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在今年三年期无记名国债券的发行中,许多券商相继推出了“贴现”方案,典型的“贴现”方案如下:投资者以代管凭证形式认购国债后,持满一年可按年息14%贴现,持满两年可按年息14.3%贴现,持满三年则按票息14.5%兑付,若中途提券则丧失贴现权,投资者承诺将现券交由发行商保管,但随时可以提券;发行商承诺投资者有权在一年以后的任意时间以特定的价格将这笔券卖给发行商,也可以不卖给发行商,持有到兑付期,或者在市场价格较高的情况下,直接在二级市场抛售.本质上讲,这不是一种回购行为,回购以再购回协议(repurchaseagreement)为依据,证券的出售者(融资方)同意在约定的时间和协议的价格再购回证券,从而实现筹措
During the issuance of this year’s three-year noteless state bond, many brokerages have successively launched the “discount” program. The typical “discount” scheme is as follows: After investors subscribe for government bonds in the form of escrow vouchers, they can hold an annual interest rate of 14 % Discounted, 14.3% discounted at 14.3% per annum over two years and 14.5% coupon at full face for three years. If the coupon is lost during the course of trading, the investor promises to keep the coupon for safekeeping by the issuer The coupon may be couponed; the publisher promises that the investor has the right to sell the coupon to the issuer at a specified price at any time of the year, not to the issuer, to the redemption period, or to the market price High, the direct selling in the secondary market.In essence, this is not a repurchase, the repurchase agreement is based on repurchase agreements (repurchase), the seller of securities (financing side) agreed to at the appointed time And the agreement the price repurchase the securities, so as to achieve financing