blockchainsportsbetting| 40 billion yuan! The 20-year ultra-long-term special treasury bonds are here

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20-year ultra-long-term special treasury bonds will be issued today.

According to the issuing arrangement, the current treasury bonds are 20-year fixed interest rate bonds with a total face value of 40 billion yuan in competitive bidding. Wind data show that the winning interest rate of the current treasury bonds is 2.Blockchainsportsbetting.49%, full-court multiple 4.38, marginal multiple 1.05.

With regard to the payment date of principal and interest, the current treasury bonds will bear interest from May 25, and interest will be paid semi-annually on May 25 (holiday extension, the same below) and November 25 each year, and the principal will be repaid and the last interest will be paid on May 25, 2044.

What is the impact on the financial side?

According to the issuance arrangement, this year's ultra-long-term special treasury bonds will be issued from May 17 to mid-November, with 7, 12 and 3 20-year, 30-year and 50-year varieties respectively. On the whole, it shows the characteristics of uniform issuance rather than centralized supply.

From the perspective of the impact on the capital side, Chen Jianheng, chief fixed income analyst of China International Capital Corporation, said that the pace of issuing special treasury bonds this year is relatively slower, and the average single-period supply impact is smaller. Therefore, from the perspective of overall supply and issuance rhythm, the issuance arrangement of special treasury bonds has minimized the liquidity impact and market impact as far as possible.

Chen Jianheng said that from the perspective of the supply rhythm of government bonds, based on the assumption that the issuance of general government bonds fell relatively from May to November and rebounded in December, and that new local bonds were issued at a relatively uniform rate from May to December, it is expected that the supply of government bonds may reach a relative peak in May, August and November this year, with a net increase of more than 1 trillion yuan in a single month. The main reason is that the maturity of these months may be relatively low, and then under the assumption that circulation is relatively uniform, the net increment may be relatively high, and the overall supply pressure may be controllable.

Feng Lin, director of the Research and Development Department of Oriental Jincheng, also said that the issuance cycle of ultra-long-term special treasury bonds this year is relatively long and the pace is relatively slow, which smoothes the supply pressure that may be caused by its issuance to the bond market. In addition, the market has long expected the supply pressure that may be caused by ultra-long-term special treasury bonds, so the impact of subsequent issuance on the bond market is relatively limited.

What is the value of the investment?

According to the issue announcement, the 20-year ultra-long-term special treasury bonds tendered today will be distributed from the end of the tender to May 27, and will be listed for trading on May 29.

With the regular issuance of ultra-long-term special treasury bonds, how to buy by individual investors has attracted market attention. According to the Q & An on the purchase of treasury bonds by individual investors issued by the Ministry of Finance, the ultra-long-term special treasury bonds issued this year are bookkeeping treasury bonds, and the purchase operation shall be handled in accordance with the bookkeeping treasury bond purchase process.

Specifically, in the primary market, bookkeeping treasury bonds are mainly issued to institutional investors through bookkeeping underwriting syndicates, and claims are recorded by electronic bookkeeping in the Central Clearing Company. After listing, individual investors can also buy from institutional investors in the secondary market.

When individual investors purchase bookkeeping treasury bonds, they can open personal bond accounts and capital accounts in advance through any counter of the national inter-bank bond market counter, online banking or mobile banking, and open bookkeeping treasury bond trading business; they can also open ordinary A-share securities accounts and capital accounts with securities companies in advance.

On May 22, the first ultra-long-term special treasury bond was officially listed on the secondary market, triggering a temporary stop twice in intraday trading. As of the midday close on May 24th, 24 Special Administrative region 01 (019742) fell 0.11% to 100.467 yuan.

Feng Lin suggested that for ordinary investors, the trading price of bookkeeping treasury bonds fluctuates with the market situation, if investors do not hold maturity after buying, but sell in the secondary market, it is possible to bear the losses caused by rising market interest rates and falling bond prices.