3月信用债利差月报 | 信用利差多数下行，期限利差全面走阔

Credit Spread Performance - In March, credit bond yields generally declined, with most credit spreads narrowing, particularly in the short to medium-term [1][3] - The 1-year and 3-year credit spreads mostly contracted, while the 5-year spreads showed mixed trends, with AAA-rated spreads generally narrowing and AA+ and AA-rated spreads fluctuating [1][3] - The overall trend for credit spreads across various types of bonds indicates a steepening yield curve, particularly for AA- rated bonds [8] Industry-Specific Credit Spread Analysis Industrial Bonds - In March, AAA-rated industrial bonds saw a general contraction in credit spreads, with the real estate sector experiencing the most significant narrowing of 23.88 basis points [10][11] - Private bonds in the pharmaceutical and biological sector saw spreads widen by 5.01 basis points, while other sectors experienced a contraction [10][11] Local Government Bonds - Credit spreads for local government bonds across major ratings and maturities declined in March, with most provinces showing a narrowing trend [1][3] - Notably, the credit spreads for local government bonds in Liaoning and Inner Mongolia contracted significantly, while lower-rated bonds in provinces like Qinghai and Heilongjiang widened [1][3] Financial Bonds - The credit spreads for bank perpetual bonds contracted overall, although there was a divergence in trends among different types, with secondary capital bonds widening [1][3] - Securities company subordinated bonds and insurance company capital replenishment bonds saw their credit spreads decline across the board [1][3] Historical Context and Current Trends - As of the end of March, credit spreads for various types of bonds remained at historically low levels, particularly for public industrial and local government bonds [8][9] - The historical percentile levels for credit spreads indicate that many financial bonds are above the 30th percentile, suggesting a relatively high risk perception compared to industrial and local government bonds [8][9]