信用债ETF开展质押式回购即将正式实施，信用债ETF天弘（159398）盘中上涨0.05%，近五个交易日“吸金”超12亿元

Group 1 - Tianhong Credit Bond ETF (159398) saw a 0.05% increase in early trading on May 27, with a net inflow of over 1.2 billion yuan in the last five trading days and nine out of the last ten days showing net inflows [1] - The latest circulating scale of Tianhong Credit Bond ETF reached 5.583 billion yuan, setting a new historical high [1] - The implementation of the general pledge-style repurchase business for credit bond ETFs is expected to commence soon, with multiple public fund institutions' credit bond ETFs meeting the criteria to be included in the repurchase pledge library [1] Group 2 - High-grade industrial bonds are expected to see improved liquidity following the implementation of the company's bond renewal issuance policy, leading to increased differentiation in liquidity among different grades of credit bonds [2] - Low-grade credit bond issuers need to balance liquidity and maturity pressure, while high-grade credit bonds maintain a high market acceptance, with differences primarily in liquidity risk rather than credit risk [2] - The current "asset shortage" effect is slowing down, with the credit bond market entering a negative carry environment, making credit bonds' returns generally superior to interest rate bonds [2]