By issuer
National debt-refers to the bonds issued by the national central government. Compared with other types of bonds, the main issuer of national debt is the national central government, which has a high credibility and is known as "Phnom Penh bond".
Policy financial bonds refer to financial bonds issued by China policy banks (China Development Bank, Export-Import Bank of China Agricultural Development Bank and China Agricultural Development Bank) to Chinese-funded commercial banks, commercial insurance companies, city commercial banks, rural credit cooperatives, postal savings and remittance bureaus and other financial institutions with the approval of the People's Bank of the State Council and China.
CITIC Bond-refers to the bond issued by China International Trust and Investment Corporation. By 2007, the inter-bank bond market had issued two issues of CITIC bonds.
Divided by interest payment method
Zero coupon bond-refers to the bond that does not stipulate the payment of interest in the bond contract. This kind of bond is usually issued and traded at a price below the face value, and investors make a profit by buying it at a price below the face value of the bond.
Interest-bearing bond-refers to a bond with a coupon attached to its face, or a bond that pays interest according to the interest rate and payment method specified on its face.
Coupon cumulative bonds-similar to interest-bearing creditor's rights, coupon rate is agreed, but the bondholder can only get the principal and interest in one lump sum when the bond expires, and no interest is paid during the duration of the bond.
Is the interest rate a fixed point?
Fixed interest rate bond-Fixed interest rate bond has a fixed interest rate and a fixed repayment period, and is a relatively traditional bond. This kind of bond is popular when the market interest rate is relatively stable, but it is risky when the interest rate changes sharply.
Floating interest rate notes-floating interest rate notes are medium-and long-term bonds that are regularly adjusted according to market interest rates. The interest rate is determined by the standard interest rate (interbank lending rate or bank preferential interest rate) plus or minus a certain interest rate basis point. Floating rate notes helps investors guard against interest rate risks.
Bond transaction type
Bond transactions in the inter-bank bond market include spot bond transactions and bond repurchase, among which bond repurchase is divided into pledged repurchase transactions and buyout repurchase transactions.
Pledged repo transaction refers to the financing behavior that the financier (repurchase buyer, repurchase seller and financier) pledges the bonds to the securities lender (repurchase buyer, repurchase buyer and financier) for financing, and both parties agree that the financier will return the funds to the securities lender at the agreed repo rate on a specific date in the future, and the securities lender will return the original pledged bonds to the financier.
Buy-out repurchase of bonds (also known as "public repurchase" or "buy-out repurchase" for short) refers to a transaction in which the bondholder (the buyback party) sells bonds to the bondbuyer (the reverse repurchase party), and both parties agree that the seller (the buyback party) will buy back the same amount of bonds from the buyer (the reverse repurchase party) at the agreed price on a certain date in the future.
Participants in the inter-bank bond market reach deals with their selected counterparties one by one through inquiry, which is different from the trading mode of China Shanghai and Shenzhen Stock Exchanges. Like stock trading, the bond trading conducted by the exchange is conducted by many investors competing with each other and through consultation with actuarial institutions.
The Measures for the Administration of Bond Trading in the National Inter-bank Bond Market stipulates that the bonds repurchased in the national inter-bank bond market are book-entry bonds such as government bonds, central bank bonds and financial bonds that can be traded in the national inter-bank bond market with the approval of the People's Bank of China.
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Local national debt refers to bonds issued by local governments and local public institutions in a country with fiscal revenue. Local government bonds are generally used for the construction of local public facilities such as transportation, communication, housing, education, hospitals and sewage treatment systems. Local government bonds are generally based on the tax capacity of local governments as a guarantee for repayment of principal and interest. There are two modes of local bond issuance. The first mode is that local governments issue bonds directly. The second is that the central government issues treasury bonds and then lends them to local governments, that is, the central government issues treasury bonds for local use. Under certain circumstances, local government bonds are also called "municipal bonds". Approved by the central government.
Central government bonds, also known as national debt, are bonds issued by the central government of a country to make up the fiscal deficit or raise construction funds. It is a major form of public debt. National debt is not only a special bond, but also a way of national financial distribution. Approved by the National People's Congress.