Research on the Influencing Factors of the Issuance Pricing of Rural Revitalization Bonds
Rural Revitalization Bonds have played an important role in effectively promoting the overall revitalization of rural areas.Based on the sample of Rural Revitalization Bonds from 2018 to 2023,this paper comprehensively and systematically studies the factors affecting the issuance spread of Rural Revitalization Bonds(the difference between coupon rate and benchmark interest rate).It is found that for Rural Revitalization Bonds,the solvency of the local government where the issuer is located,rather than the bond maturity,credit rating and whether the bond is invested in cities,is the factor affecting the spread;the relationship between the issuance scale and the spread is an inverted"U"shape.At the stage of underwriting and issuance,the number of underwriters,rather than the type of underwriters(commercial banks or securities companies)or the difference in the issuance market,is the factor affecting the spread of Rural Revitalization Bonds.The above-mentioned factors affecting the spread of Rural Revitalization Bonds are particularly evident in areas with faster economic growth and higher loan scale.Therefore,the study of the influencing factors of the issuance and pricing of Rural Revitalization Bonds will be conducive to promoting the greater development of Rural Revitalization Bonds,so as to enhance the role of bonds as a financial instrument in serving the key work of rural revitalization.
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