(1) purchasing corporate bonds? Three know? principle
Investment term: bonds have a term, so the longest investment term will not exceed the maturity of bonds. Since the bond is a T+0 transaction, it can be sold on the day of purchase, and the price will go with the market.
The biggest loss: if the bond defaults, it may lose everything. Fortunately, until today, China has not defaulted on its bonds. Bonds with a credit rating of AA and above have a low probability of default.
But there has been a lot of noise recently, okay? 1 1 overdue debt? It remains to be seen whether this event will become the first bond in history to default. Failure to default in the past does not mean that it will not default in the future, and the risk of default is rising.
Profit: In addition to the fixed interest income, you can also get the income brought by the increase in bond prices. It should be noted here that bonds bear interest on a daily basis, and you can earn interest for a few days if you hold them for a few days. So, sometimes we hold a bond, and the price drops during the holding period, but if the interest during the holding period is higher than the price drop, then we will still have a positive return on the whole (see examples of how to invest and what to pay attention to).
(2) Classification of purchasing corporate bonds
Bonds traded on the stock exchange are mainly divided into:
1. national debt, issued by the Ministry of Finance;
2. Corporate bonds/corporate bonds. Corporate bonds issued by listed companies are called corporate bonds, such as 1 120 12 celebrity bonds issued by listed companies for celebrity real estate.
(3) Important indicators and terms for purchasing corporate bonds
1. Transaction price: the current price in the secondary market, fluctuating in real time.
2. Interest rate: How much interest is paid each year?
3. Remaining term: How long will it take to repay the principal?
4. yield to maturity: The average annual rate of return that investors can get by buying and holding bonds at the current market price until their maturity. This is the most important indicator to consider when considering bonds. For investors who are prepared to hold the bond after buying, the rise and fall of the bond price during the holding period is not important, which reflects the certainty of bond investment.
5. Redemption clause: Some bonds offer the option of early redemption, which is a kind of protection for investors. Bonds with redemption clauses under the same conditions are preferred.
6. Rating and guarantee: The biggest risk of bonds is the risk of default, and rating is an assessment of the risk of default. The higher the rating, the smaller the risk. The guarantee is whether someone else will pay for the bond if it defaults.
(4) Main risks of purchasing corporate bonds
1. Default risk: refers to the risk that the borrower who issues bonds fails to pay the bond interest or repay the principal on time, which will bring losses to bond investors.
2. Liquidity risk: refers to the risk that investors cannot sell bonds at a reasonable price in a short time, that is, there may be situations where they can't think of buying or selling. At present, some bonds on the exchange are very inactive, and the daily trading volume is very rare (tens of thousands or even none, commonly known as? Zombie debt? )。 Of course, if you are prepared to hold the maturity, you don't need to consider liquidity risk.
3. Price fluctuation risk: Affected by factors such as supply and demand, bond prices fluctuate in real time. But for an investor who is ready to hold the maturity, the price fluctuation is irrelevant, because his future interest income and principal return are certain, provided that the bond will not default. So the biggest risk of bonds is the risk of default.
Default risk of buying corporate bonds
1. Up to now, the credit risk of bonds in the stock exchange market is virtually zero, and there has never been any non-payment.
2. China has strict approval procedures for issuing corporate bonds. Corporate bonds are issued by various enterprises, with different financial strength and operating conditions. Investors should bear the risk that the principal and interest cannot be repaid on time or according to the prescribed conditions due to the loss or bankruptcy of the enterprise. However, the risk of corporate bonds has been strictly controlled in China. China has very strict approval procedures for the issuance of corporate bonds. The National Development and Reform Commission, the China Securities Regulatory Commission and the People's Bank of China respectively supervise different aspects of corporate bond issuance. Generally speaking, they are all large-scale companies or enterprises with high credit ratings, and they are issued only after approval by relevant departments. For example, the risks of corporate bonds such as electricity, railways and petrochemicals issued by China are quite small, but the interest rates are relatively high.
3. Bond is a socialized and open financing method. If there is a breach of contract, it will be very unfavorable to the long-term development of the bond market, and even cause great damage to the entire financial credit system, with great negative social impact. At present, China's corporate bond market is in the initial stage of rapid development. Recently, Guo Shuqing, the new chairman of the China Securities Regulatory Commission, said that the proportion of corporate bond financing in direct financing should be greatly increased, and new types of bonds such as high-yield corporate bonds, municipal bonds and institutional bonds should be researched, explored and piloted. In this context, any default event is an unbearable blow, so the government and regulatory authorities will try their best to avoid, control and resolve the risks in the bond market. That explains why. City investment bonds? Storm and other bond markets? Black swan? Events always pass us by.
Nevertheless, it is very important for investors to establish risk awareness when buying bonds, because the absence of credit risk in the past decade does not mean that there will be no credit risk in the next decade, and this risk is gradually increasing.
Although by the end of 20 10, the proportion of corporate bonds in GDP in China was only 10%, which was far lower than 50% in the United States and 30% in neighboring countries such as Thailand and South Korea. In the future, with the expansion of the corporate bond market, it will inevitably be mixed with poor quality corporate bonds, and the credit risk will rise accordingly.
Therefore, when choosing bond varieties, we should not only look at the credit rating, but also deeply analyze the company's solvency and mortgage guarantee, and choose bonds with good fundamentals.
According to the different issuers and collateral, the personal risks are ranked as follows: national debt, AAA bonds, guaranteed bonds, guaranteed bonds issued by listed companies (the best guarantee is provided by financial institutions such as commercial banks), local government bonds and real estate company bonds.
(5) How to invest and matters needing attention
When choosing bonds, we should fully consider the default risk, credit rating, whether there is mortgage, whether there is a listed company and how the financial situation is. Investment bonds use stock accounts, with transaction costs of two ten thousandths and T+0 transactions.
Simply put, the income from holding bonds can be summarized into two parts:
1, interest income;
2. Price fluctuation. The first part of interest income is fixed, and interest is calculated on a daily basis. For example, we bought a bond with a coupon rate of 12%. If we hold it for 1 month, we can get the interest of 1%. If we hold it for 9.5 months, we can get the interest of 9.5%. The interest will be calculated for several days. The second part of the bond income is uncertain, and it may be earned or lost, depending on whether the price rises or falls after buying the bond. For example, if we buy a bond with a coupon rate of 12% at a price of 102 yuan, the bond price drops to 100 yuan two months later. Judging from the price fluctuation, we start to lose money in 2 yuan. Then, suppose an old man bought a bond with a coupon rate of 12% at a price of12 yuan, and after holding it for two months, the bond price dropped by 2 yuan, so he actually won't lose money or make money. This is because his income is equal to interest income plus price fluctuation. Although he lost 2 yuan in price, he earned 2 yuan in interest, so the comprehensive effect is not to make a profit or lose money.