1. By issuer:
1, government bonds:
Government bonds are bonds issued by the government to raise funds. It mainly includes national debt and local government bonds, the most important of which is national debt. National debt is also called "Phnom Penh bond" because of its good reputation, excellent interest rate and low risk.
2. Financial bonds:
Financial bonds are bonds issued by banks and non-bank financial institutions. At present, China's financial bonds are mainly issued by policy banks such as China Development Bank and Export-Import Bank.
3. Corporate (enterprise) bonds:
Corporate (enterprise) bonds Corporate bonds are bonds issued by enterprises in accordance with legal procedures and agreed to repay the principal and interest within a certain period of time. Corporate bonds are mainly issued by joint-stock companies, but they can also be issued by enterprises that are not joint-stock companies. Therefore, in general classification, corporate bonds and bonds issued by enterprises can be directly classified as corporate bonds.
Two. Classification by interest payment method
1. Discounted bonds:
Discounted bonds refer to bonds without interest, which are issued at a price lower than the face value of the bonds at a prescribed discount rate, and the principal and interest are paid at face value at maturity. The difference between the issue price of a discounted bond and its face value is the interest of the bond.
2. zero coupon bond:
Zero coupon bond refers to a bond that pays interest together with the principal at maturity, and the interest is paid off together with the principal. It can also be called a bond that pays interest at maturity. The first feature of interest payment is one-time interest payment. The second is to pay when the bond expires.
3. Interest-bearing bonds:
Interest-bearing bonds refer to bonds with coupon on the face of the bonds, and interest is paid according to the interest rate and payment method specified on the face of the bonds. The coupon is marked with the amount of interest, the time limit for paying interest and the bond number. Holders can cut coupons from bonds and get corresponding interest. Interest-bearing treasury bonds generally pay interest on schedule during the repayment period, such as once every six months or once a year.
4. Fixed rate bonds:
Fixed-rate bonds are bonds with fixed interest rates during the repayment period.
5. Floating rate notes:
Floating rate notes refers to a bond whose interest rate can be changed. The interest rate of this bond is linked to the market interest rate, which is generally higher than a certain percentage point of the market interest rate.
Third, according to the interest method:
1, simple interest bond
Simple interest bond refers to a bond that only pays interest according to the principal, regardless of the duration, and the interest generated is no longer added to the principal to calculate the interest of the next period.
2. Compound interest bonds
The compound interest bond corresponds to the simple interest bond, which refers to the bond that adds the interest generated in a certain period to the principal to calculate the interest, and then accumulates the interest in installments.
3. Progressive interest rate bonds
Progressive interest rate bonds refer to bonds whose annual interest rate increases year by year. With the passage of time, the interest rate of the bonds with progressive interest rate in the later period is higher than that in the earlier period, showing a progressive state.
Four, according to the method of interest rate determination:
1, fixed-rate bonds
Fixed-rate bonds refer to bonds with fixed interest rates throughout the repayment period at the time of issuance.
2. Floating rate notes
Floating rate notes is a bond corresponding to a fixed interest rate bond. Refers to the bond whose interest rate fluctuates with the market interest rate at the time of issuance, and its interest rate is usually determined according to the market benchmark interest rate plus a certain spread. Floating rate bills are usually medium-and long-term bonds. As the interest rate will fluctuate with the market interest rate, taking the form of floating interest rate bills can effectively avoid interest rate risks.
Verb (abbreviation of verb) according to the repayment period:
1, long-term bonds
Long-term bonds Generally speaking, the repayment period of long-term bonds is more than 10 years.
2. Medium-term bonds
Medium-term bonds: medium-term bonds with a maturity of over 1 year and under 1 year (including1year).
3. short-term bonds
Short-term bonds: short-term bonds with a repayment period of less than 1 year.
Six, according to the form of bonds:
1, physical bonds (bearer bonds)
Physical bonds record the creditor's rights in the form of physical bonds, marked with the year of issue and different amounts, and can be listed and circulated. Physical bonds will be phased out due to the high issuance cost.
2. Certificate bonds
Voucher bonds are a kind of savings bonds, which are issued by banks and bear interest from the date of purchase, but cannot be listed and circulated.
3. Bookkeeping bonds
Book-entry bonds refer to bills that have no physical form, record creditor's rights by bookkeeping, and are issued and traded through the trading system of the stock exchange. Because the issuance and transaction of book-entry treasury bonds are paperless, the transaction efficiency is high and the cost is low, which is the trend of bond development in the future.
Seven, according to the way of raising:
1, public offering of bonds
Public issuance of bonds refers to bonds that are publicly issued in the market with the approval of the securities authorities in accordance with legal procedures. The subscriber of this bond can be anyone in society. Publishers generally have a high reputation. Except for government agencies and local public organizations, general enterprises must meet the prescribed conditions when issuing public bonds. Issuers must abide by the information disclosure system and submit securities declarations to the securities authorities to protect the interests of investors.
2. private placement bond
Private placement bond refers to bonds issued to a specific minority of investors. The issuance procedure is simple and generally cannot be publicly traded.
Eight, according to the nature of the guarantee classification
1, guarantee bond (mortgage bond):
Refers to bonds issued with special property as collateral. Taking real estate as collateral, such as houses, is called mortgage bonds; Movable property, such as marketable goods, is called chattel mortgage bond; Securities trust bonds are bonds with stocks and other bonds as collateral. Once the bond issuer defaults, the trustee can sell the collateral to guarantee the creditor's priority.
2. Unsecured bonds:
Also known as credit bonds: refers to bonds issued only by fundraisers with no guarantee in any form. National debt belongs to this kind of bond. This kind of bond has solid reliability because of the absolute credit of its issuer. In addition, some companies can also issue such bonds, that is, credit company bonds. Compared with secured bonds, holders of unsecured bonds bear greater risks, so they often demand higher interest rates. However, in order to protect the interests of investors, companies that issue such bonds are often subject to various restrictions, and only those large companies with outstanding reputation are eligible to issue them.
3. Pledged bonds
Refers to bonds issued with its securities as collateral. China's pledge bonds refer to government bonds, central bank bonds, policy financial bonds issued by the government, central bank, policy banks and other departments and units and managed by China Government Securities Depository and Clearing Co., Ltd., as well as other securities approved by the People's Bank of China that can be used for pledge.
Nine, according to the classification of interest expenses
1. Fixed-rate bonds refer to bonds with fixed interest rates throughout the repayment period at the time of issuance.
2. floating rate notes refers to the bond whose interest rate fluctuates regularly with the market interest rate at the time of issuance, that is, the bond interest rate can be changed and adjusted during the repayment period.
3. zero coupon bond refers to at discount, a bond repurchased by the issuer at a fair price at maturity.
There are three channels for individuals to buy bonds: entrusted financial management at the counter of the exchange bank. Although there are many kinds of bonds in China's bond market, such as government bonds, policy financial bonds, corporate bonds, convertible bonds, corporate bonds, short-term financing bonds, medium-term notes, etc., there are still many individual investors who are not very clear about bond investment. Many investors mistakenly believe that individuals can only buy government bonds, and think that only the bank counter is the only way to buy bonds.