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中期票据具有发行成本较低、发行市场化、募集资金用途自主化、发行机制灵活化和管理自律化等优势,自进入债券市场以来,众多发行主体尤其是公路经营企业,对中期票据有着巨大的需求。本文通过分析2009年至2014年公路经营企业中期票据发行情况,得出公路经营企业中期票据发行规模增幅巨大、发行期限较为集中、不同发行期限的平均利率差异较小以及信用评级整体水平逐渐提升等结论,并对其进一步发展从发行体制、定价机制、信用评级以及市场监管方面提出几点建议,从而有助于对公路经营企业中期票据融资的进一步发展。
Medium-term notes have the advantages of low issuance costs, market-based issuance, autonomous use of proceeds, flexible issuance mechanism and self-regulation of management. Since its entry into the bond market, many issuers, especially highway operators, have tremendous demand. By analyzing the issuance of medium-term notes of highway operators from 2009 to 2014, this paper concludes that the scale of issuance of medium-term notes of road operators is huge, the issuance periods are more concentrated, the average interest rates differentials between different issue periods are smaller, and the overall level of credit rating is gradually increased Conclusions, and to its further development from the issuance system, pricing mechanism, credit rating and market supervision put forward some suggestions, thus contributing to the highway operators medium-term paper financing further development.