The second issue of ultra long term special treasury bonds for individual investors is coming.
Starting at 10:00 this morning, China Merchants Bank and Zheshang Bank It officially sold 20-year super long term special treasury bonds to individual investors.
According to the announcement on treasury bond business issued by the Ministry of Finance on May 24, the bidding for 2024 ultra long term special treasury bond (Phase II) (hereinafter referred to as the current treasury bond) has been completed. This treasury bond is planned to issue 40 billion yuan, and the actual issued face value is 40 billion yuan. The term is 20 years. The coupon rate determined by the bidding is 2.49%. After the bidding, it will be distributed until May 27, and will be listed for trading from May 29.
The second issue of super long term special national debt is coming
The Chinese reporter of the securities firm learned from China Merchants Bank and Zhejiang Merchants Bank that the above 20 year super long term special treasury bonds are distributed to individuals from 10:00 to 15:30 on May 27 (Monday).
(Source: Mobile APP of China Merchants Bank) The current treasury bonds are fixed rate interest bearing bonds, and the interest is paid half a year. The interest payment dates are May 25 (postponed on holidays, the same below), November 25, and May 25, 2044, when the principal is repaid and the last interest is paid.
This year, the issuance scale of ultra long term special treasury bonds is 1 trillion yuan. From the perspective of the issuance rhythm, the issuance of ultra long term treasury bonds is concentrated from May to November this year, and is carried out in multiple batches and periods.
According to the "Arrangement for the Issuance of 2024 General National Debt and Super Long term Special National Debt" issued by the Ministry of Finance on May 13, this year's super long term special national debt is divided into three periods of 20 years, 30 years and 50 years, with 7, 12 and 3 issues respectively. The starting date of issuance is May 24, May 17 and June 14, respectively. The interest payment method is half yearly.
(Source: website of Ministry of Finance) The first issue of this year's ultra long term special treasury bonds is the 30-year special treasury bonds of 40 billion yuan issued on May 17, with a weighted bid winning yield of 2.57%.
On the day when the first issue of ultra long term special treasury bonds was sold to individual investors, investors were enthusiastic about subscribing. On May 20, Zhejiang Merchants Bank successfully distributed the first phase of ultra long term special treasury bonds over the counter. It officially opened at 10:00 a.m. that day. Only 10 minutes after the opening, the first batch of sales quota was exhausted. In order to meet the needs of investors, Zheshang Bank quickly increased its distribution quota at 11:00 on the same day, which was also sold out in a short time.
As this is the first time that the Ministry of Finance has issued super long special treasury bonds, Zheshang Bank has made a prudent comprehensive assessment, customer demand mapping and investor guidance before issuing. Specifically, before the sale, the head office of Zhejiang Merchants Bank took the lead, and the branches and sub branches carried out customer mapping. Customers had strong investment needs. The questions asked by customers mainly include purchase channels, limit, age limit, security, income measurement, liquidity, handling fees, quotations and other related issues.
The relevant personage of Zheshang Bank said that the personal investment in ultra long term treasury bonds is bookkeeping treasury bonds, which is different from the savings treasury bonds that individual investors are more familiar with. They need to match their own risk preferences, and investors also need to do risk assessment before purchasing. Individual investors of book entry treasury bonds who do not aim at holding to maturity but at trading profit should have certain investment experience and risk tolerance.
"Special" of Special National Debt
Special national debt refers to the national debt issued in a specific period and with a specific purpose. China has issued three special government bonds in 1998, 2007 and 2020, respectively, to supplement the capital of four major commercial banks, establish CIC to manage foreign exchange, and respond to the impact of sudden epidemic.
In terms of the investment orientation of this year's special national debt, this year's government work report has made it clear that in order to systematically solve the funding problem of some major projects in the process of building a strong country and national rejuvenation, it is planned to issue ultra long term special national debt for several consecutive years starting this year, which will be used specifically for the implementation of major national strategies and security capacity building in key areas.
"Supporting local and enterprise investment by increasing central government debt is the essence of this special national debt issuance." Dagong International reports that the "special" nature of special national debt is reflected in the nature of national debt, which is included in the government fund budget rather than in the general public budget constrained by issuing deficits. By comparing the characteristics of the recently issued "special refinancing bonds", "special treasury bonds" and "super long special treasury bonds", we can see that they are also conducive to optimizing the local debt burden. The "special refinancing bonds" are directly issued by local governments, and the annual interest expenditure is a huge pressure; "Special national debt" and "super long special national debt" are both leveraged by the central government and arranged to local governments through transfer payments. Most of the additional 1 trillion "special national debt" issued in 2023 will be carried forward to 2024, which is conducive to making room for local finance in the short term; The "super long special national debt" helps to hedge the lack of local investment willingness and improve the medium and long-term economic growth expectations.
In terms of significance to individual investors, Yuekai Securities Research News believes that super long term special treasury bonds can enrich financial investment varieties and increase investment channels for individual investors. The proportion of ultra long term treasury bonds in the balance of treasury bonds in China is relatively low. The issuance of ultra long term treasury bonds, especially 30-year and 50-year treasury bonds, will not only help enrich the investment varieties in the financial market, but also meet the investment needs of investors for long-term and stable returns, and promote the healthy development of the financial market. 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 gains and losses on investment in the secondary market.
Editor in charge: Tactical Constant
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