1. On the varieties and maturities of treasury bonds
Q: What are the main types of treasury bonds?
Answer: Treasury bonds can be divided into two categories: savings treasury bonds and book-entry treasury bonds according to different targets for sale.
Savings treasury bonds are sold directly to individuals, and can be divided into voucher-type savings treasury bonds characterized by paper voucher records and electronic savings treasury bonds characterized by electronic records according to different ways of recording creditor's rights.
Book-entry treasury bonds are mainly issued to institutional investors in the primary market through book-entry treasury bond underwriting syndicates, and the claims are recorded in the form of electronic bookkeeping in the Central Clearing Company. After listing, individual investors can also buy from institutional investors in the secondary market.
For individual investors, the purchase of savings treasury bonds and book-entry treasury bonds can obtain stable principal and interest income if they are held to maturity. The main difference between the two is that savings treasury bonds cannot be listed and traded during the duration period, while book-entry treasury bonds can be traded in the market during the duration period. The trading price of book-entry treasury bonds fluctuates with market conditions, and investors may gain trading income due to rising prices after buying, or they may face the risk of losses due to falling prices. Therefore, individual investors in book-entry treasury bonds should have certain investment experience and risk-taking ability for the purpose of trading profits rather than holding them to maturity.
Q: What are the main maturities of treasury bonds?
Answer: Taking into account factors such as the demand for fiscal financing, the diversification of asset allocation of market investors, and the construction of the treasury bond yield curve, treasury bonds are divided into three categories: short-term treasury bonds, key maturity treasury bonds, and ultra-long-term treasury bonds. Among them, short-term treasury bonds refer to treasury bonds with an issuance period of less than 1 year, including four maturity varieties of 1 month, 2 months, 3 months and 6 months; Key maturity treasury bonds refer to treasury bonds with a maturity of 1-10 years, including six maturity varieties of 1 year, 2 years, 3 years, 5 years, 7 years and 10 years, which are the key maturity points of the treasury yield curve; Ultra-long-term treasury bonds refer to treasury bonds with a maturity of more than 10 years, including three maturity varieties of 20 years, 30 years and 50 years. At present, the savings bonds on sale include two maturity varieties: 3-year and 5-year; Book-entry treasury bonds cover all 13 maturities mentioned above, including short-term, key maturity and ultra-long-term.
2. On the purchase of electronic savings treasury bonds
Q: Where can I purchase electronic savings bonds?
Answer: Individual investors can purchase through the counters of the members of the savings treasury bond underwriting syndicate (the list can be inquired through the issuance announcement in the special column of "Government Bond Management" on the website of the Ministry of Finance, website: gks.mof.gov.cn/ztztz/guozaiguanli/) and some members' online banking or mobile banking. To purchase electronic savings bonds, individual investors first need to open individual treasury bond accounts and capital accounts through the counters of the members of the savings treasury bond underwriting syndicate, online banking or mobile banking in accordance with the relevant requirements, and purchase them at the counter of any branch of the savings treasury bond underwriting syndicate members during the offering period with their valid personal identity documents, or they can purchase them through online banking or mobile banking.
Q: How can I find information about the release?
Answer: Before the issuance of each issue of electronic savings bonds, the Ministry of Finance will announce the issuance date, issuance interest rate and issuance scale in the special column of "Government Bond Management" (website: gks.mof.gov.cn/ztztz/guozaiguanli/) on the website of the Ministry of Finance in advance.
Q: How do I arrange debt and interest repayment?
Answer: The interest on electronic savings bonds is paid annually, and the principal is repaid in a lump sum at maturity. On the interest payment date and principal repayment date, the interest and principal will be automatically transferred to the investor's capital account.
Q: How do I redeem it in advance?
Answer: After the end of the offering period and before the maturity date of the treasury bonds, if investors need to redeem them in advance, they can go to any of the outlets of the members of the savings treasury bond underwriting syndicate who purchased the treasury bonds with valid identity documents and capital accounts to handle it according to the regulations. If the treasury bonds are held for less than half a year, no interest will be calculated and only the principal will be repaid when they are redeemed in advance; If the treasury bonds have been held for more than half a year, the interest shall be calculated and paid according to the actual holding time and the interest calculation method specified in the relevant issuance announcement when redeeming the treasury bonds in advance.
3. On the purchase of certificate-type savings treasury bonds
Q: What channels can I purchase certificate-type savings bonds?
Answer: Individual investors can purchase through the counters of the members of the savings treasury bond underwriting syndicate (the list can be inquired through the issuance announcement in the special column of "Government Bond Management" on the website of the Ministry of Finance, website: gks.mof.gov.cn/ztztz/guozaiguanli/). During the offering period, individual investors can go to the counters of the members of the savings and treasury bond underwriting syndicate with valid identity documents, subscribe by cash payment or transfer, and obtain paper subscription certificates.
Q: How can I find information about the release?
Answer: Before the issuance of each issue of certificate savings bonds, the Ministry of Finance will announce the issuance date, issuance interest rate and issuance scale in the special column of "Government Bond Management" (website: gks.mof.gov.cn/ztztz/guozaiguanli/) on the website of the Ministry of Finance in advance.
Q: How do I arrange debt and interest repayment?
Answer: The certificate savings treasury bonds will be repaid in a lump sum at maturity, and no interest will be charged if the payment is overdue. After the maturity of the certificate-type savings treasury bonds, investors need to go to the counter of any branch of the savings treasury bond underwriting syndicate members who purchased the treasury bonds to handle the repayment of principal and interest at maturity with paper subscription vouchers and valid identity documents. If the paper subscription voucher is lost, you can report the loss to the counter of any outlet of the member of the savings treasury bond underwriting syndicate that purchased the treasury bond with a valid identity document.
Q: How do I redeem it in advance?
Answer: After the end of the offering period and before the maturity date of the treasury bonds, if investors need to redeem them in advance, they can go to the counter of any outlet of the members of the savings treasury bond underwriting group who purchased the treasury bonds with valid identity documents and paper subscription vouchers according to the regulations. If the treasury bonds are held for less than half a year, no interest will be calculated and only the principal will be repaid when they are redeemed in advance; If the treasury bonds have been held for more than half a year, the interest shall be calculated and paid according to the actual holding time and the interest calculation method specified in the relevant issuance announcement when redeeming the treasury bonds in advance.
Fourth, on the purchase of book-entry treasury bonds
Q: Where can book-entry treasury bonds be purchased?
Answer: Individual investors can purchase through the national inter-bank bond market counter business establishment institutions (the list can be queried through the website of the Central Clearing Corporation, website: https://www.chinabond.com.cn/gt/gtyw_ltszq/ltszq_yywd/), or through the securities companies that carry out bond brokerage business on the stock exchange (the list can be queried through the website of the Securities Association of China, Website: https://jg.sac.net.cn/basicPublicityPub) to purchase.
Individual investors who purchase book-entry treasury bonds can open personal bond accounts and capital accounts in advance through the counter of any branch of the national inter-bank bond market counter-opening institution, online banking or mobile banking, and open book-entry treasury bond trading business; You can also open an ordinary A-share securities account and a capital account in a securities company in advance.
According to market demand, the counter business establishment institutions of the national inter-bank bond market independently select certain bond varieties for investors to purchase, and individual investors can purchase them through their branch counters, online banking or mobile banking. Book-entry treasury bonds listed and traded on the stock exchange can be purchased by individual investors through the outlets of securities companies or the APP of securities companies.
Q: How can I find information about the release?
Answer: Before the issuance of each book-entry treasury bond, the Ministry of Finance will announce the issuance date and issuance scale in advance in the issuance announcement of the special column of "Government Bond Management" (website: gks.mof.gov.cn/ztztz/guozaiguanli/) on the website of the Ministry of Finance, and the issuance interest rate will be announced on the day after the end of the bidding, and individual investors can log in for inquiries.
Q: How do I arrange debt and interest repayment?
Answer: Book-entry treasury bonds with a maturity of less than one year are issued at a discount below par value, and the principal is repaid at par in a lump sum at maturity, and the difference between the discounted issue price and the par value is reflected as interest. Interest is paid once a year for 1-year (inclusive) to 10-year (exclusive) book-entry treasury bonds, and interest is paid semi-annually for book-entry treasury bonds with a maturity of 10 years and above. On the interest payment date, the current interest will be automatically credited to the investor's account, but if you sell the book-entry Treasury bond before the interest payment date, you will not receive interest for the most recent interest payment period. If the investor holds the bond to maturity, the principal amount of the bond and the interest of the last interest payment period will be transferred to the individual investor's fund account on the maturity date.
5. On the purchase of ultra-long-term special treasury bonds
Q: How can I purchase the ultra-long-term special treasury bonds issued this year?
Answer: The ultra-long-term special treasury bonds issued this year are book-entry treasury bonds, with three maturities of 20-year, 30-year, and 50-year maturity.
Source: Ministry of Finance website