China's Medium-term Notes Issued Interest Rate Influencing Factors

Marketization of issuance pricing is Medium-term Notes reform and development orientation. Issuers, investors and regulators are still working on how to perfect the issuing mechanism of Medium-term Notes and how to improve the pricing effiency of Medium-term Notes market. The thesis aims at analyzing issuance and interest rate of Medium-term Notes comprehensively to help complete marketization by means of combining theory with practice.The thesis begins from issuing mechanism and issuing interest rate of Medium-term Notes with issurace data as sample data.The thesis firstly makes literature reviews of bond issuing mechanism, credit premium and liquidity premium to supply theoretical support.Then the thesis select the definition of Medium-term Notes for the cut-in point to research on 4 areas such as issuing mechanism,industry distribution of issuance bodies, the grading credit organizatons and lead underwriter.After that, the thesis emphasizes on the impact of factors on issuance interest rate such as benchmark interest rate, credit grading, issuance term,insurance scale and secondary market liquidity.This part is the core and principal part of the whole thesis.The rest of the thesis centered around this part.On the one hand, the rest completes other factors which influences issuance interest rate;on the other hand, empirical analysis is made to increase scientificalness and reliability of the thesis.Finally, the thesis put forward constructive suggestion after conclusion.