If you want to do a good job, you must first sharpen your tools;
First of all, let's introduce to you the ** and books that can be used in the daily life of the special bond business.
Similar to corporate bonds and corporate bonds, special bonds are a kind of bonds that are publicly issued in the capital market.
Public disclosure is required for the issuance of each issue of the bond, so these materials can be found on the official **.
If you want to self-study or self-improvement, if you have time, you can read more information disclosure documents of special bonds, because everyone's way of thinking and thinking angle are different, and when you carefully study dozens or hundreds of issuance documents, you will unconsciously gain your own knowledge points, and you can see the angle that others can't see; You've discovered patterns that others can't see.
Read the book a hundred times, and its meaning will be revealed.
There are basically three issuance documents for a special bond project, namely the fund balance plan (or fundraising report), the financial evaluation report, and the legal opinion. Usually we look at the balance of funds is enough.
Assuming that you read 2 to 3 articles a week, there will be an accumulation of 100-150 copies a year, you can consciously look for materials from different provinces and different project types, pay attention to comparison, it is recommended not to read them in a messy way, it is best to read the same province or the same type every week or every two weeks, and then look at other provinces or other types after you are familiar with this style, you will have a strong sense of contrast.
At present, there are three main types of information related to special bonds, namely China Bond Information Network, China Local Bond Information Disclosure Platform and Special Bond Information Network. **They are:
l China Bond Information Network, l China Local ** Bond Information Disclosure Platform, l Special Bond Information Network, China Bond Information Network, which have also been mentioned in many articles on special bonds before. All special bonds need to be publicly disclosed through the China Bond Information Network before they are officially issued, commonly known as "hanging on the network".
This ** can see the information disclosure documents of all special bonds.
Let's talk about finding the path in a nutshell:
After entering the homepage, scroll down to see the "Information Disclosure" section - "Local ** Bond Column"; After entering the column, you will enter this interface
Look at the left, there are a few commonly used, first, "pre-release disclosure". Select a regional special bond, click in, you can see all the information disclosure documents of this batch of special bonds, and you can read it when you go down.
Second, the "issuance result". All successful issuance of special bonds will have an announcement of the issuance results, the most important point is to announce the final issuance interest rate. If you want to check what the issuance rate of a certain issue is, you can look here.
Third, "underwriting syndicate management". This part is not commonly used, but it is important. Underwriting syndicates are re-established every three years, and such announcements are often made here.
Fourth, "other announcements and notices". If the special bonds cannot be used, there will be a need to adjust the use of funds, and the funds will be transferred from the original project to the new project, and the announcement of adjusting the use of special bond funds will be published here.
China Bond Information Network, which is used more on a daily basis, is to inquire about information disclosure documents and issuance interest rates.
A little note is that, taking the 2023 Xinjiang special bond as an example, it should be noted that the time here refers to the release time, not the issuance time.
*The general disclosure requirement for bonds is 5 business days in advance.
The 2023 Xinjiang Special Bond Special Bond (Phase 1 to 4) will be listed on February 2, 2023, and it will be estimated 5 working days to know that the official issuance time is February 9, 2023.
On February 9, in the "Issuance Results", you can see the announcement of the issuance results of this batch of special bonds in Xinjiang.
The second **, China's local ** bond information disclosure platform.
China's local ** bond information disclosure platform is a local ** debt information disclosure platform built by the Ministry of Finance, which was officially launched for trial operation on December 31, 2019.
Open the home page, and this interface appears
Several items on the menu bar: bond overview, issuance arrangement, pre-issuance announcement, issuance results, repayment of principal and interest, duration disclosure, major events, budget and final accounts disclosure, most of the content on the China Bond Information Network is almost consistent, the more practical is the "bond overview", you can see at a glance the bond issuance time, issuance period, issuance scale, issuance interest rate and bond value date These basic elements, select a one, click in, you can see more detailed content, in addition, the bottom of the " Relevant disclosure documents" can be linked to the corresponding disclosure documents, or you can see **.
The best function of the local ** bond information disclosure platform is the "monthly data", "quarterly data" and "annual data" on the homepage.
Take annual data as an example
You can see the national or provincial debt limit data here, the annual new special bonds, general debt data, as well as local general public budget revenue, ** income, GDP and other economic data, for the need for statistical data to write analysis reports are very convenient, do not need to go to the local finance department ** or *** to find one by one.
These data can be used directly, but some data will be updated slower, which is normal.
The third **, the special debt information network, is also a very easy to use**.
"Ease of use" lies in the refinement down to the project level.
If you want to find the issuance materials of a project, you must first find the corresponding special bond batch, the issuance materials of that batch, in order to find the relevant content of the project.
The homepage of the special bond information network directly provides the function of project inquiry.
Directly enter "intercity rail", you can search for all projects with the word "intercity rail".
Select a project, you can see the detailed content of the project, basically everything we want to know is in it, project fundraising, project owners, project income, project construction period and so on.
It is also very convenient if you still want to see the specific release documents. Scroll to the bottom of the page to directly extract the disclosure documents of this project.
It's just that membership is required for this step.
Membership fees aren't cheap yet, 980,000 years. After all, the special bond information network is made by a Sichuan company and needs to make a profit.
These three ** have their own emphasis, and they are used together, and they are basically enough if you don't open a member.
If you want to find the information disclosure documents of a certain project, you can first check the special bond issued by the special bond information network through the special bond information network, and then go to the China Bond Information Network to find the disclosure document of this special bond.
Let's talk about books on special bonds, since 2020, many books have been published in the market one after another, such as:
Planning and Calculation of Local ** Special Bond Projects, Du Yanfeng, published in June 2020.
Legal Practice Guidelines for Local ** Special Bonds, Beijing Weiheng Law Firm, published in February 2021.
Practical Guide to Local ** Special Bonds, published by Guangxi Tongrui Certified Public Accountants in March 2021.
Full Life Cycle Management of Local ** Special Bonds, published by Beijing Hongchuang Zhisheng Consulting*** in September 2021.
After reading one or two of these books, you can have a more comprehensive understanding of the basic theory of special bonds.
It's just that the policy and practice of special bonds will be updated every year, and you need to get it from practice, or take a look at the information disclosure documents, which is the result of practice.
Let's get here first.