Research On Pricing Mechanism Of Bond Issuance In Interbank Bond Market

The development of medium-term notes in western countries has been more mature,but it is relatively late in China.In April 2008,the people's Bank of China issued the management method of interbank bond market non-financial corporate bond financing tools,which is mainly used to regulate interbank bond market financing and interest rate.In the same year,the Dealer Association issued the documents such as the guidelines for the medium-term bill business,which indicated that the medium-term bill was formally produced in our country.The medium-term notes to their own advantage in one issue is welcomed by investors,a good momentum of development,the issue of scale and the issue of variety in the constantly increasing,but the medium-term notes in the rapid development,problems arise,such as the issue of pricing is always a very prominent problem.Based on the theoretical analysis and empirical verification,this paper makes a thorough analysis of the pricing of medium-term notes,which lays the foundation for the marketization of the issuance of medium-term notes.First of all,in the process of research,this paper expounds the background and significance of the research,points out the research status of the interbank bond issuance pricing at home and abroad,and puts forward the research scope,research methods and research ideas,and summarizes the innovation of this paper.Secondly,this article embarks from the international bond pricing theory,combined with the actual situation in our country,choose the banks in the same period the benchmark lending rate as the benchmark interest rate pricing medium-term notes issued,on macroeconomic factors affecting China's medium-term notes issued spreads issue structure and financial factors are analyzed in detail.Again,based on the above theoretical research,the regression model is established and verified,and the empirical results are obtained,CPI growth rate,deposit reserve rate,the index of total assets of issuers of corporate credit ratings,the impact on the main issue of the medium-term notes issued by the maximum credit spreads.Finally,based on the problems encountered in the research process and the development of the medium-term note market in China,suggestions and prospects for promoting the pricing of bond issuance in China's interbank bond market are put forward.