Why is the interest rate of corporate bonds lower than that of banks?

This matter is explained at two levels. First, the 4.2% you mentioned is coupon rate, and the coupon rate is decided by the company itself. To put it bluntly, the bond with 100 yuan is set at 4.2% in coupon rate, but the bond itself may not be able to raise 100 yuan, and it may only be 95 yuan, so the yield is calculated as 4.2/95.

On the second level, I feel that the yield of some qualified corporate bonds may be lower than that of bank deposits. Because of the poor liquidity of bank deposits, according to the current calculation, corporate bonds can circulate in the secondary market. This interest rate is lower than the bank deposit rate, which reflects the liquidity premium of corporate bonds. So when you compare, don't compare it with the bank deposit interest rate, but with the national debt of the same period. Then I believe that there can be no corporate bonds with a lower yield than the national debt in the same period. What did you say?/Sorry?