The 30-year special treasury bond is on sale for a limited time: the individual purchase window is only 1 day, and some banks are selling out quickly

CBN

2024-05-20 17:37Posted on the official account of Jiangsu Yicai

On May 20, the ultra-long-term special treasury bonds, which have attracted much attention in the market, were officially put on sale, and some banks opened their purchase channels to individual investors. However, the purchase window is limited to the 20th day and until 15:30 on the same day, and it is available at the counter of branches, online banking, and mobile banking.

According to the first financial reporter, the sales of the banks participating in the sale of treasury bonds are relatively hot, and some banks have basically sold out hundreds of millions of dollars within half an hour.

According to the reporter's incomplete understanding, the banks involved in the sale include China Merchants Bank, Zheshang Bank, etc., and the six major banks of ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings have not participated in sales for the time being. An account manager of a large bank told reporters that relevant preparations had been made in the early stage, including collecting customers' willingness to buy, but he had not received a sales notice at present, "It should be mainly aimed at institutional investors." ”

The reporter saw in some outlets of China Merchants Bank in Beijing that sales notices were posted inside the outlets, and relevant introductions could also be queried on mobile banking. According to the staff of the outlet, the 2024 ultra-long-term special treasury bonds (phase I) are 30-year book-entry treasury bonds with a bond code of 2400001, and the sales time for individual customers is 10:00~15:30 on May 20, 2024.

From the perspective of the purchase threshold, the customer risk rating needs to be A3 (medium risk) and above, and the book-entry treasury bond account needs to be opened before purchase.

The issue price and face value of the bonds are both 100 yuan (parity sales), the coupon rate is 2.57%, the number of subscribed bonds is an integer, and the subscription price of the bonds is an integer multiple of the face value of 100 yuan, and there is no upper limit. In terms of income payment, the interest on the bonds will start to accrue on May 20, 2024, and the interest will be paid semi-annually, with interest payment dates on May 20 and November 20 of each year, and postponed to the next working day in case of holidays, and the principal will be repaid and the last interest will be paid on May 20, 2054.

The customer service of Zheshang Bank reminded in the introduction of the agency sales of the 30-year ultra-long-term special treasury bonds that the agent sales time of this bond is 10:00~15:30 on the 20th, the quota is limited, and the purchase channels include mobile banking and branch counters. At the same time, it is reminded that ultra-long-term special treasury bonds are book-entry treasury bonds, which are over-the-counter bonds, not savings treasury bonds.

According to the Ministry of Finance, the first phase of 40 billion yuan of 30-year special treasury bonds was officially issued on May 17, and according to the plan, the first bond bidding will end on May 20, 2024 for distribution, and will be listed and traded on May 22. It is understood that the first phase of ultra-long-term special treasury bonds is a fixed-rate interest-bearing bond, and the coupon rate is determined to be 2.57% by the underwriting group of 56 financial institutions after competitive bidding, and the subscription multiple is 3.90 times, which is highly enthusiastic.

According to the sales information of China Merchants Bank, after purchasing the current bonds, individual investors can be listed and traded from May 22, 2024 to the maturity date of the bonds. According to Zheshang Bank, the bond can be sold in advance through the bank's mobile banking or business outlets, and the redemption price is determined according to the bank's real-time quotation, including the accrued interest held by the customer and the capital gains generated by the change in the price of the bond (losses may occur), and the operating time is 10:00~15:30 on the counter bond trading day.

Previously, on May 17, the day of the bond bidding and issuance, the Ministry of Finance issued a document to popularize the science of individual investors to purchase treasury bonds. It is mentioned that 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, for book-entry treasury bonds that are not held to maturity but are traded for profit, individual investors should have certain investment experience and risk-taking ability.

In addition, according to the Ministry of Finance, book-entry treasury bonds are mainly issued to institutional investors in the primary market through book-entry treasury bond underwriting syndicates, and the creditor's rights 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. Specifically, individual investors can open personal bond accounts and capital accounts in advance through the counter of any branch of the national inter-bank bond market counter business, 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.

During the reporter's consultation, a number of bank account managers made relevant risk reminders, and many account managers put forward suggestions for purchasing savings insurance after comparing and introducing.

Judging from the sales on the 20th, the overall subscription was hot. In the afternoon of the same day, when the reporter consulted the purchase as a customer, the account manager of some branches of Zheshang Bank in Beijing said that the bank's quota of several hundred million yuan had been sold out shortly after the sale at 10 o'clock in the morning, and a small amount of subsequent quota was also sold out quickly. According to the staff of China Merchants Bank in Beijing, the bank's overall sales volume is 500 million yuan, and as of about 15:00 in the afternoon, the remaining amount is more than 100 million yuan.

However, the reporter observed during the visit that from the perspective of offline sales, the purchase enthusiasm of some bank outlets is not high, and the staff is not familiar with the purchase process and bond characteristics. "The first two days (notice) were still uncertain, and the sales were confirmed in these two days." A staff member of the agency network said. Judging from the notice posted at the outlets of China Merchants Bank, the notice time is May 17.

The 2024 government work report clearly states that starting from this year, it is planned to issue ultra-long-term special treasury bonds for several consecutive years, which will be specially used for the implementation of major national strategies and security capacity building in key areas, of which 1 trillion yuan will be issued this year.

According to the relevant arrangements for the issuance of general treasury bonds and ultra-long-term special treasury bonds in 2024 announced by the Ministry of Finance on May 13, the varieties of ultra-long-term (issuance period of more than 10 years) special treasury bonds include 20-year, 30-year and 50-year maturity. This is also the first time that the mainland has issued special treasury bonds with a maturity of more than 30 years, and the characteristics of "ultra-long-term" are obvious.

Following the first release of the 30-year variety on May 17, other maturity varieties will also be issued in the next few months, and the cycle will continue until November. The next release is on May 24 and will be the first release of the 20-year variety.

According to the statement of the National Development and Reform Commission in April, the ultra-long-term special treasury bonds will focus on "high-level scientific and technological self-reliance and self-reliance, promoting the integrated development of urban and rural areas, promoting regional coordinated development, improving the security of food and energy resources, promoting high-quality population development, and comprehensively promoting the construction of a beautiful China". According to the analysis of many experts, the issuance of ultra-long-term special treasury bonds will help promote the expansion of domestic demand and economic growth, and ease the pressure on local finances.

(This article is from Yicai)