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1996年6月,财政部推出了10年期附息国债,票面年利率11.83%,利息按年支付,最后一年支付当年的利息并偿还本金。该债券采用平价方式发行,即发行期内,每百元票面金额的国债按100元的价格发行,发行期结束后即可上市流通。在这期国债的承销过程中,国债一级自营商和其它证券经营机构表现了极大的热情,承购包销的总金额超出预定发行量的一倍多,大大出乎人们的预料。这次国债发行的成功,也给我们诸多启示。金融市场的发展为我国发行10年期国债创造了基础条件长期国债的发行,在一定程度上取决于金融市场
In June 1996, the Ministry of Finance launched a 10-year coupon bond, with a coupon rate of 11.83% per annum. Interest is paid year after year, interest of the year is paid in the last year, and the principal is repaid. The bonds issued by parity, that is, during the issue period, the nominal value of 100 yuan per 100-yuan bonds issued at the end of the issuance period can be traded. During the process of the underwriting of treasury bonds, treasury bonds at the level of self-employed and other securities dealers showed great enthusiasm. The total amount of underwriting and underwriting exceeded the scheduled volume by more than doubled, far beyond people’s expectations. The success of the issuance of treasury bonds, but also give us a lot of inspiration. The development of financial markets has created the basic conditions for the issuance of 10-year bonds in China. The issuance of long-term bonds depends to some extent on the financial markets