freespinsnodepositrequired| See also "Sunshine", where ultra-long-term special treasury bonds are snapped up by individual investors

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Huang Yulin, a reporter from the Securities Times

On Monday, China Merchants Bank announced that it would sell ultra-long-term special treasury bonds to individual customers from 10:00 to 03:30 that day. The matter sparked a heated debate in the market.

Yesterday, a reporter from the Securities Times visited and found that the ultra-long-term special treasury bonds of many China Merchants Bank outlets in Beijing had been sold out, and the "Nikko" market reappeared. According toFreespinsnodepositrequiredIt is understood that in this round of ultra-long-term special treasury bonds, only some banks are open to individual investors, which is related to the product types of ultra-long-term special treasury bonds.

It is understood that many investors are very concerned about whether the major banks will increase the sales quota for individual investors in the later stage.

Sales are booming

"less than half an hour after the news was released, customers came to the site for consultation." A staff member of China Merchants Bank told the reporter that because China Merchants Bank only opened the personal bank computer version and counter channels for the sale of ultra-long-term special treasury bonds, mobile banks could not buy them, so many customers came to consult offline.

It is reported that the issue of 2024 ultra-long-term special treasury bonds (the first phase) is 30-year bookkeeping treasury bonds, bond code 2400001, the issue price and the face value of the bonds are 100 yuan, the number of bonds subscribed for is an integer, and the price of the bonds is an integral multiple of the face value of 100 yuan.

In terms of the mode of interest payment, the coupon rate of the current treasury bonds is 2.Freespinsnodepositrequired.57%, interest will be calculated on May 20, 2024, interest will be paid semi-annually, and the interest will be credited to the current account. The interest payment dates are May 20 and November 20 each year, and if the holidays are extended to the next working day, the principal will be repaid and the last interest will be paid on May 20, 2054.

On May 21, a reporter from the Securities Times visited a number of outlets of China Merchants Bank in Beijing and learned that the sales of this issue of ultra-long-term special treasury bonds to individual investors were very hot, and most of the network quotas had been sold out. We still need to be informed whether the quota for sales to individual investors will be increased at a later stage.

"We still have some quota at our outlets." A staff member of China Merchants Bank in a provincial capital city in South China told reporters that its branch still has a quota of more than 100,000 yuan. Since the purchase of the ultra-long-term special bond is only for customers with a risk rating of A3 or above, not all customers can buy it, she said. "it may also have something to do with that we are not in a first-tier city, so snapping up is not so hot".

Big state-owned banks

Sales are not yet open to individuals.

In mid-May, the Ministry of Finance announced the relevant arrangements for the issuance of general treasury bonds and ultra-long-term special treasury bonds in 2024. Ultra-long-term special treasury bonds are guaranteed by national trust, which has the advantages of low risk, strong liquidity, exemption from interest and income tax, and higher returns compared with medium-and short-term treasury bonds.

The reporter visited and found that only some banks of the ultra-long-term special treasury bonds were open to individual investors, such as China Merchants Bank, Zhejiang Merchants Bank and so on. "our bank-wide quota of 20 million for individual customers was sold out on Monday, and we need to be informed whether there is a quota in the future." On May 21, a staff member of the Zhejiang Merchants Bank in Beijing told the reporter.

Industrial and Commercial Bank of China, Bank of China, Construction Bank and other large state-owned banks are not open to individual investors to sell ultra-long-term special treasury bonds, but only to customers of financial institutions. "there are a lot of clients to consult, but we have been informed that it is not yet open (to individuals)." A staff member of a large state-owned bank said.

"China Merchants Bank and Zhejiang Merchants Bank have flexible retail strategies, so they are more open to individual customers' asset allocation." In response, Wang Pengbo, a senior analyst in the financial industry analyzed by Broadcom, said that the risk tolerance and financial strength of financial institutional investors are generally stronger than that of individual investors. the failure of state-owned banks to sell ultra-long-term special treasury bonds to individual investors may be for the sake of stability, or they may want to observe the market reaction before making adjustments.

Dong Ximiao, chief researcher of China Merchants Association, told the Securities Times that different banks have different customer service strategies, and it is up to the banks to decide whether or not to open up the sale of ultra-long-term special treasury bonds to individual investors. banks that have opened up the business all impose restrictions on the risk tolerance level of investors.

There are still opportunities to participate in the follow-up

"for individual investors, buying ultra-long-term special treasury bonds requires attention to interest rates and liquidity." Dong Ximiao told the Securities Times.

The Ministry of Finance has also issued a statement that for individual investors, the purchase of savings treasury bonds and bookkeeping treasury bonds can obtain stable principal and interest income if they are held to maturity. However, there is also a difference between the two. This ultra-long-term special treasury bond is bookkeeping treasury bonds, which is different from savings treasury bonds, which cannot be listed and traded during the duration, while bookkeeping treasury bonds can be traded in the market during the duration.

According to data from the Ministry of Finance, bookkeeping treasury bonds are issued mainly to institutional investors through bookkeeping underwriting syndicates in the primary market, and claims are recorded by electronic bookkeeping in the Central Clearing Company. In addition to banking channels, after the listing of ultra-long-term special treasury bonds, individual investors can also buy from institutional investors in the secondary market.

According to the plan, this year's ultra-long-term special treasury bonds will be issued from May 17 to mid-November, with 7, 12 and 3 20-year, 30-year and 50-year varieties, respectively. In other words, individual investors still have the opportunity to participate in government bond purchases in the future.

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