Original title: What is the impact of the issuance of ultra long term special treasury bonds? How do individuals purchase? Expert interpretation

This morning (24th), the 20-year ultra long term special treasury bonds were officially launched. According to the issuance arrangement, the first 20 year super long term special treasury bonds are fixed rate interest bearing bonds, with a total issuance of 40 billion yuan.

How can individual investors buy? What are the impacts on the supply and demand structure of national debt? See the expert's interpretation ↓

The Ministry of Finance defines the purchase method of individual investors

Can individual investors buy these super long term special bonds? The reporter learned from the Ministry of Finance that the 20-year super long term special national debt issued this time belongs to bookkeeping national debt, which can be purchased by individual investors.

At present, China's national debt mainly includes two types, which can be divided into savings bonds and bookkeeping bonds according to different sales targets:

Savings bonds are sold directly to individuals;

Bookkeeping treasury bonds are mainly issued to institutional investors in the primary market through the underwriting syndicate. After listing, individual investors can also buy from institutional investors in the secondary market.

The ultra long term special treasury bonds issued this year belong to the bookkeeping treasury bonds, which have three maturities of 20 years, 30 years and 50 years. Individual investors can buy them through the counter business establishment of the national inter-bank bond market, or through the securities companies that carry out bond brokerage business in the stock exchanges.

Ren Qiang, Director of the Institute of Finance and Taxation of the Central University of Finance and Economics: When people buy bookkeeping bonds, they have to know when the market price will rise and when it will fall, and what relationship it has with the current market interest rate. We should have a certain degree of assurance, and we should have a higher risk tolerance.

Industry insiders' analysis: it is conducive to balancing the supply and demand structure of national debt

According to the analysis of insiders, the issuance of ultra long term special treasury bonds is conducive to balancing the supply and demand structure of treasury bonds, and is conducive to the implementation of major national strategies and the construction of security capacity in key areas, that is, to providing long-term financial support for the "dual" construction.

Wang Hailu, General Manager of Financial Market Department of Industrial and Commercial Bank of China Head Office: The term setting of ultra long term treasury bonds is precisely connected with the construction cycle of the "dual" project, fully matching the project capital demand. Since this year, insurance, wealth management, funds and other non bank institutions have abundant funds, and the demand for ultra long term treasury bonds is relatively strong. The issuance of ultra long term special treasury bonds will help to meet the investment needs of market institutions for ultra long term bonds and balance the supply and demand structure of the treasury bond market.

In addition, the insiders analyzed that the issuance of ultra long term special treasury bonds will help to build a more perfect yield curve of treasury bonds and give play to the pricing benchmark function.

(CCTV reporter Tian Qiyong and Li Xia)