1. By issuer:
1 government bonds
Government bonds are bonds issued by the government to raise funds. It mainly includes national debt and local government bonds, the most important of which is national debt. National debt is also called "Phnom Penh bond" because of its good reputation, excellent interest rate and low risk. In addition to bonds directly issued by government departments, some countries classify government-guaranteed bonds as government bond systems, which are called government-guaranteed bonds. This kind of bond is issued by some companies or financial institutions directly related to the government and guaranteed by the government.
2. Financial bonds
Financial bonds are bonds issued by banks and non-bank financial institutions. In China, financial bonds are mainly issued by policy banks such as China Development Bank and Export-Import Bank. Financial institutions generally have strong financial strength and high credit, so financial bonds often have a good reputation.
3. Corporate (enterprise) bonds
In foreign countries, there is no distinction between corporate bonds and corporate bonds, which are collectively referred to as corporate bonds. In China, corporate bonds are bonds issued and traded in accordance with the Regulations on the Administration of Corporate Bonds, which are supervised and managed by the National Development and Reform Commission. In practice, the issuer is a subsidiary of the central government department, a wholly state-owned enterprise or a state-controlled enterprise. Therefore, it largely reflects the government's credit. The corporate bond management institution is China Securities Regulatory Commission, and the issuer is an enterprise legal person established in accordance with the Company Law of People's Republic of China (PRC). In practice, the issuer is a listed company, and its credit guarantee is the issuer's asset quality, operating conditions, profitability and sustainable profitability. Corporate bonds are uniformly registered and managed by the securities depository and clearing company, and they can apply for listing and trading on the stock exchange. The credit risk is generally higher than that of corporate bonds. The Measures for the Administration of Debt Financing Instruments for Non-financial Enterprises in the Inter-bank Bond Market, which came into effect on April 15, 2008, further promoted the issuance of corporate bonds in the inter-bank bond market, and corporate bonds and corporate bonds became more and more important investment targets for commercial banks in China.
Second, according to the safety of property.
1. mortgage bonds
Mortgage bonds are bonds secured by enterprise property, which can be divided into general mortgage bonds, real estate mortgage bonds, movable property mortgage bonds and securities trust mortgage bonds according to different collateral. Taking real estate as collateral, such as houses, is called mortgage bonds; Movable property, such as marketable goods, is called chattel mortgage bond; Securities trust bonds are bonds with stocks and other bonds as collateral. Once the bond issuer defaults, the trustee can sell the collateral to guarantee the creditor's priority.
2. Credit bonds
Credit bonds are bonds issued entirely by credit, without any company property as a guarantee. National debt belongs to this kind of bond. This kind of bond has solid reliability because of the absolute credit of its issuer. In addition, some companies can also issue such bonds, that is, credit company bonds. Compared with mortgage bonds, holders of credit bonds bear greater risks, so they often demand higher interest rates. In order to protect the interests of investors, companies that issue such bonds are often subject to various restrictions, and only those large companies with outstanding reputation are eligible to issue them. In addition, protective clauses should be added to bond contracts, such as not mortgaging assets to other creditors, not merging other enterprises, not selling assets without the consent of creditors, and not issuing other long-term bonds.
Three. Classification by bond form
1. Physical bonds (bearer bonds)
Physical bond is a bond with standard format and physical surface. It corresponds to a non-physical ticket, which simply means that the bonds issued to you are paper rather than the numbers in the computer.
The face of its bonds is generally printed with various bond face elements such as bond denomination, bond interest rate, bond term, full name of bond issuer and repayment method. It is anonymous, does not report the loss and can be listed and circulated. Physical bonds are bonds in a general sense, and many countries have clearly stipulated the format of physical bonds through laws or regulations. Physical bonds will be phased out due to the high issuance cost.
2. Certificate bonds
Voucher-type national debt refers to the national debt issued by the state by filling in the "treasury receipt voucher" instead of printing physical coupons. China began to issue voucher-type government bonds from 1994. Voucher-type treasury bonds are similar to and superior to savings, and are often called "savings-type treasury bonds", which is an ideal investment method for individual investors with the purpose of saving. Interest is calculated from the date of purchase and can be registered and declared, but it cannot be listed and circulated. Similar to saving, but the interest is higher than saving.
3. Bookkeeping bonds
Bookkeeping bonds refer to bills that have no physical form, record creditor's rights by computer bookkeeping, and are issued and traded through the trading system of stock exchanges. Book-entry treasury bonds issued and traded in China through the trading systems of Shanghai and Shenzhen stock exchanges are examples in this regard. Investors buying and selling book-entry bonds must set up an account in the stock exchange. Therefore, book-entry treasury bonds are also called paperless treasury bonds.
Book-entry treasury bonds can be transferred in the securities market at any time after purchase, which is highly liquid, just like buying and selling stocks. Of course, in addition to the interest due (market pricing has been considered), you can also get a certain price difference income (the possibility of loss is not ruled out). There are two kinds of treasury bonds: interest-bearing bonds and zero coupon bond. Interest-bearing bonds are issued at face value and pay interest once or more every year. In discounted zero coupon bond, they are paid at face value at maturity. There is no interest in it.
Because the issuance and transaction of book-entry treasury bonds are paperless, the transaction efficiency is high and the cost is low, which is the trend of bond development in the future.
Fourth, according to whether it can be converted.
1. Convertible bonds
Convertible bonds refer to bonds that can be converted into ordinary shares in a certain proportion within a specific period of time. It has the dual attributes of debt and equity, and belongs to mixed financing mode. Because convertible bonds give bondholders the right to become shareholders of the company in the future, their interest rates are usually lower than those of non-convertible bonds. If the future share conversion is successful, the issuing enterprise can achieve the purpose of low-cost financing before the share conversion, and can save the issuance cost of the shares after the share conversion. According to the provisions of the Company Law, the issuance of convertible bonds shall be approved by the securities administration department of the State Council, and the issuing company shall have the conditions to issue corporate bonds and stocks at the same time.
2. Nonconvertible bonds
Non-convertible bonds refer to bonds that cannot be converted into ordinary shares, also known as ordinary bonds. Because it does not give bondholders the right to become shareholders of the company in the future, its interest rate is generally higher than that of convertible bonds.
Fifth, according to the way of interest.
1. zero coupon bond
Zero coupon bond, also known as discount bonds, refers to bonds with no coupon and no interest rate. It is issued at a price lower than the face value of the bond at a prescribed discount rate, and the principal and interest are paid at face value at maturity. From the way of interest payment, discounted treasury bonds are issued at a price lower than the face value, which can be regarded as prepayment, so they can also be called prepayment bonds and discounted bonds. It is a short-term discount bond.
2. Fixed-rate bonds
Fixed-rate bonds are bonds that print interest rates on the face and pay interest to bondholders on schedule. Interest rates do not adjust with the change of market interest rates, so fixed-rate bonds can better resist the risk of deflation.
3. floating rate notes
Coupon rate in floating rate bills is the interest rate that is adjusted with the change of market interest rate. Because the interest rate of floating rate notes is linked to the current market interest rate, which takes into account the influence of inflation rate, floating rate notes can better resist the inflation risk. Its interest rate is usually determined according to the market benchmark interest rate plus a certain spread. Floating rate bills are usually medium-and long-term bonds.
According to whether it can be repaid in advance
Six, according to whether it can be repaid in advance, bonds can be divided into callable bonds and non-callable bonds.
1. callable bonds
Redeemable bonds refer to bonds that the issuer can recover at the redemption price agreed in advance before the maturity of the bonds. In order to increase the flexibility of capital structure adjustment, the company mainly considers the company's future investment opportunities and avoids interest rate risks when issuing callable bonds. The most critical issue in issuing callable bonds is the determination of redemption period and redemption price.
2. Irrevocable bonds
Irrevocable bonds refer to bonds that cannot be recovered before the maturity of the bonds.
Seven, according to the different repayment methods.
1. One-time maturity bonds
One-time maturity bond refers to the bond that the issuing company repays all the principal of the bond at one time on the maturity date of the bond;
2. Repay corporate bonds in installments
Repayment of maturing bonds by installments can reduce the financial burden of centralized repayment of principal by issuing companies.
Eight, classified by interest.
1. Simple interest bonds
Simple interest bond refers to a bond that only pays interest according to the principal, regardless of the duration, and the interest generated is no longer added to the principal to calculate the interest of the next period.
2. Compound interest bonds
The compound interest bond corresponds to the simple interest bond, which refers to the bond that adds the interest generated in a certain period to the principal to calculate the interest, and then accumulates the interest in installments.
3. Progressive interest rate bonds
Progressive interest rate bonds refer to bonds whose annual interest rate increases year by year. With the passage of time, the interest rate of the bonds with progressive interest rate in the later period is higher than that in the earlier period, showing a progressive state.