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On June 18, the special government bonds were issued - the Ministry of Finance successfully issued the first two phases of special anti-epidemic government bonds totaling 100 billion yuan. What is the issuance method of the special national debt for epidemic prevention, how will the funds be used, and can individuals purchase it? Market-oriented public offering
As an important measure of this year's proactive fiscal policy, the special anti-epidemic bonds are issued uniformly by the central government, are not included in the fiscal deficit, are included in the national debt balance limit, and are all transferred to local governments, mainly for public health and other infrastructure construction and anti-epidemic related expenditures. Previously, my country had issued special government bonds twice, in 1998 and 2007.
"This year's 1 trillion yuan special anti-epidemic bonds will adopt a market-oriented approach and will all be issued through open bidding to members of the book-entry treasury bond underwriting group." said a relevant person in charge of the Treasury Department of the Ministry of Finance.
On June 18, the Ministry of Finance successfully bid for the issuance of the first and second phases of the 2020 special anti-epidemic national bonds. Among them, the first phase is a 5-year fixed-rate interest-bearing bond with an issuance volume of 50 billion yuan and a face rate of 2.41%; the second phase is a 7-year fixed-rate interest-bearing bond with an issuance volume of 50 billion yuan and a face rate of 2.71%; the bid multiples are 2.5 times and 2.76 times respectively, and investors subscribed actively. According to the arrangement, the interest on these two treasury bonds will start to accrue on June 19 after the bidding, and they will be listed for trading from the 23rd, with interest paid on June 19 every year.
In addition, the Ministry of Finance will also launch a tender for the issuance of the 2020 Special Anti-epidemic National Debt (Phase III) on June 23. This issue of treasury bonds is a 10-year fixed-rate interest-bearing bond with a total competitive bidding face value of 70 billion yuan.
For the special treasury bond maturity varieties for epidemic prevention, the Ministry of Finance has fully considered the needs of building a treasury bond yield curve, with 10-year terms as the main one and appropriate 5-year and 7-year terms to further enhance the effectiveness of key points on the treasury bond yield curve.
The interest on the special national debt for fighting the epidemic will be fully borne by the central government, and the principal will be repaid by the central government with 300 billion yuan and local governments with 700 billion yuan. In addition, the revenue and expenditure of special national bonds for epidemic prevention and control are included in the government fund budget management.
In accordance with the relevant requirements of the State Council Executive Meeting on "speeding up the issuance of bonds that should be issued", the special national bonds for epidemic prevention will be issued starting from mid-June and will be completed before the end of July.
"The issuance of special national bonds for epidemic prevention is an important part of the large-scale policy to alleviate the difficulties of enterprises and stimulate market vitality. Issuing in multiple batches and balancing the issuance time are mainly based on the financial market's ability to bear. It is conducive to stabilizing market expectations, alleviating the impact on the financial market, and achieving smooth issuance." said Zhao Quanhou, director of the Financial Research Center of the Chinese Academy of Fiscal Sciences.
The special national debt for epidemic prevention and control is issued in a market-oriented manner and has attracted great attention from the financial market. A relevant official from the Treasury Department of the Ministry of Finance said that my country has vigorously developed the treasury bond market, improved the market-oriented bidding and issuance mechanism, and promoted the formation of a rich and diverse investor structure. At present, the treasury bond market has become an important place with a large capacity that can fully meet the needs of fiscal financing and investors' investment and trading.
"The market-oriented public issuance of special anti-epidemic bonds will further increase the capacity of the treasury bond market, better play the role of the treasury bond market in the financial system, and promote the long-term development of the treasury bond market." said the above person in charge.
In addition to issuing 1 trillion yuan of special anti-epidemic bonds, individuals can participate in transactions. This year's deficit ratio has increased from 2.8% to more than 3.6%, and the fiscal deficit has reached 3.76 trillion yuan, an increase of 1 trillion yuan from last year, actively offsetting the impact of reduced revenue and increased expenditure caused by the new crown pneumonia epidemic. At the same time, 3.75 trillion yuan of new special bonds were arranged for local governments, an increase of 1.6 trillion yuan from last year, with a focus on investing in infrastructure construction projects that are supported by the state and have guaranteed asset returns.
my country's government bond funds reached 8.51 trillion yuan, an increase of 3.6 trillion yuan over the previous year. Such a substantial increase in the size of government bonds is a special arrangement under the current circumstances.
"This year, my country has adopted three major measures in its debt policy, including increasing the fiscal deficit, issuing special national bonds for epidemic prevention and control, and increasing local government special bonds. From the perspective of functional positioning, these three measures have their own focus." Zheng Chunrong, deputy director of the Institute of Public Policy and Governance of Shanghai University of Finance and Economics, believes that these measures fully reflect that fiscal policy is more proactive and effective. Focusing on doing a good job in the "six stability" work and implementing the "six guarantees" tasks, greater policy strength will be used to hedge the impact of the epidemic and truly play a key role in stabilizing the economy.
The society is very concerned about whether individuals can purchase special national bonds for fighting the epidemic? "The special government bonds for fighting the epidemic are not only listed and circulated in the inter-bank bond market, but also listed and circulated across markets such as the exchange market and the commercial bank counter market. Individual investors can open accounts and participate in the distribution and trading of special government bonds for fighting the epidemic." A relevant person in charge of the Treasury Department of the Ministry of Finance said.
Unlike savings bonds that are only sold to individual investors, the special anti-epidemic bonds are book-entry bonds. The interest rate is determined through bidding by members of the bond underwriting group and follows market trends. Currently, the yields on 5-year, 7-year and 10-year book-entry treasury bonds are approximately 2.5%, 2.8% and 2.8% respectively.
Experts said that government bonds are backed by national credit, are safe and liquid, are exempt from personal interest income tax, and are suitable for all types of investors seeking stable investment returns. The special anti-epidemic bonds are the same as general book-entry bonds. They cannot be redeemed in advance but can be traded in the secondary market. The trading price fluctuates according to market conditions, and investors are responsible for their own profits and losses.
ICBC started selling on June 19. We learned from ICBC Henan Branch that special anti-epidemic bonds have been released, with the first batch of 100 billion yuan. ICBC will start selling on June 19.
It is reported that the special anti-epidemic bonds on sale this time are in two phases, both of which are issued in the book-entry treasury bond issuance method. The issue price of the two bonds is 100.00 yuan per 100 yuan face value. The 5-year fixed-rate interest-bearing bonds have a coupon rate of 2.41%, and the 7-year fixed-rate interest-bearing bonds have a coupon rate of 2.71%.
It is understood that in addition to the common advantages of conventional over-the-counter bonds, such as high security, stable returns, strong liquidity, and low starting point for investment transactions, the special anti-epidemic bonds also have positive significance in supporting epidemic prevention and control and economic and social development.
Purchasing special treasury bonds is different from purchasing general savings treasury bonds. You need to bring your bank card and ID card to the branch to open a separate account for purchasing bonds. It is worth mentioning that individuals can purchase the special anti-epidemic bonds, and the sales time through electronic banking channels and business outlets is from 10:00 to 16:30 on June 19.
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