Special topic: the listing of ultra long term special treasury bonds, and investors "snatch up" the quota
Source: Beijing Business Daily
On May 22, the first 30-year super long term special treasury bond (hereinafter referred to as "24 Teguo 01"), which has attracted much market attention, was officially listed for trading. According to the trading information of the Shanghai Stock Exchange, due to abnormal price fluctuations after the opening of "24 Teguo01", the temporary trading suspension was triggered twice, with an increase of 25%. So, how can I buy such a popular "24 Special Country 01"? What needs attention? Some insiders said that at present, investors can buy through banks and securities companies. It should be noted that the price of book entry government bonds in the secondary market will fluctuate with the market. Investors also need to pay attention to the risk of interest rate fluctuations and liquidity risks of funds.
Two temporary suspensions have been triggered
On May 22, "24 Special Countries 01" ushered in the first day of listing. The opening price has hit 103.1 yuan, rising by more than 10% shortly after the opening. The Shanghai Stock Exchange immediately announced that "24 Teguo01" was temporarily suspended for 30 minutes during the session and will resume trading from 10:00 on the same day. At the same time, the announcement reminded investors to pay attention to trading risks, and pointed out that after the resumption of trading, if the bond trading again showed abnormal fluctuations, the second intraday temporary suspension could be implemented.
It is worth mentioning that after the resumption, the "24 Special Countries 01" continued its upward trend, and finally triggered a second suspension at 125 yuan, up 25%. According to the announcement of the Shanghai Stock Exchange, the "24 Special Countries 01" transaction was suspended at 10:8 on May 22 and resumed at 15:27 on May 22. Eastmoney Choice data shows that before the second suspension, the turnover of "24 Special Countries 01" has reached 17.5 million yuan.
Looking back five days ago, on May 17, the first ultra long term special national debt was paid attention to by the market once it was issued. According to the issuance arrangement announced by the Ministry of Finance, the 30-year super long term special treasury bonds were issued for the first time, which are fixed rate interest bearing bonds with a total amount of 40 billion yuan. According to the official website of the Ministry of Finance, the national debt will be distributed from the end of the bidding to May 20, 2024, and will be listed for trading from May 22.
Guo Shiliang, a financial commentator, commented that the first day of the listing of "24 Teguo01" rose sharply, triggering two temporary stops, reflecting that the current market capital is pouring into the market with earning effect.
Wang Liqin, manager of Harvest Huixin Medium and Short term Debt Fund, analyzed that the supply of special treasury bonds was landing, the pace was smooth and did not exceed the market expectations. It might be difficult to have a significant impact on liquidity before the third quarter, and the overall risk of the bond market was controllable. Structurally, the central bank frequently prompts long-term risks, superimposes the disturbance of credit policy, and the winning rate of short-term and long-term assets decreases; At the same time, when the supply of treasury bonds is increasing, the central bank expects that there is no room for the central bank to actively tighten monetary policy under the requirement of policy consistency, and the asset shortage pattern is still favorable for short-term interest rates. In addition, Harvest Fund also said that the issuance of ultra long term special treasury bonds would help stimulate economic recovery, improve market expectations, and enhance the market's risk appetite for equity assets.
Pay attention to the risk of interest rate fluctuation
It should be noted that savings bonds were mostly sold by banks before, and such bonds cannot be listed, circulated and transferred, but can be withdrawn and realized in advance. The book entry treasury bonds issued this time are mainly issued to institutional investors through the book entry treasury bond underwriting syndicate in the primary market, and the creditor's rights are recorded in the electronic book entry way in the Central Clearing Corporation. This also means that after listing, individual investors can also buy from institutional investors in the secondary market.
Harvest Fund pointed out that as a risk-free and safe asset, the ultra long term special treasury bonds are not only the investment targets allocated by institutional investors in the inter-bank bond market, but also can be invested by individual investors.
So, where do investors look for relevant targets to invest? The reporter of Beijing Business Daily learned that there are two main purchase channels at present: one is to open personal bond accounts and capital accounts through bank counters, online banking or mobile banking, and open book entry treasury bond trading business; The second is to open common A-share securities accounts and capital accounts in securities companies.
In terms of specific subject matter, the name of the spot securities listed and traded on the current treasury bonds of Shanghai Stock Exchange is "24 Special Country 01", and the securities code is "019742". According to the characteristics of national debt, the minimum purchase unit is 1000 pieces, and the number of transactions is an integer multiple of 1000 pieces. In addition to Shanghai Stock Exchange, it can also be traded on the comprehensive agreement platform of Shenzhen Stock Exchange (code 102267. SZ), the inter-bank bond market (code 2400001. IB) and the counter market (code 2400001. BC).
Super long term special treasury bonds have a long term, so can investors exit before maturity? CSC According to the securities interpretation, the transaction can be bought and sold on the same day, and supports T+0 intraday reversal. Haitong Securities On the official account of Haitong Wealth, it was pointed out that investors can trade in the secondary market after purchasing ultra long term special treasury bonds, and they do not have to pay at maturity.
However, it should be noted that the price of book entry treasury bonds in the secondary market will fluctuate with the market situation, and investors also need to pay attention to the risk of interest rate fluctuation and liquidity risk of funds. Guo Shiliang said frankly that the first day of the listing of "24 Special Countries 01" rose by more than 20%, which may exceed the current value of ultra long term special treasury bonds. After short-term speculation, we still need to be alert to the risk of market adjustment.
Beijing Business Daily reporter Liu Yuyang Hao Yan
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