China Merchants Securities successfully issued the 2012 first–stage short-term financing bonds on May 31, 2012. The current 91-day financing bonds were issued through the bidding system of China Government Securities Depository Trust & Clearing Co., Ltd. at an interest rate of 3.20%. The total issue volume was 4 billion yuan. The current financing bonds were welcomed by bond investors and were quite hot in the market. The subscription rate was up to 3.92 times. The interest rate of the financing bonds was nearly 13bp lower than those of the financing bonds issued by the state-owned enterprises of the same term and same rating.