Bearer bonds are mainly purchased by various institutional investors and individual investors. Buying bearer physical bonds is the simplest.
Investors can go to major banks (including China Industrial and Commercial Bank, China Agricultural Bank, China Construction Bank, Bank of Communications, etc.). ) and various outlets of securities institutions purchase bearer bonds with the issuance period. The types of bearer bonds are generally RMB 65,438+000, 500 yuan, RMB 65,438+0000, etc.
(two) the purchase of certificate bonds.
Voucher bonds are mainly issued to individual investors. Its sale and redemption are handled through major bank savings outlets, postal savings department outlets and treasury bond service department of the financial department.
Its outlets are all over the country, which can meet the needs of the masses to buy and redeem to the maximum extent. Investors who purchase voucher-type government bonds can go to various outlets to fill out forms and pay for them during the issuance period.
The issuing point shall fill in the voucher-type treasury bond receipt voucher, including the date of purchase, the name of the purchaser, the type of purchase voucher, the purchase amount, the ID number, etc. , and submitted to the buyer for acceptance. The procedure is similar to bank time deposit.
Voucher bonds 100 yuan shall be sold in whole numbers and purchased at face value. After the end of the issuance period, the certificate-based government bonds redeemed by customers in advance can be sold to the public by designated institutions within the control index.
When investors buy after the issuance period, the bank will re-fill in the voucher-type treasury receipts, and investors will still buy at face value when they buy. The purchase date is the value date. At the time of redemption, the interest is calculated and paid according to the actual holding days and the interest rate of the corresponding grade (the interest is calculated until the last day of the due redemption period).
(3) purchasing book-entry treasury bonds
Book-entry treasury bonds can be traded at the counter of securities companies and pilot commercial banks. Pilot commercial banks include China Industrial and Commercial Bank, China Agricultural Bank, China Bank, China Construction Bank, China Merchants Bank, Bank of Beijing and Bank of Nanjing, which have opened the over-the-counter treasury trading system.
A: Counter book-entry treasury bonds. To buy over-the-counter treasury bonds through a bank, it is best to open an online bank account, go directly to the bank's webpage on your home computer, and enter your account number and password, so that you can trade freely during trading hours.
B: An investor can open a securities account or a special account for treasury bonds on the exchange and entrust a securities institution to act as an agent. Investors must have a securities account in the stock exchange and open a capital account in a securities business institution before they can buy government bonds.
The difference between the two: banks do not charge transaction fees, and the transaction fees of securities companies are about 0. 1%-0.3% of the transaction amount (including commissions, etc.). ). There is no trading commission for bank counter treasury bonds, but the full price that customers buy is usually lower than the full price that they sell, and if they buy and sell for a short time, they may lose money.
Because book-entry treasury bonds are transactions between you and the bank, the price is usually higher when you buy them and slightly lower when you sell them to the bank. Banks usually encourage investors to hold them for a long time. Although there is no transaction fee, if you buy and sell on the same day, the bank will earn your difference, which is equivalent to the transaction cost.
Buying and selling book-entry treasury bonds through the securities company system is the same as buying and selling stocks; It is very simple to place an order through the entrustment system, just enter the code of the national debt to be purchased, and then enter the transaction quantity and price; Generally, after opening an account, the securities company and the counter bank will give the operation manual.
Extended data:
Repayment method
1, with gradual repayment by stages. That is, a national debt stipulates several repayment periods, and the principal is fully paid off when the national debt expires.
2. Repayment method of the lottery round. That is to say, a certain proportion of national debt is determined by drawing lots regularly according to the national debt number until the repayment period ends, and all national debt is paid off by drawing lots.
3. One-time repayment when due. In other words, the national debt is paid off in one lump sum according to the par value of the maturity date.
4. Market purchase and sale reimbursement method. That is, to buy back the national debt from the securities market, even if it expires, this national debt has been fully held by the government.
5. Replace the old repayment method with a new repayment method. That is, by issuing new treasury bonds in exchange for expired old treasury bonds.
sources of fund
Adopt the budget. The government will include the annual repayment of national debt as a fiscal expenditure item in the expenditure budget of the year, and normal fiscal revenue will ensure the repayment of national debt.
Use fiscal surplus. When there is a balance in budget implementation, this balance will be used to pay the principal and interest of the national debt due in the current year.
Set up a sinking fund. The government budget sets up a special fund to repay the national debt, and allocates special funds from the fiscal revenue every year to set up a fund dedicated to repaying the national debt.
Borrow new debts to pay off old debts. The government issues new bonds as a source of funds to repay old debts. The essence is the extension of the debt period.
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