The issuer is different. The issuers of interest rate bonds are mainly state government departments, the bonds are endorsed by state credit, and pure bonds are issued by entities outside the state government. The factors that affect income are different. The yield of interest rate bonds is mainly affected by the benchmark interest rate, while the yield of pure bonds is mainly affected by the issuer's credit level and of course by the benchmark interest rate. The risks are different. Interest rate bonds mainly bear interest rate risk, but pure bonds bear the credit risk of bond issuers in addition to interest rate risk.

Interest rate bonds mainly refer to national debt, local government bonds, policy financial bonds and central bank bills. Because the bond interest rate fluctuates with the market interest rate, the use of floating interest rate bills can avoid the significant difference between the actual bond yield and the market yield, and reduce the costs of issuers and trustees. Investors' returns are consistent with the changing trend of the market. The fluctuation of bond interest rate also brings great uncertainty to the issuer's actual cost and the investor's actual income in advance, which leads to higher risk.

1, bond classification According to whether the bond interest rate changes during the repayment period, interest rate bonds can be divided into fixed rate bonds and floating rate notes. Fixed-rate bonds refer to bonds with fixed interest rates throughout the repayment period at the time of issuance. Fixed-rate bonds do not consider market changes, so their financing costs and investment returns can be predicted in advance with less uncertainty. However, bond issuers and investors still have to bear the risk of market interest rate fluctuations. If the market interest rate drops in the future, the issuer can issue new bonds at a lower interest rate, the cost of the original bonds will be relatively high, investors will get higher income than the current market interest rate, and the price of the original bonds will rise; On the contrary, if the market interest rate rises in the future, the cost of new debt will increase, the cost of original debt will be relatively low, the return of investors will be lower than the income from buying new debt, and the price of original debt will fall.

2. Interest rate bonds Interest rate bonds mainly refer to government bonds, local government bonds, policy financial bonds and central bank bills. Because the bond interest rate fluctuates with the market interest rate, the form of floating interest rate bills can avoid the significant difference between the actual yield of bonds and the market yield, so that the issuer's costs and investors' income are consistent with the market interest rate. Market trends. The fluctuation of bond interest rate also brings great uncertainty to the issuer's actual cost and the investor's actual income in advance, which leads to higher risk.

3. Interest rate bonds Fixed interest rate bonds refer to bonds with fixed interest rate, fixed coupon and fixed term; Bond institutions usually pay interest to coupon holders according to regulations and pay principal to bondholders when due. Fixed rate bond is a traditional international bond and the most typical form of international bond financing. Fixed rate bonds are usually issued when the market interest rate is relatively stable. When the market interest rate continues to change greatly, it will bring risks to bond issuers or bond investors and affect the conditions and effects of bond issuance. Since 1980s, there have been some kinds of fixed-rate bonds in European bond market, among which the most typical one is the revocable bond, which divides the maturity of bonds into several periods.