1. Public offering bonds refer to bonds publicly issued by the government, local governments, state-owned enterprises or financial institutions and sold to public investors. The issuance process of public bonds is transparent and open to public investors, with high liquidity and market availability.
2. private placement bond refers to bonds traded between qualified investors. Issuers are institutional investors or individual investors with certain financial strength and economic knowledge. Private placement bond has a small market, limited issuance, poor liquidity and many private transactions.