In this case, all of the 7% yield belongs to the investor as the instrument we designed is optional. You can choose to buy or not to buy. Whether the bond is issued at the rate of 6% or 7% is completely determined by the market according to the roadshow bidding and book building.
In the past month or so, the lowest premium was only 40 base points, or 0.4 percentage point, which means that this enterprise had a high credit level, so its premium was relatively low. In the meanwhile, the premium of some enterprise was 200 base points, implying relatively high risk of the enterprise. Yet, this enterprise was willing to issue bonds. Why was that?