Special topic: the listing of ultra long term special treasury bonds, and investors "snatch up" the quota
Financial News Agency, May 20 (reporter Cao Yunyi) Today, some banks sold ultra long term special treasury bonds. As of 3:30 p.m., the purchase channels of the first batch of 30-year ultra long term special treasury bonds had been closed. The reporter from the Associated Press of Finance and Economics China Merchants Bank It was learned that the bank only had a purchase line of 500 million yuan, and Zheshang Bank Our staff revealed that the bank's quota had been sold out before 3:30.
However, a number of bank managers said that compared with the savings bonds "sold out upon issuance", the willingness of individual investors to purchase ultra long term special bonds declined. Although some people consulted, the number of people who bought them was not large. The industry said that for individual investors, ultra long term treasury bonds can obtain stable principal and interest income, as well as gain and loss from investment in the secondary market. It is suggested that individual investors should have certain investment experience and risk bearing capacity.
Some banks are not enthusiastic about opening channels and individual investors today
"It will be closed at 3:30 this afternoon. According to the product design, it is only available on May 20, and you can't buy it if you miss it." A staff member of a branch of China Merchants Bank in Shanghai told the Associated Press that today, individual customers can buy ultra long term special treasury bonds through the bank counter or by logging into online banking through computers. The purchase time is from 10:00 to 15:30, And only today.
A total of 56 institutions are members of the book entry bond underwriting syndicate, including six state-owned banks and several large joint-stock banks. However, not all banks sell to individual investors. According to the reporter of the Associated Press of Finance, today only Zhejiang Merchants Bank and China Merchants Bank have opened the purchase channels for individual investors. Managers of a number of large state-owned banks and joint-stock banks still said today that there is no plan to include the ultra long term special treasury bonds in the current period in the sales, and the over-the-counter market is only for financial institutions, not for individual investors.
Compared with the savings bonds "sold out upon sale", a banker said that this super long term special bond has two characteristics: first, there is not much open quota for individual investors, and the selling time is short; Second, it is not very attractive to individual investors.
The customer manager of a branch of Zhejiang Merchants Bank in Shanghai said that he had received the specific announcement of product issuance last Friday. Not many individual investors consulted today, but the bank's quota was also sold out before 3:30. "No one in our outlet bought it today, and it was sold out because the overall amount was not high."
"Someone asked today, but at the end of the day none of us bought it," said a staff member from a branch of China Merchants Bank in Shanghai. The reporter of the Associated Press of Finance learned from China Merchants Bank that its total issuance of 30-year super long term special treasury bonds to individual investors is only 500 million yuan.
For the reason why investors are not enthusiastic, the above financial manager said that on the one hand, the interest rate of the bonds issued this time is not high, 2.57%, and the interest rate of the bank's three-year fixed deposit is 2.5%. On the other hand, the national debt issued this time is different from the savings national debt. Investors can freely buy and sell bookkeeping national debt in the secondary market. The price will follow the market and the actual interest rate will fluctuate. Therefore, the risk rating of this product by China Merchants Bank is R3, while the risk rating of China Zheshang Bank is R2 low risk.
There are many opportunities to invest in treasury bonds, and there is transaction fluctuation risk
If investors are interested in investing in ultra long term special treasury bonds, there are still many opportunities to enter the market. According to the notice issued by the Ministry of Finance, the term of ultra long term special treasury bonds to be issued this year is 20 years, 30 years and 50 years, and the number of issuance periods is 7, 12 and 3, a total of 22 periods. The interest payment method is half yearly. Among them, the 20-year bond was issued for the first time this year and will be opened on May 24.
Luo Zhiheng, chief economist of Yuekai Securities, believes that the proportion of China's ultra long term treasury bonds in the balance of treasury bonds is relatively low. The issuance of ultra long term treasury bonds will not only help enrich the investment varieties in the financial market, but also meet investors' investment needs for long-term and stable returns, and promote the healthy development of the financial market.
From the perspective of investment income, the weighted bid winning yield of the first issue of ultra long term special treasury bonds was 2.57%, which was 3.8BP lower than the latest weighted interest rate of 30-year treasury bonds (April 29). However, the full market multiple of 3.9 and marginal multiple of 382.6 reflected investors' recognition of ultra long term treasury bonds, and the enthusiasm for subscription was high.
"For individual investors, they can also participate in the purchase of ultra long term treasury bonds. In addition to obtaining stable principal and interest income, there are also investment gains and losses in the secondary market." Luo Zhiheng reminded that after investors buy, price fluctuations in the secondary market will bring loss risk, so individual investors should have certain investment experience and risk bearing ability.
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