The process of determining coupon rate by different bonds is different. Short-term financing lottery tickets are underwritten by commercial banks, and the Inter-bank Market Dealers Association has a weekly issuance guide price. Under normal circumstances, it will be issued according to the lower limit of the guide price. Only when the market is particularly bad can it be issued above the lower limit. This guidance price is the average rate of return quoted by some major underwriting institutions to the association according to the weekly changes in the secondary market. Corporate bonds (including corporate bonds and urban investment bonds, etc.). ) are all underwritten by brokers, and the pricing is relatively vague. Generally, the person in charge of issuance will set a price range with reference to the bonds with the same maturity and rating in the previous market, and then make an inquiry to the institutions in the interbank market, and the results will be fed back to the enterprise, and then the specific issuance price will be negotiated with the enterprise.