| The Private Placement Notes is an emerging debt financing tool introduced by the Interbank Dealers Association in the inter-bank bond market in 2011.Since its born,it has been popular because of its flexible distribution mechanism and the simplified issuance process.Its issuance scale has maintained a rapid growth,with the current medium and long-term notes,short-term notes become the most important component of the inter-bank credit bond market.However,from the current study,most of the research on PPN focused on qualitative research,quantitative research is lacking.The pricing mechanism of the PPN is flexible,and the credit spreads are the main factors influencing the pricing of the investors.Therefore,the author studied the credit spread as a way to study PPN.By comparing and analyzing the structural model,the simple model,the decomposition theory model and the regression model,regression analysis model was used to study the issuance of credit spreads for PPN.It was determined by the difficulty of combining real data and the degree of interpretation of credit spreads.Then the PPN issued in the year of 2016 were used as statistical samples.The general situation of PPN was analyzed from the aspects of issuance scale,coupon rate,issuance nature and issuance period and found that PPN were issued mostly in the short-term,rating mostly above AA.The city bond accounted for nearly half of the total PPN.Most of the money rasied flowed to state-owned enterprises.This paper analyzed the factors that influence the credit spreads of PPN,including the macroscopic factors,the issue of structural factors,the nature of the enterprises and the industry factors,which influence the credict spread of the PPN from the theoretical point of view,and made preliminary evidence through the statistical data.Finally,the multivariate linear model regression analysis was used to test the indexes of the above factors to determine whether the impact was significant and the reason of the regression results were analyzed.This paper concluded that the decisive impact of the PPN on the issuance of credit spreads is mainly macroeconomic factors such as economic growth,market liquidity and the degree of stock market prosperity.The micro factors such as the size of bonds issued,the duration of issuance,The rating information had little effect on the benchmark tool credit spreads.This was due to the non-public nature of the PPN itself. |
