Types of corporate bonds
(1) According to the bond term, corporate bonds can be divided into 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.
(2) According to whether the bonds are registered, 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, then it is a registered bond, and vice versa.
(3) According to whether the bonds are secured or not, corporate bonds can be divided into credit bonds and secured bonds. Credit bonds refer to unsecured bonds issued only by the fundraiser's own credit. Guaranteed bonds refer to bonds that guarantee the issuer to repay the principal and interest on schedule 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 certificates of deposit, securities and movable property as collateral, and guarantee bonds refer to bonds issued with the credit guarantee of a third party.
(4) According to whether bonds can be redeemed in advance, corporate bonds can be divided into bonds that can be redeemed in advance and bonds that cannot be redeemed in advance. If a company has the right to buy back all or part of its bonds at regular intervals or at any time before their maturity, such bonds are called callable corporate bonds, and vice versa.
(5) According to the change of bond coupon rate, 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 a fixed interest rate during the repayment period, floating-rate bills refer to bonds whose interest rate changes regularly with the market interest rate, and progressive-rate bonds refer to bonds whose interest rate is progressive with the increase of bond term.
(6) 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 bondholders are given certain options, such as convertible corporate bonds, corporate bonds with warrants, and repayable corporate bonds. Bondholders of convertible companies can convert bonds into stocks issued by salt companies at a specified price within a certain period of time; Bondholders with warrants can buy shares of the agreed company with warrants; Refundable corporate bonds can be refunded within the prescribed time limit. On the contrary, bonds without the above options are corporate bonds without options.
(7) According to the issuance method, 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 the non-public issuance of bonds for specific investors. The issuance procedure is simple, and generally it cannot be publicly traded.
(8) According to whether the holders participate in the distribution of corporate profits, corporate bonds can be divided into participating corporate bonds and non-participating corporate bonds. Participating corporate bonds refer to corporate bonds that can not only obtain interest income according to the pre-agreement, but also participate in the company's profit distribution to a certain extent; Non-participating corporate bonds refer to corporate bonds whose holders can only get interest at the pre-agreed interest rate.
(9) According to the purpose 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 with fixed interest rate and fixed term. This is the main form of corporate bonds, which aims to provide a source of funds for the company to expand its production scale. Corporate bond restructuring refers to bonds issued to clear corporate debts, also known as replacing old bonds with new bonds. 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. 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 bonds cannot be issued to repay the old debts.
The main classification of corporate bonds
According to whether it is registered or not, it can be divided into
(1) Registered bonds, that is, the name of the holder is registered on the front of the bond, and the principal and interest are collected with the seal. When transferring, it must be endorsed and registered in the bond issuing company.
(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.
The basis of profit distribution
(1) Participating corporate bonds refer to corporate bonds that can not only obtain interest income as agreed in advance, but also participate in the company's profit distribution to a certain extent.
(2) Non-participating corporate bonds refer to corporate bonds whose holders can only get interest at the pre-agreed interest rate.
According to whether it can be redeemed in advance.
(1) Corporate bonds can be redeemed in advance, that is, the issuer buys back all or part of the bonds issued by it before the bonds expire.
② Corporate bonds cannot be redeemed in advance, that is, corporate bonds that can only repay the principal and interest in one lump sum.
Classification by issue purpose
① Ordinary corporate bonds, that is, corporate bonds characterized by fixed interest rate and fixed term. 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.
Is it classified by option?
(1) Corporate bonds with options refer to some corporate bonds issued by issuers, which give the holders certain options, such as convertible corporate bonds (with options to convert into common stocks), corporate bonds with warrants and repayable corporate bonds (with options for the holders to sell the bonds back to the issuer before the maturity of the bonds).
(2) Corporate bonds without options, that is, corporate bonds in which the issuer has not given the above options to the holders.