What does it mean that the national debt is a five-year fixed-rate interest-bearing debt?

The first phase of the special anti-epidemic national debt is a five-year white fixed-rate interest-bearing bond with a total face value of 50 billion yuan, the second phase of the special anti-epidemic national debt is a seven-year fixed-rate interest-bearing bond with a total face value of 50 billion yuan, and the third phase of the special anti-epidemic national debt is a fixed-rate interest-bearing bond with a term of 10 year and a total face value of 70 billion yuan. In these three stages, there are no additional bids from Class A members.

The interest rate of special government bonds has not yet been determined, but we can refer to the interest rates of the previous two special government bonds. 1998, the interest rate of the special government bonds issued was 7.2%, the three-year savings bonds interest rate was 7. 1 1%, the five-year savings bonds interest rate was 7.86%, and the interest rate of the special government bonds was somewhere in between.

Extended data:

form

(1) Direct bond, which is a traditional bond with a fixed coupon and maturity date.

(2) Zero coupon bonds. This bond has no coupon, does not pay interest every year, and repays the principal and interest once at maturity.

(3) Deeply discounted bonds pay interest once a year, and the interest rate is lower than the market interest rate, and they are priced at a discount when they are issued, so as to obtain income equivalent to the market interest rate.

(4) Renewable bonds with a long term (12 ~ 15 years), but only coupon rate with a short term, such as 3 ~ 5 years, and then coupon rate with the remaining term is re-determined according to market conditions.

(5) Partially paid bonds. When bonds are issued, investors only pay 15% ~ 30% of the face value of bonds, and the balance will be paid within the agreed time, such as six or nine months later. If the balance is not paid within the agreed time limit, the cash previously paid by the investor will not be refunded.

(6) Medium-term notes with a term of 1 ~ 5 years.

(7) Dual currency bonds. A bond issued in one currency, which also pays interest in that currency, but repays the principal in another currency at maturity.

(8) Separate transactions of registered interest and principal securities. According to the term theory of interest rate, this kind of bond is produced by separating the principal and interest of interest-bearing bonds and securitizing them separately.

(9) Bonds with currency options. Currency option bonds enable investors to choose one or more currencies other than the issuing currency when accepting payment.

References:

Baidu encyclopedia-fixed interest rate bonds