bestnftplaytoearngames| Trillions of ultra-long-term special treasury bonds "opened" on the 17th

Every reporter Li Yuwen Song Qinzhang every editor Liao Dan

The issue of trillion yuan of ultra-long-term special treasury bonds has been put on the agenda.

The General Office of the Ministry of Finance issued a notice on May 13.BestnftplaytoearngamesThe relevant arrangements for the issuance of ultra-long-term special treasury bonds in 2024 have been clarified. According to the arrangementBestnftplaytoearngamesThis year, it is proposed to issue ultra-long-term special treasury bonds with maturity of 20 years, 30 years and 50 years respectively, with interest paid on a semi-annual basis. Among them, 40 billion yuan of 30-year special treasury bonds were issued by tender on May 17, which is the first tranche of this year.

Where do ultra-long-term special treasury bonds go? What will be the impact on the asset allocation of institutions? Can ordinary people buy it? This article will give you an answer one by one.

The pace of release is relatively slow.

In the bond market, it is generally believed that interest rate bonds with a maturity of more than 10 years are ultra-long-term bonds. Compared with ordinary treasury bonds, ultra-long-term bonds can alleviate the pressure of medium-and short-term debt repayment and trade time for space.

Judging from the arrangements for issuing 1 trillion yuan of ultra-long-term special treasury bonds this year, the maturities are 20 years, 30 years and 50 years, and the number of issues are 7, 12 and 3 respectively, and the interest is paid half a year. The issuing time is from mid-May to mid-November. Among them, 30-year ultra-long-term special treasury bonds will be issued on May 17, 20-year ultra-long-term special treasury bonds will be issued on May 24, and 50-year ultra-long-term special treasury bonds will be issued on June 14.

Li Yong, chief analyst of Soochow solid Collection, said in an interview with the Daily Economic News that the maturity of this special treasury bond is richer and longer than before, and it will build a more complete yield curve of treasury bonds. at the same time, it gives market investors the space to choose an appropriate maturity. In addition, the overall release rhythm is relatively stable. Compared with the previous centralized issuance within 2-3 months, the slow issuance is conducive to gradually promoting the landing of the project, and complement each other with the pace of issuing local special bonds.

Feng Lin, director of the research and development department of Oriental Jincheng, also said that ultra-long-term special treasury bonds will be issued 22 times this year. Although the amount of each issue has not yet been disclosed, the high probability will show the characteristics of frequent occurrence of small amounts. From the perspective of issuance arrangements, the issuance cycle of 1 trillion yuan of ultra-long-term special treasury bonds this year is longer than market expectations, and the pace of issuance is relatively slow, which is conducive to avoiding phased pressure on funds caused by centralized issuance.

With regard to the investment of ultra-long-term special treasury bonds this year, Liu Sushe, vice minister of the National Development and Reform Commission, introduced at a press conference in mid-April that in the field of support. Ultra-long-term special treasury bonds focus on accelerating the realization of high-level scientific and technological self-reliance, promoting the integrated development of urban and rural areas, promoting coordinated regional development, enhancing the ability to ensure the security of food and energy resources, promoting high-quality population development, and comprehensively promoting the construction of a beautiful China.

It is expected to improve the supply side of the bond market.

Can the issuance of ultra-long-term special treasury bonds alleviate the current situation of "lack of assets" in the bond market?

Wu Zhiwu, senior director of the Research and Development Department of China Securities Pengyuan, told the Daily Economic News that there are many reasons behind the current "lack of assets" in the market, including economic development, policy regulation, market supply and other factors. Ultra-long-term special treasury bonds have the characteristics of long issuance period, relatively high yield and no interest income tax, so they are expected to become important assets for institutional allocation. Although the issuance of ultra-long-term special treasury bonds can not change the current situation of "lack of assets", it is conducive to alleviate the current situation to a certain extent in terms of supply.

Talking about the impact of the issuance of ultra-long-term special treasury bonds on the asset allocation of institutions, Wu Zhiwu pointed out that, on the one hand, under the background of abundant liquidity and bullish bond market, institutions generally lengthen the duration and ask for returns, therefore, the long-term products of ultra-long-term special treasury bonds can meet the investment preferences of institutions. On the other hand, banks used to be important institutions in the allocation of treasury bonds, but in order to alleviate the risk of "maturity mismatch" in the banking industry, the issuance of ultra-long-term special treasury bonds may introduce non-bank institutions such as insurance companies.

The reporter noted that as bank deposit interest rates continue to decline, savings treasury bonds with capital and interest preservation and returns higher than time deposits of the same period are favored by individual investors. Since the beginning of this year, most bank outlets have staged a "daylight" rush to buy savings treasury bonds.

So, can ordinary people buy the ultra-long-term special treasury bonds issued this time? It is understood that this should be judged by the way it is issued. If it is a public offering, you can buy it; if it is a targeted issue, you cannot buy it.

Lian Ping, president and chief economist of Guangkai Chief Industrial Research Institute, believes that ultra-long-term special treasury bonds can be issued to both institutions and individuals. In recent years, Chinese residents have a strong investment demand. Ultra-long-term special treasury bonds are guaranteed by the state trust, which has the advantages of low risk, strong liquidity and exemption from interest income tax. In addition, the income is higher than that of medium-and short-term treasury bonds. It is an ideal investment product.