What are the impacts of the issuance of ultra-long-term special government bonds? How to buy it personally? Expert interpretation
This morning, the 20-year ultra-long-term special treasury bonds were officially launched. According to the issuance arrangement, the first 20-year ultra-long-term special treasury bonds are fixed-rate interest-bearing bonds with a total issuance of 40 billion yuan.
How do individual investors buy? What impact will it have on the supply and demand structure of government bonds? Let’s see the expert interpretation↓
Can individual investors buy these ultra-long-term special government bonds? The reporter learned from the Ministry of Finance that the 20-year ultra-long-term special treasury bonds issued this time are book-entry treasury bonds and can be purchased by individual investors.
At present, there are two main types of treasury bonds in our country. According to different objects of sale, they can be divided into two categories: savings treasury bonds and book-entry treasury bonds:
Book-entry treasury bonds are mainly issued to institutional investors through underwriting syndicates in the primary market. After listing, individual investors can also purchase from institutional investors in the secondary market.
The ultra-long-term special treasury bonds issued this year are all book-entry treasury bonds, with three maturities of 20 years, 30 years, and 50 years. Individual investors can purchase them through the counter business operators of the National Interbank Bond Market, or through securities exchanges. Purchased by securities companies carrying out bond brokerage business.
Ren Qiang, Director of the Institute of Finance and Taxation at the Central University of Finance and Economics: When buying, you must know when the market price of book-entry treasury bonds rises and falls, and what relationship it has with the current market interest rate. What should be done? To have a certain degree of certainty, you should have a higher risk tolerance.
Analysis by industry insiders: Conducive to balancing the supply and demand structure of government bonds
Industry insiders analyze that the issuance of ultra-long-term special treasury bonds will help balance the supply and demand structure of treasury bonds and help provide long-term financial support for the implementation of major national strategies and the construction of security capabilities in key areas, that is, for the "double" construction.
Wang Hailu, general manager of the Financial Markets Department of the Head Office of the Industrial and Commercial Bank of China: The maturity setting of ultra-long-term treasury bonds is accurately aligned with the construction cycle of the "double" project to fully match the project's funding needs. Since the beginning of this year, insurance, financial management, funds and other non-bank institutions have abundant funds, and the demand for ultra-long-term government bonds is relatively strong. The issuance of ultra-long-term special treasury bonds will help meet the investment needs of market institutions for ultra-long-term bonds and balance the supply and demand structure of the treasury bond market.
In addition, industry insiders analyze that the issuance of ultra-long-term special treasury bonds will help build a more complete treasury bond yield curve and play the role of pricing benchmark.
