6月信用债利差月报 | 信用利差走势分化，长久期低评级信用利差压缩明显

Credit Bond Yield Performance - In June, overall credit bond yields declined, with short-term credit bond spreads widening while medium to long-term spreads narrowed [1][4] - The AA- rated credit bond spreads mostly narrowed, while other ratings saw mixed results in 1-year and 3-year spreads, indicating a market trend towards longer durations and lower credit quality for yield enhancement [4][10] Industry-Specific Credit Bond Spreads Industrial Bonds - In June, the credit spreads for AAA-rated industrial bonds varied across industries, with the financial holding sector experiencing the largest narrowing of 12.31 basis points, while the textile and apparel sector saw the largest widening of 3.26 basis points [12][13] - The pharmaceutical and biological sector in private placements had the largest narrowing of spreads at 8.83 basis points, while the public utility sector experienced the largest widening of 9.65 basis points [12][13] Local Government Financing Bonds - The credit spreads for local government financing bonds showed a mixed trend, with lower-rated spreads continuing to narrow while mid to high-rated spreads fluctuated upwards [1][4] - In May, most provinces and entities saw a narrowing of credit spreads, with private placements showing a more significant reduction [1][4] Financial Bonds - In June, the credit spreads for bank perpetual bonds exhibited mixed results, with the lowest-rated spreads compressing the most, while the spreads for securities company subordinated bonds and insurance company capital replenishment bonds all declined [1][4]