Relevant financial institutions (commercial banks and other financial institutions with legal personality in China or their authorized branches, etc.). ) can be purchased through the inter-agency bond trading market.

Second, personal purchase.

There is no way for individual investors to directly participate in the primary bidding or secondary trading of inter-bank bonds. However, individual investors can indirectly participate in the market by investing in publicly issued funds. There is no obligation to disclose the public offering fund investment bonds in advance, so it is still difficult for investors to use the public offering fund to invest in Huawei's bond issuance.

1. Since 20 15 years, except for 20 18 years, Huawei has raised10-0/500 million US dollars in bonds in Hong Kong every year, and there are also medium-term notes plans in Europe, with the total loan from 20 13 years to 23. In other words, Huawei basically issues bonds every 1-2 years, which is a routine operation, but it is only transferred from overseas to China. Therefore, other students' analysis of factors such as inventory increase and cash reserve is completely correct, but they just missed the point.

As can be seen from the following figure, since 20 15 years, except for 20 18 years, Huawei has issued bonds of10-1500 million dollars in Hong Kong every year for financing, with a cumulative financing amount of 4.5 billion dollars. European medium-term notes were also issued on 20 17, and offshore RMB bonds were also issued on 20 12 and 20 14, but they have been paid. However, none of them chose the domestic capital market to issue bonds for financing, which is why Huawei specifically mentioned "issuing bonds for the first time in China". "The lowest bid rate this year is central huijin, with a bid rate of 3.35%. As a private enterprise that has successfully issued bonds in the international market for many times, financial institutions are of great significance to Huawei's bid. Although the total of 6 billion in the two phases is Mao Mao rain for Huawei and banks, the pricing scale is of great significance and is also a reference for the future. "

In addition, the students who are looking for debt have consulted: among the secured loans, by the end of 20 18, RMB loans accounted for the highest proportion, with interest rates ranging from 4.4 1% to 4.90%, while the benchmark interest rate for 1-5 years before the implementation of LPR was 4.75%. In contrast, in September 1 1 day, the yield of three-year medium-term notes (AAA) was 3.39%.

Among credit loans, US dollar loans account for the highest proportion, and the interest rate is generally 3.57%-4.50%. However, the continuous rise in the interest rate of US dollar financing has led to a corresponding increase in the real interest rate of US dollar loans, and the cost of overseas US dollar loans for high-quality enterprises has increased from about 3. 1% at the end of last year to about 4. 1% at present.