| Medium-term notes is an innovative kind of bonds in the interbank bond market, and it can not only meet the needs of money in this market, but also create new opportunities for corporate financing at low cost.It will have a profound impact on our financial market.This article mainly study china’s Medium-term note market.Read and summarize the domestic and foreign articles on liquidity,and then choose a better model to test our market’s liquidity.First we review the development of Chinese medium-term note market.From2008to2011,the market had a large-scale development for the quantity and the amount and Also for the kinds.Then we use the model to compute each bond’s liquidity between2008and2011.We find the liquidity have relations with company’s rate, company, the amount and the maturity. And we also find the issue spread has a negative correlation with the liquidity.Chinese MTN market has a big development from2008, but it’s also behind the developed countries, so I give some opinions after this study. |
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