50年期国债

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中国财政部四季度计划发行50年期国债

中国国债市场有望再添新品种，财政部四季度计划发行50年期国债，规模或在200亿~260亿左右。机构对此反应冷热不均，目前市场关注的焦点落在了收益率、发行方式等如何确定上。

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中国财政部将于今年11月27日首次发行50年期国债，超长期国债往往是财政收入紧张的结果，故而将是收益率曲线上发行频率最低的债券，其主要需求方将以寿险和资金相对宽裕的大型商业银行为主，甚至不排除此次发行出现“友情”认购。从英国和法国50年国债的收益率走势来看，其绝对收益率的波动区间在[4%~5%]之间。从相对收益看，收益率曲线超长期端往往极度平坦。

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有位专家认为：50年期的国债更适合于寿险公司购买，他们应该是对本期国债最有兴趣的机构。除此之外，社保基金也会有兴趣。因为这二者对超长期投资品种有一定需求。除此之外，一些银行也应该会有一定的兴趣，但对个人投资者吸引力较差。

这位专家表示：如果最终利率定为4.5%，那么对个人投资者而言，这个收益率长期看就比较低了，不过对于风险厌恶型的投资者来说，也不算太差。因为这部分人主要的投资方式为定期存款，而4.5%的利率比定期存款高很多，流动性也比定期存款要好。

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今年中国国债的实际发行规模将创造10年来之最。据昨日中国国债协会公布的统计数据，今年1月~9月，中国国债实际发行量已达1.25万亿元人民币。

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我看到一个数字，中国国债总量/GDP是18.4%。有人知道这个数字是否准确？

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SHANGHAI -- China sold its first 50-year government bond Friday, a move that expands its domestic debt market and places the country in a small league of nations that have issued ultra-long sovereign debt.

Because China has a healthy fiscal position, the bond sale isn't about raising money, but about meeting demand from pension funds and insurers. It is also part of China's long-term efforts to make its government bond market a better pricing benchmark for corporate debt sales as the country's economy--and firms' hunger for cash--continues to grow.

The Ministry of Finance sold 20 billion yuan ($2.93 billion) worth of 50-year bonds at 4.30% in an auction, well below market expectations of 4.40%-4.50%.

The securities have the longest maturity of any bonds issued by China's government. China's 30-year bond, the longest tenor trading in the secondary market, was yielding 4.20% Friday.

The auction's bid-to-cover ratio was 1.99 times, the ministry said in a statement. That is higher than the average 1.5 times ratio of most of the Chinese government bond auctions that have taken place this year.

"The result of the auction indicates the country's insurance companies and pension funds welcomed the rare ultra-long debt. They need such assets for long-term allocation purposes," said an analyst at UBS Securities who declined to be named.

The 50-year bond will trade on the interbank market and the country's two stock exchanges from Dec. 2, 2009.

However, trading of the bond will be extremely rare, as its main holders, such as insurers, are expected to hold the securities until maturity, said Wang Yingfeng, a bond analyst at Shanghai Securities.

Only a few developed countries, among them the U.S, France and the U.K, have sold government bonds with maturities of 50 years or longer, "because such bonds are a test of investors' confidence, as no one knows what will happen to a country during such a long period of time," Wang said.

China's fiscal surplus for the January-October period totaled 847.8 billion yuan, down from 1.370 trillion yuan a year earlier.

The ministry may continue to sell new batches of 50-year bonds each year in the years ahead, mostly to cater to the needs of pension funds and insurance companies, and to develop the country's debt market, Wang said.

Issuing the bonds on a regular basis will also help improve the liquidity of the ultra-long bonds on the secondary market, analysts said.

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September 23, 2005
Government's new 50-year bond attracts long-term supporters
By Julia Kollewe, Banking Correspondent

Britain's first sale of 50-year inflation-protected government bonds was warmly received yesterday as pension funds and insurance companies lapped up the world's longest inflation-linked bonds.

The unique, ultra-long bond drew more interest than the Debt Management Office (DMO) had expected from funds that desperately need safe, long-term assets, faced with the pressures of ageing populations.

The sale was performed through joint book runners, which included Barclays Capital, Morgan Stanley, Royal Bank of Scotland and UBS. It marked the first time the UK had issued gilts by syndication, as opinion varied widely in the market on how to price the bonds.

But the DMO, which manages debt sales for the Treasury, has said it will revert to auctions for subsequent issuance of ultra-long gilts, which remains its preferred method.

Bids for the 2055 bond amounted to more than double the £1bn the DMO had been hoping to raise. The gilts drew about 30 per cent more demand than the Government's auction of fixed-rate debt of the same maturity in July. The sale offered investors a yield of 1.112 per cent, 19 basis points less than the 2 per cent index-linked 2035 gilt.

Anneke de Boer, the head of sovereign and agency coverage at Morgan Stanley, said real money accounts - fund managers, pension funds and insurers - accounted for two-thirds of the transactions.

Ninety per cent of orders for the bonds came from Britain, with the rest from other European countries.

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Feb. 23, 2010 (Bloomberg) -- Britain’s borrowing costs rose at a sale of 50-year bonds as investors bet the nation will struggle to manage its budget deficit. The U.K. issued 4.5 billion pounds ($6.9 billion) of the 2060 securities to yield 4.569 percent.

Sales of 50-year securities tend to attract demand from pension funds and insurers seeking to match their long-term liabilities. Demand from U.K. investors accounted for about 97 percent of the securities sold today according to the U.K. Debt Management Office.