As far as secondary market transactions are concerned, individual investors can only buy and sell corporate bonds in the bidding trading system. Every trading day, 9:00-9:25 is the call auction time when the bidding system is started, and 9:30-65:438+065:438+0:30 and 65:438+03-65:438+05 are the continuous bidding time. When corporate bonds are sold on the day they are bought, the T+0 trading system is implemented.
2. Select corporate bonds according to assets.
As a new kind of corporate bonds, we should pay attention to the maturity date, coupon rate and the company's solvency. By the end of 2006, the detailed corporate bond plans of local companies had not been issued, and coupon rate could not compare them in 2006. Therefore, in 2006, we mainly focused on the different asset levels of bond issuing companies.
Generally speaking, the profit rate and return on equity of bond issuing companies are significantly higher than the industry average, and factors such as strong financing ability have become the key to whether corporate bonds can be repaid at maturity.
Corporate bonds mainly include the following categories:
(1) According to whether it is registered or not, it can be divided into: ① Registered bonds, that is, corporate bonds with the registered holder's name, must be sealed to collect principal and interest, and must be endorsed and registered with the issuing company when transferring. (2) Bearer bonds, that is, the name of the holder is not required to be stated on the face of the bonds, and the principal and interest repayment and circulation transfer are only subject to the bonds without registration.
(2) According to whether the holder participates in the company's profit distribution, it can be divided into: ① Participating in corporate bonds refers to corporate bonds that can participate in the company's profit distribution to a certain extent in addition to obtaining interest income according to the pre-agreement. (2) Non-participating corporate bonds refer to corporate bonds whose holders can only get interest at the pre-agreed interest rate.
(3) According to whether it can be redeemed in advance, it can be divided into: ① corporate bonds can be redeemed in advance, that is, the issuer buys back all or part of the bonds it issued before the bond expires. (3) Corporate bonds cannot be redeemed in advance, that is, corporate bonds that can only repay the principal and interest at one time.
(4) According to the purpose of issuing bonds, it can be divided into: ① ordinary corporate bonds, that is, corporate bonds characterized by fixed interest rates and fixed maturities. This is the main form of corporate bonds, which aims to provide a source of funds for the company to expand its production scale. (2) Reorganization of corporate bonds, bonds issued to pay off corporate debts, also known as old bonds with new ones. (3) Interest-bearing corporate bonds, also known as adjusted corporate bonds, refer to new bonds with lower interest rates issued by companies facing debt credit crisis with the consent of creditors in exchange for previously issued bonds with higher interest rates. (4) Deferred corporate bonds refer to corporate bonds that the company can extend the repayment period after obtaining the consent of creditors when the issued bonds cannot be paid at maturity and new debts cannot be issued to repay the old debts.
(5) According to whether the issuer gives the holder the right to choose, it can be divided into: ① Corporate bonds with the right to choose, which means that in the issuance of some corporate bonds, the issuer gives the holder certain rights to choose, such as convertible corporate bonds.