(1) According to different issuers, bonds can be divided into national bonds, financial bonds and corporate bonds.
(2) According to the length of repayment period, bonds can be divided into short-term bonds, medium-term bonds, long-term bonds and perpetual bonds.
(3) According to the different methods of interest payment, bonds can generally be divided into interest-bearing bonds and discounted bonds.
(4) According to the bond issuance method, that is, whether it is publicly issued or not, it can be divided into public bonds and private placement bond.
(5) According to whether there is mortgage guarantee or not, bonds can be divided into credit bonds, mortgage bonds and guarantee bonds.
corporate bonds
The so-called corporate bonds refer to the creditor's rights and debt certificates issued by joint-stock companies that promise to repay the principal and interest within a certain period of time. Basic characteristics of corporate bonds. In addition to the general nature of bonds, corporate bonds have their own characteristics compared with other bonds such as national debt and financial debt:
(1) has higher income.
(2) The risk is relatively high.
(3) Compared with the company's shares, the rights of the holders are different. Corporate bondholders are only creditors of the company, not shareholders, and have no right to participate in the company's business decisions. However, it takes precedence over shareholders in the order of income distribution.
Classification of corporate bonds
(1) According to whether it is registered or not, it can be divided into registered bonds and registered bonds. At present, most bonds issued in China belong to bearer type.
(2) According to the different income of bondholders, it can be divided into participating corporate bonds and non-participating corporate bonds.
(3) According to whether there is mortgage guarantee or not, it is divided into secured corporate bonds and unsecured corporate bonds. Guarantee company bonds are divided into real estate mortgage company bonds, movable property mortgage company bonds and trust mortgage company bonds.
(4) According to different repayment periods, it can be divided into short-term corporate bonds, medium-term corporate bonds and long-term corporate bonds.
(5) According to whether the stock is convertible, it can be divided into convertible bonds and non-convertible bonds.
convertible bonds
Enterprise convertible bonds refer to joint stock limited companies that issue bonds, and the bondholders promise to convert them into shares of the company under certain conditions.
Convertible bonds are generally issued in the initial stage of enterprises, which require a lot of medium and long-term development funds, and get less, but it is expected that the future income will be good. The purpose of issuing this kind of bond is to make the public get low interest for a period of time, but once the bond is converted into stock, it can get more abundant income. Driven by this interest, investors will buy bonds enthusiastically, so that enterprises can get the funds they need at less cost.
Corporate convertible bonds are a kind of potential stocks. When issuing, it is necessary to specify the conversion time, conversion ratio, whether the conversion is based on face value or market price, etc. To prevent disputes during conversion. Of course, there are still some risks in buying convertible bonds of such enterprises. If the development of the enterprise is not good, then the income after switching to stock trading will be very small.