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In order to solve the problem of funds for company development, companies with relatively favorable conditions generally choose to issue bonds to solve the problem of development funds. However, the issuance of bonds involves interest, and investors have the right to obtain interest income according to the issuer's bond coupon rate. So what is the interest rate of general corporate bonds?
Let's talk about it by Bian Xiao.
Article 18 of the Regulations on the Administration of Corporate Bonds "The interest rate of corporate bonds shall not be higher than 40% of the interest rate of bank residents' time deposits in the same period".
I. Interest expenses of corporate bonds
1. bonds are securities issued by the company in accordance with legal procedures and promised to repay the principal and interest within a certain period of time. Bonds are generally marked with face value, interest rate and term. To issue bonds, we must first determine the issue price. The issue price of bonds is closely related to the difference between the coupon rate of bonds and the market interest rate (the market interest rate is generally based on the bank deposit interest rate). Generally speaking, when the coupon rate of a bond is higher than, equal to or lower than the market interest rate, the price of the bond is higher than, equal to or lower than the face value of the bond.
2. If only the difference between the bond coupon rate and the market interest rate is considered, and other factors are not considered, the bond issue price with installment repayment of principal consists of two parts: the present value of principal (face value) calculated according to the market interest rate and the present value of annuity calculated according to the market interest rate.
Example: the company last year 65438+February 3 1.
Issue bonds (unrelated to the purchase and construction of fixed assets) with a face value of 200,000 yuan, a term of 5 years, 8% in coupon rate and a market interest rate of 65,438+00%. If the bond pays interest 65,438+0 times a year and repays the principal at maturity, then:
Bond price = 200,000 yuan× O.62092+200,000 yuan× 8 %× 3.7907 =184835 yuan.
If the price is determined by the above method, whether it is a premium issue or a at discount, the interest actually paid by the bond issuer (that is, the coupon interest plus discount or minus premium) is consistent with the market interest. In this sense, the actual interest is the market interest.
Second, the calculation method of bond interest expense
1. Discounted bonds: zero coupon bond, also known as discount bonds, refers to bonds with no coupon and no specified interest rate. At the time of issuance, they are issued at a discount rate lower than the face value of bonds, 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 the interest rate on the face and pay interest to bondholders according to the interest rate. Interest rates do not adjust with the change of market interest rates, so fixed-rate bonds can better resist the risk of deflation.
(For example, the interest rate of one-year national debt is 3.8%, and the face value is 100. Then the bond interest is 100*3.8%=3.8 yuan.
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. For example, the interest rate of 5-year national debt is 4.0% in the previous year or two, and the interest rate is 5. 8%。 The fluctuation of interest rate is mainly adjusted according to the eastward movement of the market benchmark interest rate.
To sum up, the general corporate bond interest charges will be slightly higher than the bank time deposit interest rate, but the maximum limit is about 40%. Therefore, it is a good choice to invest in corporate bonds. The interest cost of corporate bonds is obviously higher than that of time deposits, and the bonds will be used as investment certificates after investment, so the investment risk is relatively low. If you have any other legal questions, you can log on to the website for the help of professional lawyers.
Extended reading:
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