| The 2013 borned perpetual bonds are still classified as the innovative bonds in domestic,upgraded bonds on the market are divided into renewable corporate bonds,renewable and renewable company bonds.Issuance of renewed bonds has the following motivations: crediting interest,reducing the pressure on debt concentration,flexible financing and locking lower interest costs.Therefore,this paper chooses 16 Wuhan subway perpetual bonds as the research object,to explore the domestic renewable bonds.The main body of the issuance of renewable bonds is mainly from the infrastructure construction industry(such as rail transport,road transport and civil engineering construction,etc.),such enterprises have different means of financing,asset-liability ratio is relatively high,and related to the other bonds in the domestic market,renewable bonds give the issuer deferred option,deferred interest payment,mechanism of interest rate jump and other terms.For the issuer,if the bonds meet certain conditions,it can be included in equity and supplementary corporate capital,meanwhile,can reducing the company's asset-liability ratio and increase the proportion of direct financing.Renewable bonds are suitable for enterprises with long project cycles,large capital expenditures,heavy assets and high debt ratios,which can alleviate the financing problems of such enterprises.This article mainly adopts quantitative analysis and qualitative analysis of two kinds of research methods,select "16 Wuhan subway renewable bonds" to explore,the article do research about the "16 Wuhan subway perpetual debt" issue and raise funds to invest,risk,duration and interest rate.The paper concluded that the renewable bonds,related to the other bonds on the domestic market,has a more favorable issuer motivation,can help the issuer to lock the lower financing costs,reduce the pressure on debt concentration and so on.This article provides a more comprehensive analysis of the attributes of the renewable bond as a financing tool,can help the issuer and the financier understand the renewable bonds more fully and objectively. |
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