flyingtigerdragon| Can individuals buy it? What investment advantages?... It starts this Friday! The latest answer to ultra-long-term special treasury bonds
At present, the Ministry of Finance has not yet disclosed the amount and coupon rate of each issue of ultra-long-term special treasury bonds, and whether they can be issued to individual investors through channels such as the counter of bank outlets.
On May 13, the Ministry of Finance disclosedFlyingtigerdragonArrangements for the issuance of 1 trillion yuan of ultra-long-term special treasury bonds this year. From the perspective of public information, the maturity of ultra-long-term special treasury bonds includes 20 years, 30 years and 50 years, and the number of issues is 7, 12 and 3 respectively. The way of paying interest is to pay interest on a semi-annual basis. The amount and target arrangement of the public issuance have not yet been announced.
On Friday, May 17, the first 30-year ultra-long-term special treasury bond will be issued. What are the special features of the ultra-long-term special treasury bonds issued this round? What investment advantages do you have? Can individual investors buy it? is it worth it? Around the hot topics concerned by the market, a reporter from the Financial Times interviewed a number of industry experts.
In historyFlyingtigerdragonChina has issued five special treasury bonds, including three new issues (1998, 2007, 2020) and two sequels (2017 and 2022).
Lian Ping, president and chief economist of Guangkai Chief Industrial Research Institute, said that compared with the previous five special treasury bonds, this round of ultra-long-term special treasury bonds has three outstanding characteristics. Specifically, first, the issuance period is very long. Second, it is issued continuously and on a very large scale. This year's "Government work report" makes it clear that "it is planned to issue ultra-long-term special treasury bonds for several consecutive years from this year." Third, the correlation between the purpose of distribution and economic and high-quality development is particularly high.
"the ultra-long-term special treasury bonds of 20 to 50 years cover key time points such as 2030, 2035 and 2049, which can not only provide abundant ultra-long-term funds for major projects and major projects with long construction cycle and slow return on investment, but also dilute the interest payment pressure on treasury bonds." Lian Ping said.
At present, the Ministry of Finance has not yet disclosed the amount and coupon rate of each issue of ultra-long-term special treasury bonds, and whether they can be issued to individual investors through channels such as the counter of bank outlets.
Lian Ping said that from past experience, special treasury bonds were issued to institutions in 1998, while anti-epidemic special treasury bonds in 2020 were clearly encouraged to be subscribed by individuals and investors of small and medium-sized enterprises. In order to promote the smooth issuance of this round of ultra-long-term special treasury bonds, it is suggested that consideration should be given to issuing both institutions and individuals. Of course, the issuing objects of specific bond batches can be appropriately focused and distinguished.
Liang Si, a researcher at the Bank of China Research Institute, said in an interview with the Financial Times that from historical experience, the issuance of special treasury bonds had encouraged individuals and investors of small and medium-sized enterprises to subscribe, and the target of this round of ultra-long-term special treasury bonds has not yet been determined. In order to ensure a smooth issuance and further provide high-quality assets for residents, there is a high probability that individuals will be encouraged to buy.
"if ultra-long-term special treasury bonds are listed and circulated in the interbank over-the-counter market in the future, individual investors can buy them." He Fan, a senior macro researcher at Societe Generale Research Company, told the Financial Times that judging from the issuance and trading of special treasury bonds in history, the anti-epidemic special treasury bonds in 2020 were not only listed and circulated in the inter-bank bond market, but also in the exchange market, commercial bank counter market cross-market listing and circulation, individual investors can buy.
In recent years, Chinese residents have a strong demand for national debt investment. Lian Ping said that the ultra-long-term special treasury bonds, which are guaranteed by the state trust, have the advantages of low risk, strong liquidity and exemption from interest income tax. In addition, the yield is higher than that of medium-and short-term treasury bonds, so it is an ideal investment.
He Fan said that for individual investors, ultra-long-term special treasury bonds are issued by the Ministry of Finance, and individual investors can obtain safe and stable long-term investment returns. However, if the market interest rate of ultra-long-term government bonds rises in the future, there may be potential interest rate risk.
Liang Si said that according to the relevant disclosure, ultra-long-term treasury bonds are specifically used for the implementation of major national strategies and security capacity-building in key areas, which are closely related to the national economic development strategy. From the perspective of individual investors, treasury bonds are almost risk-free assets, because the maturity of treasury bonds is mainly to obtain interest income, so there is no investment risk. However, for investors for the purpose of trading, because the price of treasury bonds will be affected by the change of interest rate environment and other factors, they need to bear the corresponding risk of price change.
On May 1, the people's Bank of China issued the notice on matters related to over-the-counter Business in the Inter-Bank Bond Market (hereinafter referred to as "the notice"). At present, 30 commercial banks across the country have set up over-the-counter bond business, and individual investors, enterprises and financial institutions can all participate in over-the-counter bond-related business through banking channels.
Liang Si said that the notice further expanded the scope of over-the-counter bond investment to cover almost all types of bonds in the interbank bond market, such as treasury bonds, local government bonds, financial bonds, corporate credit bonds and so on. Therefore, individual investors can invest in all kinds of bonds according to the requirements of the notice, combined with their own assets, risk preference and investment experience. In addition, China's funds, asset management products and other underlying assets also invest in all kinds of bonds, individual investors can also buy related products to invest in the bond market indirectly.
He Fan also said that after the release of the notice, the scope of over-the-counter bond investment has been further broadened, and individual investors can invest in over-the-counter markets such as treasury bonds, local government bonds and policy financial bonds. In addition, individual investors can also buy treasury bonds through the exchange, or indirectly invest in all kinds of bonds through the purchase of bank wealth management and public bond funds.
The author of this article: Xu Beibei, Source: financial Times, original title: "launch this Friday!" Do you have any questions about buying ultra-long-term special treasury bonds? This article will help you answer →. "
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