Ouyang Jianhuan, reporter of our newspaper, ●

On May 24, the second ultra-long-term special treasury bond was issued by tender. According to the issuing arrangement, the current treasury bonds are 20-year fixed interest rate bonds with a total face value of 40 billion yuan in competitive bidding. Wind data show that the winning interest rate of the current treasury bonds is 2.Pgtpoker.49%.

Experts believe that the pace of issuing ultra-long-term special treasury bonds is relatively slow, and the issuance arrangements are as low as possible.PgtpokerThe impact on liquidity. For individual investors, the trading price of ultra-long-term special treasury bonds in the secondary market fluctuates with the market, so investors are advised to invest rationally and should not blindly chase up.

Limited impact on the financial side

According to the issuance arrangement, 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, showing the characteristics of uniform issuance as a whole.

From the impact on the capital side, Chen Jianheng, chief fixed income analyst of China International Capital Corporation, believes that the pace of issuing ultra-long-term special treasury bonds this year is relatively slower, and the average single-period supply impact is smaller. From the perspective of overall supply and issuance rhythm, the issuance arrangement of special treasury bonds has minimized the liquidity impact and market impact as far as possible.

Chen Jianheng said that from the perspective of the supply rhythm of government bonds, based on the assumption that the issuance of general government bonds fell relatively from May to November and rebounded somewhat in December, and that the pace of new local bond issuance remained uniform from May to December, it is expected that the supply of government bonds may peak in May, August and November, with a net increase of more than 1 trillion yuan in a single month. Mainly because the maturity of these months may be low, and then under the assumption that the release rhythm remains uniform, the net increment may be relatively high, and the overall supply pressure can be controlled.

"the short-term impact on liquidity from the decentralized issuance of ultra-long-term special government bonds will be much lower than expected." Wen Bin, chief economist of Minsheng Bank, predicts that the central bank is less likely to cut reserve requirements in the short term to tie in with the issuance of special treasury bonds. Judging from the estimated net financing of government debt, the liquidity pressure from May to October is OK, and from November to December, due to the low maturity of treasury bonds, the liquidity pressure is relatively high, when the constraint on domestic monetary policy caused by the Fed's interest rate cut weakens, the central bank may cut reserve requirements.

Suggest rational investment

According to the issuance announcement, the 20-year ultra-long-term special treasury bonds tendered on May 24 will be distributed from the end of the tender to May 27, and will be listed for trading on May 29.

With the regular issuance of ultra-long-term special treasury bonds, its investment value continues to attract market attention. According to the Q & An on the purchase of treasury bonds by individual investors issued by the Ministry of Finance, the ultra-long-term special treasury bonds issued this year are bookkeeping treasury bonds, and the purchase operation shall be handled in accordance with the bookkeeping treasury bond purchase process.

Specifically, in the primary market, bookkeeping treasury bonds are mainly issued 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. When individual investors purchase bookkeeping treasury bonds, they can open personal bond accounts and capital accounts in advance through any counter of the national inter-bank bond market counter, online banking or mobile banking, and open bookkeeping treasury bond trading business; they can also open ordinary A-share securities accounts and capital accounts with securities companies in advance.

On May 22, the first 30-year ultra-long-term special treasury bond was listed on the secondary market, triggering a temporary limit. Both the Shanghai Stock Exchange and the Shenzhen Stock Exchange are in the suspension announcement, reminding the majority of investors to pay attention to investment risks and invest rationally. On May 24th, 24 Special Administrative region 01 fell 0.17% to close at 100.406 yuan.

pgtpoker| Tender issuance of 20-year ultra-long-term special treasury bonds

Experts suggest that investors should fully analyze factors such as market supply and demand, and should not blindly catch up. Feng Lin, director of the Research and Development Department of Oriental Jincheng, said that ultra-long-term special treasury bonds are issued by the Ministry of Finance, which is backed by national sovereign credit, and the guarantee of principal and interest payment is high, making it an ideal choice for stable ordinary investors with low risk appetite. However, the trading price of bookkeeping treasury bonds fluctuates with the market situation. If investors do not hold the maturity after buying, but sell in the secondary market, they may bear the losses caused by rising market interest rates and falling bond prices.