As shown in Figure 2, the standardized path coefficient from QUALITY to RAT (0.48) indicates that a one-standard-deviation change in QUALITY results in a 0.48-standard-deviation change in RAT.(6) The direct effect of bank quality on bond issue cost
is not significant, which indicates that this debt market does not react directly to variations in the quality of the bank issuing the letter of credit.
To this end, by focusing on the financial needs of the government's key projects, livelihood projects, the growth of small and micro enterprises, and other major areas of the real economy, ICBC has drawn on its market analysis expertise and advantages in multi-tier sales channels, and actively guided enterprises to issue bonds at favorable time windows, which effectively reduces the bond issue costs
for different types of enterprises.