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2024-05-27 0 Comments

Source: China Fund Daily

Mo Lin, reporter of China Fund News.

On May 27, China Merchants Bank and Zhejiang Merchants Bank sold the second phase of ultra-long-term special treasury bonds to individual investors.

The reporter learned from China Merchants Bank that the bank sells 20-year ultra-long-term special treasury bonds to individual customers from 10:00 to 15:30 today for only one day, with a sales quota of 500 million yuan and a coupon of 2.Curseofwerewolfslotfree.49%.

At around 10: 30, China Merchants Bank and Zhejiang Merchants Bank both told reporters that the above special treasury bonds had been sold out.

First batch of special treasury bonds

At one point, it soared by 25% on the first day of listing.

Unlike the first batch of ultra-long-term special treasury bonds, the maturity of the ultra-long-term special treasury bonds is 20 years.

The treasury bond business announcement issued by the Ministry of Finance on May 24 shows that the tender for ultra-long-term special treasury bonds (Phase II) in 2024 has been completed. The current treasury bonds are 20-year fixed interest rate bonds with a total face value of 40 billion yuan and a winning interest rate of 2.49%. After the end of the tender, distribution will be carried out on May 27 and listed for trading on May 29.

According to this year's government work report, it is planned to issue ultra-long-term special treasury bonds for several consecutive years from this year, with a first issue of 1 trillion yuan this year. On May 17, the first batch of 30-year ultra-long-term special treasury bonds was officially launched, with a fixed interest rate of 40 billion yuan, with a coupon rate of 2.57% determined by a consortium of 56 financial institutions after competitive bidding.

On May 20, China Merchants Bank and Zhejiang Merchants Bank opened the purchase channels for individual investors. Many individual investors have shown great enthusiasm for this.

According to media reports at that time, a consignment bank started selling within 10 minutes, and the online quota of 20 million yuan had been sold out.CurseofwerewolfslotfreeSome sell for more than 300 million yuan within two hours. At the same time, many netizens posted screenshots of their subscription, and some netizens started with 160000 yuan, saying bluntly that they planned to hold it at maturity. "they collect interest of 2000 yuan every six months to reward themselves."

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It is understood that the two banks sold out a total of 530 million yuan on that day.

On May 22, the first 30-year ultra-long-term special treasury bond ("24 Special Administrative region 01") was listed and traded on the Shanghai and Shenzhen exchanges. On the day of listing trading, the opening rally of "24 Special Administrative region 01" triggered two temporary stops, an increase of as much as 25%.

It is worth noting that just five minutes before the closing of the bond market on the exchange, the price of "24 Special 01" fell sharply on the Shanghai Stock Exchange, closing at 101.316 yuan, up only 1.32% on the day, and the yield rebounded to 2.5070%.

For the large fluctuations in the first day of ultra-long-term treasury bonds, some public fund personages said that because of the popularity of this batch of treasury bonds at the time of subscription, we do not rule out the possibility that there are short-term funds for speculation in the secondary market. The intraday price increase of 20% is unreasonable and investors are not advised to pursue it.

"as the maturity of ultra-long-term special treasury bonds is 20 years, 30 years and 50 years, investors need to consider factors such as capital demand and price fluctuations according to their actual situation. After all, the maturity time is long, and if they are redeemed before maturity, there is the possibility of loss."

Yue Kai Securities commented that in the context of the current asset shortage, the issuance of ultra-long-term treasury bonds has enriched the investment varieties of the financial market and provided investors with more diversified investment options. Meet the investment needs of investors for long-term and stable returns, and promote the healthy development of the financial market.

What should individual investors pay attention to?

Different from the savings treasury bonds that individual investors are more familiar with, individual investment in ultra-long-term treasury bonds is bookkeeping treasury bonds, which needs to match their own risk preference, and investors also need to do risk assessment before buying.

The Ministry of Finance issued a question and answer on the purchase of treasury bonds by individual investors on May 17, pointing out that the ultra-long-term special treasury bonds issued this year are bookkeeping treasury bonds, with three maturities of 20 years, 30 years, and 50 years, and the specific purchase operation shall be handled in accordance with the bookkeeping treasury bond purchase process. In the primary market, bookkeeping treasury bonds are issued mainly to institutional investors through bookkeeping underwriting syndicates, and claims are recorded by electronic bookkeeping in the Central Clearing Company. After listing, individual investors can also buy from institutional investors in the secondary market.

The Ministry of Finance said bookkeeping treasury bonds can be traded in the market for the duration of their life. The trading price of bookkeeping treasury bonds fluctuates with the market. After buying, investors may gain trading gains due to rising prices, or face the risk of losses due to falling prices. Therefore, the individual investors of bookkeeping treasury bonds who do not hold maturity but take profits from transactions should have certain investment experience and risk-bearing ability.

To put it simply, bond prices change with interest rates, and investors in ultra-long-term government bonds need to consider interest rate risk. In general, when the market interest rate rises, the price of bookkeeping treasury bonds falls; when the market interest rate falls, the price of bookkeeping treasury bonds will rise. It should be noted that when market interest rates rise or fall, ultra-long-term treasury bonds fluctuate more and investors take more risks.

Guoxin Securities suggested that ultra-long-term special treasury bonds began to be issued, and the supply of ultra-long-term policy bonds increased significantly. Overall economic data weakened in April, but property policy continued to relax, and the economy is expected to continue to improve steadily. At present, the maturity spread of 30-year treasury bonds is low, the economic expectation is pessimistic, and the varieties of 30-year treasury bonds involved in the short cycle should be cautious.

Editor: captain

Audit: Chen Siyang