short-term bond

Bonds issued to raise short-term funds

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Short term bonds are bonds issued to raise short-term funds. The general term is less than one year. Some medium - and long-term bonds circulating in the market with maturity less than one year are also regarded as short-term bonds. Short term bonds have the advantages of strong liquidity and low risk, so they are often welcomed by ordinary investors. However, its yield is also low. The buyers of short-term bonds include financial institutions, companies and individuals. Financial institutions, in particular, buy more short-term government bonds and short-term corporate bonds and regard them as secondary reserves of their own assets. An appropriate amount of short-term bonds has promoted the development of the financial market and made the issuance conditions of bonds more favorable. Especially in the early days of the financial market, it can activate the market and lay the foundation for the issuance of long-term bonds. At the same time, the issuance and circulation of a large number of short-term bonds also make it possible for the central bank to use various monetary instruments to handle bonds, so as to achieve the purpose of regulating currency circulation and stabilizing the financial market.^[1]

Chinese name: short-term bond
publisher: Mainly industrial and commercial enterprises and the government

Corporate Purpose: Raising temporary working capital
Government purpose: Balance budget expenditure
Term: 3, 6 and 9 months

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two Rating symbols and definitions

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Short term bonds: bonds with a repayment period of less than one year are short-term bonds.

The issuers of short-term bonds are mainly industrial and commercial enterprises and governments. Banks in financial institutions Deposit taking As its main source of funds, and the maturity of a large part of deposits is less than one year, it rarely issues short-term bonds.

The government issues short-term bonds mostly to balanced budget Expenses. The short-term bonds issued by the US government are divided into three months, six months, nine months and twelve months. There are few short-term bonds issued by our government.

Generally, 360 days in a year and 180 days in a half year. The days of interest accumulation can be divided into two categories: the actual days (ACT) (ACT/360, ACT/180) and the monthly 30 days (30/360, 30/180).

Rating symbols and definitions

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1. Symbols and definitions of enterprise credit rating

AAA Level 4: strong ability to repay debts, basically unaffected by adverse economic environment, and extremely low risk of default.

Grade AA: It has a strong ability to repay debts, is not affected by adverse economic environment, and has a low risk of default.

Level A: strong debt repayment ability, vulnerable to adverse economic environment, default risk Lower.

Grade BBB: average debt repayment ability, relatively affected by adverse economic environment, and average default risk.

Grade BB: The ability to repay debt is weak, which is greatly affected by the adverse economic environment and has a high risk of default.

Level B: The ability to repay debt largely depends on a good economic environment, and the risk of default is high.

CCC level: the ability to repay debt is highly dependent on a good economic environment, and the risk of default is extremely high.

CC level: It can obtain less protection in bankruptcy or reorganization, and can hardly guarantee repayment of debts.

Level C: unable to repay debts.

2、 Short term financing bonds Rating symbols and definitions

Level A-1: It is the highest level short-term bond with the strongest ability to repay principal and interest and the highest security.

A-2: strong ability to repay principal and interest and high security.

Grade A-3: the ability to repay the principal and interest is average, and the safety is vulnerable to adverse environmental changes.

Level B: low ability to repay principal and interest default risk 。

Level C: The ability to repay the principal and interest is very low, and the risk of default is high.

Level D: unable to repay the principal and interest on schedule.

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