信用债 | 信用债融资季节性回落，科技创新债发行放量

Overall Credit Bond Issuance Situation - In May, the total credit bond issuance was 811 billion yuan, a decrease of 45.8% month-on-month but an increase of 10.2% year-on-year. Net financing was 70.4 billion yuan, down 176 billion yuan month-on-month but up 27.3 billion yuan year-on-year [1][3][6] - The issuance of local government bonds (城投债) and industrial bonds (产业债) showed a divergence, with local government bonds decreasing in both month-on-month and year-on-year terms, while industrial bonds reached the highest level in the past five years for both issuance and net financing [1][3][9] Local Government Bonds - In May, local government bond issuance was 173.9 billion yuan, a decrease of 51.0% month-on-month and 1.6% year-on-year. The net financing gap was -56.2 billion yuan, with a cumulative decrease of 2.9 billion yuan year-on-year [6][9][30] - From January to May, over half of the provinces saw a decline in both issuance and net financing of local government bonds compared to the previous year, with 22 provinces experiencing negative cumulative net financing [1][39][40] Industrial Bonds - In May, industrial bond issuance was 637 billion yuan, down 44.3% month-on-month but up 19.2% year-on-year. Net financing was 126.6 billion yuan, a decrease of 62.3% month-on-month but an increase of 46.5% year-on-year [6][9][30] - Cumulatively, from January to May, industrial bond issuance was 4.05 trillion yuan, a slight increase of 2.4% year-on-year, while net financing decreased by 20.8% year-on-year [1][9][30] Issuance Structure by Rating - In May, the issuance of credit bonds across all ratings decreased month-on-month, with AAA-rated bonds seeing a slight increase year-on-year. The net financing gap for AA+ and AA-rated bonds narrowed both month-on-month and year-on-year [24][27] - The issuance of local government bonds across all ratings decreased month-on-month, with only AA-rated bonds showing a narrowing of the net financing gap year-on-year [27][30] Regional and Industry Analysis - In May, 25 provinces saw a decrease in local government bond issuance, with 17 provinces experiencing negative net financing. The top three provinces for issuance were Jiangsu, Shandong, and Zhejiang, all of which saw a month-on-month decrease [39][40] - For industrial bonds, most industries saw a month-on-month decrease in issuance, with 21 industries reporting positive net financing. Significant net financing was observed in public utilities, non-bank financials, and petrochemicals [2][39][41]