中期票据

中期票据（Medium-termNotes，MTN）最早源于20世纪70年代的美国，最初作为一种介于短期融资的商业票据和长期借贷的公司债券之间的融资工具而出现。

Medium-term notes ( MTN ) originated from the United States in the 1970s , initially as a financing tool lied between commercial paper with short-term and corporate bonds with long-term .

关键的一点是，这些中期票据（mtn）的发行要求远没有传统债券那么繁复。

Crucially , these medium-term notes , or Mtns , came with much less onerous issuance requirements than traditional types of bonds .

发行定价的真正市场化是中期票据市场改革和发展的方向。

Marketization of issuance pricing is Medium-term Notes reform and development orientation .

中期票据市场的启动在我国金融业引起强烈反响。

The intense reflection is stirred with the startup of medium-term notes ( MTN ) .

中期票据从本质上讲是一种中期信用债券，由具备法人资格的非金融企业在银行间市场发行。

MTNs is essentially a medium-term debentures , issued by non-financial companies with legal personality in the interbank market .

主要内容如下：首先，从概念上界定了中期票据和发行定价的概念。

We made it as followed : Firstly , We defined the concepts of MTNs and the issue pricing .

最后，央行监管着仅在银行间市场交易的商业票据和中期票据。

And finally , the central bank oversees commercial paper and medium-term notes , which are traded only in the interbank market .

近年来，国内债券市场蓬勃发展，以企业债、中期票据为主的信用产品发展速度惊人。

In recent years , the domestic bond market is booming , corporate bonds , medium-term notes based credit product development at an alarming rate .

中期票据为企业提供了银行贷款之外的另一个融资渠道，应会有助于中国企业在较长时间内以较低价格锁定资金来源。

The addition of the medium-term note program provides another alternative to bank loans that should help Chinese companies lock up funding for longer periods and at lower cost .

国内中期票据市场于2008年4月正式启动，经过三年时间的迅猛发展，已成为银行间债券市场的重要组成部分。

MTNs in the domestic market , launched in April 2008 , after rapid development for three years time , had become an important part of inter-bank bond market .

因此，尽管在理论分析部分验证了这些宏观因素对中期票据发行利差的影响，但是实证分析时没有把这些因素纳入到模型中来。

Thus , while the theoretical analysis test verified these macro-factors ' impact on issue spreads of MTNs , the empirical analysis does not take these factors into the model .

中期票据采用平价发行，按照固定收益证券的定价原理，平价发行的债券定价，实质上是票面利率的定价，即确定中期票据发行日的到期收益率。

According to the principle of fixed income securities pricing , pricing a bond with parity is essentially determining its ' coupon rate which is also yield to maturity on issue day .

发行的相对容易产生了巨大影响：过去两年中，中期票据发行量是在交易所上市的债券的近两倍。

The relative ease of issuing made a huge difference : the volume of medium-term note issuance was nearly twice as large as that of exchange-listed bonds over the past two years .

但是，从文献回顾和理论分析的情况来看，宏观方面的系统性因素对中期票据的发行定价具有显著影响，如经济增长和通货膨胀等。

However , from the literature review and theoretical analysis of the situation , the systemic factors do have significant impacts on issue pricing of medium-term notes such as economic growth and inflation .

随着中期票据发行利率数据长度的增大，以后的研究可以考虑以月度数据为被解释变量，将宏观经济方面的因素也纳入到研究之中。

As the length of the data of MTNs issued increase , future research may consider take monthly data into model as explanatory variables , to take macroeconomic factors into account with the study .

经过近4年的时间，中期票据在发行制度、发行规模、投资者参与主体等方面均取得了长足进步，在企业融资窗口中正占有越来越重要的地位。

After nearly four years , the medium-term notes have made considerable progress in the distribution system , market scale , and investors in the main areas . It plays an increasingly important role in corporate finance window .

本文在理论阐述的基础上对国内债券市场中期票据的信用利差进行实证分析，以各种宏观指标作为解释变量，得出相关结论并试图通过模型分析找出它们之间存在的内在关系。

This paper did the empirical analysis of the medium-term notes of credit spreads based on the theoretical explanations , and draw relevant conclusions then attempted to identify the inherent relationship that exists between them by models using a variety of macroeconomic indicators as explanatory variables .

因此，2008年4月，央行自行采取行动，推出了中期商业票据市场，允许企业发行实际上相当于3至5年期的债券。

So in April 2008 , the PBOC took action into its own hands , launching a market for medium-term commercial paper that allowed companies to issue what were , in effect , bonds of three to five years in maturity .