bookofrafixedbonus| Twice suspension of ultra-long-term special treasury bonds on the first day of listing

Source: Beijing Business Daily

May 22ndBookofrafixedbonusHas attracted the attention of the marketBookofrafixedbonusThe first 30-year ultra-long-term special treasury bonds (hereinafter referred to as "24 Special Administrative region 01") are officially listed for trading. According to trading information on the Shanghai Stock Exchange, due to abnormal price fluctuations after the opening of trading, "24 Special 01" triggered a temporary suspension twice, an increase of 25%. So, how to buy such a popular "24 Special Administrative region 01"? What do you need to pay attention to? Some people in the industry said that at present, investors can buy through banks and securities companies, and it should be noted that the price of bookkeeping treasury bonds in the secondary market will fluctuate with the market situation. Investors also need to pay attention to the interest rate fluctuation risk, liquidity risk and so on.

Two temporary suspensions have been triggered

On May 22, 24 Special Administrative region 01 ushered in its first day on the market. The opening price has risen to 103.Bookofrafixedbonus.1 yuan, an increase of more than 10% shortly after opening. The Shanghai Stock Exchange immediately announced that trading in "24 Special Administrative region 01" had been temporarily suspended for 30 minutes and would resume trading from 10:00 on the same day. The announcement also reminded investors to pay attention to trading risks, and pointed out that after the resumption of trading, if there are abnormal fluctuations in the bond trading again, the second intraday temporary suspension can be implemented.

It is worth mentioning that, after reviewing, "24 Special Administrative 01" continued the upward trend, and finally triggered a second suspension at the position of 125 yuan, an increase of 25%. According to the announcement of the Shanghai Stock Exchange, trading in "24 Special Administrative region 01" will be suspended from 10:08 on May 22 and resume at 15:27 on May 22. Oriental Fortune Choice data show that before the second stop, the turnover of "24 Special Administrative region 01" has reached 17.5 million yuan.

Looking back five days ago, on May 17, the first ultra-long-term special treasury bond won the market's attention as soon as it was issued. According to the issuance arrangement announced by the Ministry of Finance, the first 30-year ultra-long-term special treasury bonds will be interest-bearing bonds with fixed interest rates, with a total amount of 40 billion yuan. According to the official website of the Ministry of Finance, the bidding of treasury bonds will be completed until May 20, 2024, and will be listed for trading on May 22.

Guo Shiliang, a financial commentator, commented that 24 Special Administrative region 01 soared on its first day of listing, triggering two temporary stops, reflecting the current influx of market funds into profitable markets.

Castrol Huixin medium and short bond fund manager Wang Liqin analyzed that the supply of special treasury bonds landed, the rhythm was smooth and did not exceed market expectations, it may be difficult to have a significant impact on liquidity before the third quarter, and the overall risk of the bond market can be controlled. Structurally, the central bank frequently prompts for long-term risks, widens the disturbance of credit policies, and decreases the success rate of short-term and long-term assets; the pressure on financial management, funds and other underallocation is intensified; at the same time, when the supply of treasury bonds is released, under the requirements of policy consistency, the central bank expects that there is no room to actively tighten monetary policy, and the pattern of asset shortage is still positive for short-term interest rates. In addition, Castrol also said that the issuance of ultra-long-term special government bonds will help stimulate economic recovery, improve market expectations and increase the market's risk appetite for equity assets.

Attention should be paid to the risk of interest rate volatility

It should be noted that previously, banks sold more savings treasury bonds, which cannot be listed and transferred, but can be withdrawn and realized in advance. The bookkeeping treasury bonds issued this time are mainly issued to institutional investors through the bookkeeping treasury bond underwriting syndicate in the primary market, and the claims are recorded by electronic bookkeeping in the Central Clearing Company. This also means that after listing, individual investors can also buy from institutional investors in the secondary market.

Castrol Fund pointed out that ultra-long-term special treasury bonds, as risk-free safe assets, are not only the investment targets of institutional investors in the interbank bond market, but also individual investors can participate in the investment.

So, where do investors find relevant targets to invest? A reporter from the Beijing Business Daily learned that at present, there are two main purchase channels: one is to open personal bond accounts and capital accounts through bank counters, online banks, or mobile banks, and to open bookkeeping treasury bond trading business; the second is to open ordinary A-share securities accounts and capital accounts with securities companies.

From the point of view of the specific target, the name of the current securities listed on the SSE is "24 Special country 01" and the securities code is "019742". According to the characteristics of treasury bonds, the minimum buying unit is 1000, and the number of transactions is an integral multiple of 1000. Except in the Shanghai Stock Exchange, the Integrated Agreement platform of the Shenzhen Stock Exchange (code 102267)Bookofrafixedbonus.SZ), interbank bond market (code 2400001.IB) and over-the-counter market (code 2400001. BC) are also available for trading.

Ultra-long-term special treasury bonds have a long term, so can investors exit before maturity? Citic Construction Investment Securities read that the transaction can be bought and sold on the same day, and support a turnaround within 0 days. Haitong Securities pointed out on the Haitong Fortune official account that investors can trade in the secondary market after buying ultra-long-term special treasury bonds and do not have to pay at maturity.

However, it should be noted that the price of bookkeeping treasury bonds in the secondary market will fluctuate with the market situation, investors should also pay attention to the interest rate fluctuation risk, liquidity risk and so on. Guo Shiliang said bluntly that the first day of trading of "24 Special Administrative region 01" soared by more than 20%, which may exceed the current value of ultra-long-term special treasury bonds. After short-term speculation, we still need to guard against the risk of market adjustment.

Beijing Business Daily reporter Liu Yuyang and Hao Yan