4月信用债月报 | 信用债发行环比增长，城投债和产业债融资分化

Overall Credit Bond Issuance Situation - In April, credit bond issuance reached 1.49 trillion yuan, with month-on-month and year-on-year growth of 23.1% and 6.4% respectively, and net financing turned positive to 242.7 billion yuan, increasing by 366.3 billion yuan and 54.9 billion yuan compared to the previous month and the same month last year [5][4][10] - The overall issuance interest rates for credit bonds decreased month-on-month, influenced by the easing liquidity conditions [17] - The average issuance term for credit bonds extended to 3.80 years, an increase of 0.35 years from March [22] Credit Bond Issuance Structure - By rating, AAA-rated credit bonds saw an increase in issuance and net financing month-on-month and year-on-year, while AA+ rated bonds experienced an expanded financing gap [25][28] - By enterprise type, all types of industrial bonds saw an increase in issuance and net financing month-on-month, with only local state-owned enterprise bonds seeing a decrease year-on-year [31] - In terms of bond types, all bond categories except for directed tools saw an increase in net financing month-on-month, with corporate bonds and directed tools showing negative net financing [25][31] Regional and Industry Credit Bond Issuance Situation - In April, the issuance of local government bonds decreased in most provinces, with 19 provinces experiencing negative net financing [38][39] - The top three provinces for local government bond issuance were Jiangsu, Shandong, and Zhejiang, all of which had negative net financing [38] - In the industrial bond sector, most industries saw an increase in issuance month-on-month, with significant net financing in public utilities, food and beverage, and construction decoration sectors [42][43]