| Corporate credit bonds refer to bonds issued by the issuer without any assets or guarantees,all issued by company credit.At this stage,the issuance of most corporate credit bonds in China is based on book-entry pricing.Bookkeeping and filing requirements require the lead underwriter to fully play the role of intermediary,fully grasp the current market environment,interest rate trends,and determine in advance to the institutional investors(mostly banks,funds,insurance,etc.)before the issuance of bonds,and provide a reasonable inquiry interval,as an investment reference.The purpose of this paper is to study and design a reasonable and practical method to determine a reasonable inquiry interval in the process of issuing corporate credit.The research content of this paper is to first propose three theoretically feasible methods for determining the inquiry interval on the basis of relevant theories:the first-class market comparable company method,the secondary market rate of return reference method,and the national debt interest rate reference method.Then the author combines internship experience of self-financed brokers,summarize the inquiry skills of relevant practitioners,analyze and sort out the three methods.Finally,the author selected the Handan City Construction Investment Group Co.,Ltd.corporate bond as a case,applying the first-class market comparable company method.By analyzing the trend of bond market interest rate,screening reference bond collection and comparable companies,we can obtain a reference inquiry interval to provide a reference for institutional investors to estimate investment costs.The research direction and ideas of this paper are relatively new.Compared with the traditional literature biased theoretical research,the research content of this paper is more realistic and focuses on solving practical problems.This method can provide reference and suggestions for practitioners such as investment bankers. |
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