Analysis Of The Costs Of Issuing Usd Bonds By Chinese Enterprises In Offshore Market

In recent years,at the background of the policies support at the national level and the ultra-low benchmark interest rate environment in overseas markets,China's corporate USD bonds have been welcomed by Chinese enterprises due to the advantages of low issuing cost and high efficiency,and have become an effective financing channel for Chinese enterprises.By issuing USD bonds,the problem of "difficult and expensive financing" faced by Chinese enterprises has improved,but the market for China's corporate USD bonds has been developing for a relatively short time,which is small in scale,the cost awareness of issuers is weak,and faces greater risks.Therefore,this paper takes the issues of the issuance costs of overseas USD bonds by Chinese enterprises as the subject of the research to help enterprises fully understand the main factors affecting the costsof USD bonds issuing overseas and to provide meaningful guidance for subsequent issuing behavior of Chinese enterprises.This paper uses the combination method of normative analysis and empirical analysis and case studies.Firstly,the paper combed through the policy,mode and process of issuing China's corporate USD bonds,and analyzed the advantages and disadvantages of different issuing models of overseas USD bonds.Secondly,the paper analyzes the overall situation of China's corporate USD bonds,based on the data of overseas USD bonds issuance by Chinese enterprises from 2009-2019,in terms of the scale of USD bonds issuance,issuing mode,credit rating,changes in interest rate of bonds for different issuing periods,future maturity time,amount of single U.S.dollar bond,etc.Again,the paper provides an empirical analysis of the factors that influence the cost of issuing,examining the extent to which different factors influencing the cost of issuing and validating it with real cases.Finally,the paper proposes effective countermeasures.Empirical results suggest that international credit ratings,contemporaneous United States bond yields and issuing maturities have a significant impact on issuing costs and that firms should focus on these indicators when issuing USD bonds in the future.