funds to invest in line with national industrial policy and the issue of the approval authority approved uses; 5. Term bonds is more than one year; 6. Rate bonds shall not exceed the level of interest rates by the State Council; 7. The actual amount of the bond issue is not less than fifty million yuan; 8. Bond credit rating of not less than A-level; 9. Bond guarantor guarantees their security conditions are met by laws and regulations; credit AAA level, and when authorities agreed to waive the bond issue guaranteed bonds except. 10. The company still meets the statutory bond issuance conditions for listing its bonds; other conditions approved by the Exchange. Fourth, convertible bonds Currently in Shanghai and Shenzhen stock exchange convertible bonds that can be converted into stock of corporate bonds, common stocks and bonds both dual characteristics. An important feature is to have the conversion price. After the agreed period, investors can be held at any time by the stock transfer vouchers converted into shares. Convertible bond's interest rate is the annual interest rate on the face amount, generally low interest rates than ordinary corporate bonds, usually issued at par value in issue. The conversion price is the par value of bonds issued stock for each share conversion required. Convertible bonds have these characteristics: First, you can expect an increase in value. Second, as a bond, the lower its price support, not as first mate fell like a stock. Comparison of Chinese and American bond market (A) Comparison of bond market U.S. bond market may be a larger amount of bonds in circulation scale, variety development bonds mature. Deadline to the end of March 2006, the U.S. bond market negotiable balance of $ 25.87 trillion (excluding short-term notes within 1 year), equivalent to the same period China's bond market to 26.32 times the circulation of the balance (in accordance with the 1:8 exchange rate), and the overall size of the growth rate is relatively stable, with an average annual growth rate of 9.10%. since 1985, negotiable bond market is relatively abundant species, including debt , municipal bonds, mortgage-backed securities and as_set_-backed bonds, corporate bonds, federal agency bonds, money market instruments and so on. Municipal bonds bonds bonds bonds mortgage-backed money market instruments, federal agency bonds as_set_-backed bonds Source: U.S. Securities Association Note: 2006 data as of March 31, 2006. According to the Central Treasury's statistics, as of the end of the end of March 2006, the Chinese bond market negotiable bonds outstanding 7.86 trillion yuan, but the overall size of the rapid growth, with an average annual growth rate of 42.31%. Bond products primarily for government bonds, central bank debt , policy bank bonds, corporate bonds, commercial bank debt, bonds and other non-bank financial institutions, .2005, corporate short-term financing bonds, international agency debt and as_set_-backed securities (2006 traded), etc., as the bond market for the first time to a variety of innovative market, but the total is still relatively small. On the other hand, the balance of the bond market and the GDP also reflects the capacity and solvency of a country's overall bond market. U.S. bond market ratio can be higher overall level of circulating balance / GDP, and in 1997 was 1.54,2005 years rising to 1.99; Our data, in 1997 the ratio was increased to 0.38 years 0.06,2005 This shows that China's bond market is still in the development stage, the size of the stock is still potential for further expansion. (B) Comparison of bond types In the U.S. bond market, with enterprises as the main issue of debt products have occupied a pivotal position, including corporate bonds, as_set_ backed securities, including corporate debt financing instruments directly accounted for more than 60% of the overall size of the bond market. 2005, mortgage-backed securities and as_set_-backed bond balance of $ 7.8708 trillion, accounting for 31.08 percent market negotiable balance; bonds outstanding company $ 4.9899 trillion, accounting for 19.70 percent market negotiable balance; debt balance of $ 2,603,900,000,000 federal agencies, accounting than 10.28%. U.S. government bonds after the balance came in corporate bonds, accounting for one-third of the total bond market less than 2005 negotiable balance of $ 6.3928 trillion, accounting for 25.24% (of which 41,658 debt balance billion U.S. dollars, accounting for 16.45%; municipal bond balance $ 2.227 trillion, accounting for 8.79%). (C) comparing the structure of government bonds held Constitute the structure from the U.S. Treasury market investors to analyze the end of 2005, foreign and international institutions to hold the largest proportion of U.S. Treasury bonds, holdings of $ 2.2 trillion, accounting for 52.15% negotiable U.S. Treasury balances; U.S. monetary authorities and various types of pensions were ranked second and third, each holding bonds 0.74,0.28 trillion dollars, accounting for 17.60% and 6.70% tradable balance. U.S. Treasury showing the reason why a lot of foreign capital inflow characteristics by the U.S. The current macroeconomic situation of the decision. U.S. trade deficit, budget deficit and lack of savings is to make it difficult for the authorities of the three macro-economic problems, and the national debt is directly related to the supply and demand of the latter two. since George W. Bush took office, the U.S. Treasury Ministry to compensate for the huge budget deficit, have to issue a lot of debt, and lack of domestic savings and force them to turn to foreign financing, which has a lot of foreign capital inflows into the U.S. bond market In 1985, foreign and international institutions hold only U.S. Treasury $ 226.4 billion per year, accounting for 15.90% of the U.S. Treasury market; U.S. Treasury balances after 20 years held by foreign and international institutions soared to 10 times the original, accounting for a market share of more than half. Our bond market, due to the low level of foreign institutions involved in the end (2005, in the inter-bank bond market, 5508 institutions, branches of foreign banks in China, a total of 45, accounting for 0.82% of the national debt held by the balance of 2.777 billion yuan, accounting for 0.10 %), the investment structure is mainly composed of people and institutions showing the localization of the characteristics as of the end of 2005, commercial bank holdings of agency bonds largest holding 1.652263 trillion yuan, accounting for 61.92% of negotiable debt balances;, followed by special clearing members (including the People's Bank, Ministry of Finance, policy banks, stock exchanges, corporate and government bonds in the central registration card companies and other institutions) hold bonds 639.983 billion yuan, Accounting for 23.99%; insurance agencies ranked third, holding bonds 169.394 billion yuan, accounting for 6.35 percent. (D) Comparison of secondary market liquidity U.S. bonds in the secondary market is dominated OTC market, trading patterns and 双边报价商 free market system to bring a lively atmosphere and good mobility. Meanwhile, the universal application of electronic trading systems further improve the efficiency of the secondary market trading .2006, all bond market average daily trading volume (cash bond) approximately $ 941.7 billion, the New York Stock Exchange average daily trading volume (about 68.8 billion U.S. dollars) in ten times as much from the transaction size of various types of bonds, due to the secondary bond market is the U.S. monetary authorities to implement monetary policy the main site is the main business of the Fed's Open Market Operation means, and therefore the most actively traded bonds are mainly government bonds, the average daily trading volume of $ 554.5 billion; Second is the issue of government-backed agency mortgage-backed securities-based and as_set_-backed securities, the average daily trading volume in about $ 251.8 billion; federal agency bonds, corporate bonds and municipal bond trading is not active, only $ 78.8 billion, respectively, $ 21 billion and $ 16.9 billion annual turnover from all types of bonds (cash bond Nianjiaoyiliang / bonds. the end of the stock), the 2005 bonds turnover reached 33.01 times Federal agency bonds into the inter-bank bond OTC market and commercial bank counter market due to the exchange market and commercial bank counter market stocks and trading volume is small, the inter-bank bond market, stock market and accounted for 90% of trading volume above scale, so this paper we examine the mobility mainly for inter-bank market. Registered under the central government bonds The most active central bank bills, the average daily trading volume of 12.265 billion yuan; followed policy bank bonds and book-entry treasury bonds, the average daily trading volume of 6.54 billion yuan and 4.349 billion yuan; corporate bonds trading was light, which short-term financing bonds and commercial average daily trading volume of bank debt 971 million yuan and 1.993 billion yuan, and the rest as corporate bonds, securities corporate bonds, bonds and other non-bank financial institutions, the average daily trading volume is less than 100 million yuan from the turnover indicators, present, China bond market liquidity for the best varieties of short-term debt financing bonds, central bank bills and commercial bank debt, and its turnover in more than one times, respectively 2.02,1.51 and 1.38 times; followed policy bank bonds, whose hands was 0.93 times; Treasuries lower turnover level, only 0.41 times the level of China's bond market turnover was 0.91 times overall, is one tenth of the U.S. bond market.
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Encyclopedia
Bonds A bond securities, government, financial institutions, businesses and other by Economy is the main issue to investors to raise funds, commitment and regular payment of fixed interest Debt obligations due for repayment of principal. _Set_s out on bond issuers, denomination, the nominal value of the currency, Content interest rates, repayment terms, etc., are related debts between issuers and investors Legal document relationships. On the bond market, negotiable bonds three major categories: country Family bonds, financial bonds, corporate bonds (corporate bonds). Bonds can have multiple classification method by bond issuers can be divided into: ① corporate bonds. Only exist between a bond issue to raise funds, with the holders of the company In ordinary creditor-debtor relationship, you can get the interest on schedule and due back prespecified Principal, and right to participate in company management. ② bonds. Is a national mobilization of financial capital and issued Loan certificate, issued by the central government which called bonds, issued by the local government called Local bonds. ③ financial bonds. By banks or other financial institutions to issue bonds 2. Bonds at par form can be divided into: ① attached coupon bonds. Is a kind of bond with interest Ticket, a period of time in order to pay interest in the form of coupon convertible, principal of a fixed maturity Rate bonds. ② no. Coupon bonds, also known as discount bonds. The coupon is not without interest coupons Provisions of interest, borrowers issued at a price below par adopt maturity at par value recovered A fixed-rate bonds, the difference between the issue price and the redemption value is the interest of its ③ gain two floating-rate bonds. And fixed-rate bonds relative, with changes in the market interest rate Changes. 3 Press or guarantee mortgage bonds can be divided into: ① unsecured debt. Its The issue is not to target specific items as collateral, but in the issuer's credit as collateral. ② government-guaranteed bonds. Principal and interest payments made by the government guarantee, once the issuer funeral Loss of solvency, reimbursed by the government on behalf of. ③ mortgage bonds. Is the company in all its dynamic Production and real estate as collateral and the issuance of bonds. ④ floating mortgage bonds. That the company's as_set_s Floating mortgage bonds, whose collateral is generally not fixed on a particular property. ⑤ Mortgage loans floating rate bonds. Refers to mortgage banks do business, issue a corresponding Pen floating rate bonds, the amount, duration and consistent mortgage loan interest rates below . Rates 4 Press bond repayment conditions can be divided into: ① short-term bonds, whose term in a Years. ② medium-term bonds, repayable in one year to five years. Through long-term bonds. Period Limit is more than 5 years bonds. But different countries have different distinguishing criteria. 5 Press bonds issued Line time can be divided into: ① newly issued bonds. Refers to the flow of new issues raised have not yet entered the market Bonds to issue price. ② issued bonds. Means by investors to hold, you can In the circulation market bonds traded at market prices. 6 Press bonds to raise divided into: ① raised bonds. Refers to the majority of investors to raise the debt target and wide. ② private debt Coupons. When not refer to the issue-oriented investors, but only to have a specific relationship with the issuer of the investment Owned by raising bonds. 7 according to whether the bearer bonds can be divided into: Bearer bonds and bearer Bonds. 8 Are there debt bonds issued by the body can be divided into: ① physical bonds. Issue When the body issuing bonds, investors holding bonds with principal and interest drawn. ② registered debt Coupons. Investors registered institutions entrusted issuer registered bonds, registered institution hair Registered securities to investors in lieu of issuing bonds itself. 9 Press-currency bonds involved Class can be divided into: ① single currency bonds. Coupon issuance and repayment of principal and interest in one currency use
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English Expression
: debts, Bd. bond
n.: bond, debenture, issue shares and bonds, bond certificate; debenture certificate, bond, debenture, debts, escrow agreement [bonds], certificate given by a business corporation, etc as a receipt for money lent at a fixed rate of interest until the loan is repaid, bonds issued by a government or debentures issued by a company