Bond type
1, credit corporate bonds. Credit company bond is a kind of bond issued without any assets of the company as guarantee, which belongs to the category of unsecured securities.
2. Real estate mortgage company bonds. It is a mortgage-backed securities.
3. Guarantee company bonds. Guarantee company bond is a bond issued by a company with a third party as the guarantor of debt service, and it is a kind of guarantee securities. In practice, the guarantee behavior between parent and subsidiary companies is widespread.
4. Income corporate bonds. Its interest is paid only when the company is profitable.
5. Convertible corporate bonds. Convertible corporate bonds refer to corporate bonds issued by issuers in accordance with legal procedures and can be converted into shares within a certain period of time according to agreed conditions. Convertible corporate bonds have the dual advantages of debt investment and equity investment.
6. Corporate bonds with warrants. According to whether warrants and bonds with new shares can be separated, bonds can be divided into two types: one is separable, that is, bonds and warrants can be transferred separately and independently. The other is non-separation, that is, warrants cannot be separated from bonds, and warrants cannot be the object of independent transactions. According to the exercise mode of stock options, it can be divided into cash remittance type and payment type. Cash remittance means that when holders exercise stock options, they must subscribe for shares in cash; Offset means that the face value of corporate bonds can be directly converted into shares according to a certain proportion. Issuing corporate bonds with cash remittance warrants can play the role of one-time issuance and secondary financing. Corporate bonds with warrants are different from convertible corporate bonds. The former still exists after exercising the right to subscribe for new shares. After the latter exercised the conversion right, the bond form disappeared immediately.
7. Exchangeable bonds. Exchangeable bonds refer to corporate bonds issued by shareholders of listed companies according to law, which can be converted into shares of listed companies held by shareholders in accordance with agreed conditions within a certain period of time.
Types of corporate bonds
1. According to the term, corporate bonds include short-term corporate bonds, medium-term corporate bonds and long-term corporate bonds. According to the term classification of corporate bonds in China, the term of short-term corporate bonds is within 1 year, the term of medium-term corporate bonds is within 1 year and less than 5 years, and the term of long-term corporate bonds is more than 5 years. Corporate bonds generally have a long term, and those with a term of less than 5 years are usually called short-term bonds, while long-term bonds generally refer to corporate bonds with a term of more than 5 years.
2. According to whether it is registered or not, corporate bonds can be divided into registered bonds and registered bonds. If the name of the bondholder is registered on the corporate bond, the investor must sign the bond with the seal or other valid identification when receiving the interest, and register with the issuing company at the same time, which is called registered bonds, and vice versa.
According to whether the name of the holder is recorded when the bond is issued, it can be divided into registered bonds and registered bonds. Registered bonds is a corporate bond with the holder's name printed on it, so it cannot be listed and circulated. The principal and interest of this bond can only be paid to the named person on the face of the bond, so the withdrawal must be based on the corresponding identification documents and the necessary procedures must be fulfilled, and the transfer must also be registered with the enterprise. These bonds can be divided into registered bonds with principal and interest and registered bonds with principal. Bearer securities refer to bonds without the name of the holder, and the principal and interest are only based on bonds. The corporate bonds that usually circulate in the market are registered bonds-free.
3. According to whether the bonds are guaranteed or not, corporate bonds can be divided into credit bonds and guaranteed bonds. Credit bonds refer to unsecured bonds issued only with the credit of fundraisers. Credit bonds are only applicable to bond issuers with high credit ratings. Guaranteed bonds refer to bonds issued by means of mortgage, pledge and guarantee. Among them, mortgage bonds refer to bonds issued with real estate as collateral, pledge bonds refer to bonds issued with its securities as collateral, and guarantee bonds refer to bonds whose principal and interest are guaranteed by a third party.
4. According to the reputation of corporate bonds, whether there is designated asset guarantee can be divided into secured corporate bonds and unsecured corporate bonds. Guaranteed corporate bonds can be divided into three types, namely, corporate bonds mortgaged by real estate, corporate bonds mortgaged by movable property and corporate bonds mortgaged by trust. Among them, trust and mortgage corporate bonds refer to corporate bonds issued with other securities held by the issuing enterprises as collateral. Unsecured corporate bonds refer to corporate bonds issued without physical assets as collateral but with the company's own reputation as collateral, also known as? Credit corporate bonds? . When adopting this issuance method, in order to protect the interests of investors, issuers should have some constraints and restrictions when using debt funds, such as not arbitrarily increasing corporate bonds, and shareholders should pay dividends before outstanding bonds. At the same time, the issuing enterprise is required to issue in the form of trust deed, and the trustee is appointed to supervise the implementation of relevant regulations.
5. According to whether bonds can be redeemed in advance, corporate bonds can be divided into callable bonds and non-callable bonds. If an enterprise has the right to buy back all or part of the bonds regularly or at any time before their maturity, such bonds are called callable corporate bonds, and vice versa.
6. According to whether the bond coupon rate changes, corporate bonds can be divided into fixed interest rate bonds, floating interest rate bill bonds and progressive interest rate bonds. Fixed-rate bonds refer to bonds with fixed interest rates during the repayment period; Floating rate notes refers to coupon rate's bonds that change regularly with the market interest rate; Progressive interest rate bonds refer to bonds with progressive interest rates with the increase of bond maturity.
7. According to the method of determining interest rate, it can be divided into fixed interest rate corporate bonds, floating interest rate corporate bonds, dividend-paying corporate bonds and income-earning corporate bonds. A fixed-rate bond means that its interest rate has been determined at the beginning of its issuance. The interest rate level in floating interest rate bills is not fixed at the beginning of issuance, but is determined according to one or several specific interest rates as a floating reference, generally according to the average level of interbank offered rate in banking industry, plus a set amount as the bond interest rate. Dividend bonds refer to the interest of bonds, some of which are fixed in advance and some of which change with the operating income of the issuer. Income-oriented corporate bonds are also a kind of non-fixed interest rate bonds, and their interest income depends on the income level of enterprises. When the profit of the borrowing enterprise has a surplus after deducting all fixed expenses, when the income is insufficient, only the interest will be paid at the established interest rate, and the interest will be reissued after the operating conditions improve, and the shareholders of the enterprise will not be able to pay dividends until all the interest payable is paid.
8. According to whether the issuer gives investors the option, corporate bonds can be divided into corporate bonds with option and corporate bonds without option. Corporate bonds with options mean that bond issuers give bondholders certain options, such as transferable corporate bonds, bond with attached warrant and repayable corporate bonds. The bondholders of convertible companies can convert their bonds into shares issued by enterprises at prescribed prices within a certain period of time; Bondholders with warrants can buy shares of the agreed company with warrants; Repayable corporate bonds can be returned within the prescribed time limit. On the contrary, bonds without the above options are corporate bonds without options.
9. According to the issuance methods, corporate bonds can be divided into public bonds and private placement bond. Public issuance of bonds refers to bonds that are publicly issued to social investors with the approval of the securities authorities in accordance with legal procedures; Private placement bond refers to bonds issued to a specific minority of investors. The issuance procedure is simple and generally cannot be publicly traded.
10. Bonds can be divided into convertible bonds and non-convertible corporate bonds according to whether they can be converted into other financial instruments. Convertible corporate bonds are a special kind of bonds, and the holders of such bonds can convert the bonds into shares of the issuing enterprises at the specified price and conditions according to their own wishes within a certain period of time. For example, china baoan Group, a listed company in China, has issued such bonds. Because this bond enjoys the privilege of converting shares, the interest rate is relatively low. In addition, other bonds are non-convertible bonds.
1 1. According to the method of determining the repayment period of bonds, it can be divided into one-time maturity corporate bonds, multiple maturity corporate bonds and notice maturity corporate bonds. A one-time maturity bond refers to a bond that repays the principal at one time and vice versa. Notifying corporate bonds means that enterprises can issue notices to repay all or part of bonds at any time before the scheduled repayment period of bonds comes. It is mainly convenient for enterprises to redeem bonds in advance under the condition of sufficient funds, and its purpose is to avoid excessive interest burden. Enterprises that issue corporate bonds with notice of maturity usually pay higher returns to bondholders, because such corporate bonds will stop paying interest after the notice expires.
12. According to the degree and way that bondholders benefit, it can be divided into participating corporate bonds and non-participating corporate bonds. Holders who participate in corporate bonds can not only get the interest specified in advance, but also participate in the profit dividend of the enterprise to a certain extent according to the regulations. Holders who do not participate in corporate bonds do not have this right. The distribution method and proportion of bonds of participating companies must be agreed in advance. Generally speaking, the number of such bonds issued is very small.
13. According to the different purposes of issuing bonds, corporate bonds can be divided into ordinary corporate bonds, restructured corporate bonds, interest-bearing corporate bonds and deferred corporate bonds. Ordinary corporate bonds refer to corporate bonds issued at a fixed interest rate and a fixed term. The purpose of this bond is to expand reproduction, and most corporate bonds belong to this bond. In addition to this general purpose corporate bond, there are also some special purpose corporate bonds. Among them, corporate bond restructuring refers to bonds issued to clean up old debts or old corporate bonds. It is also called repaying old corporate bonds with new ones and issuing new corporate bonds to recover due bonds, which can be exchanged for old bonds or purchased in cash.