信用债投资仍处“顺风期” 建议关注久期策略

Core Viewpoint - The credit bond market is performing better than the interest rate bond market, with continuous narrowing of yield spreads across various grades and maturities, supported by the central bank's clear stance on maintaining liquidity [1][4]. Group 1: Credit Bond Market Performance - From June 9 to June 13, credit bond yields significantly declined, with credit spreads notably compressed, particularly in long-term credit bonds [2]. - City investment bonds led the credit bond market, with yields and spreads compressing more than the overall market, particularly in the 5 to 10-year maturities [2][3]. - Institutional buying, especially from insurance companies and funds, has increased, contributing to the strengthening of the secondary credit bond market [2][3]. Group 2: Investment Recommendations - There is an optimistic outlook for credit bonds, with suggestions to focus on long-term products such as city investment bonds with maturities of 3 to 5 years and industry bonds with maturities over 5 years [3][7]. - Institutions are advised to maintain a core allocation in short to medium-term credit bonds while selectively increasing exposure to higher-yielding bonds in the 3 to 5-year range [7][8]. Group 3: Monetary Policy and Market Expectations - The expectation of continued monetary easing is supporting the credit bond market, with potential for further declines in funding rates and policy rate adjustments in the third quarter [4][8]. - The central bank's commitment to maintaining liquidity is seen as a key factor in the current favorable conditions for the bond market [4][8].