信用利差周报：3月信用债发行遇冷，交易所多维发力畅通投融资循环-2025-03-28

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Credit bond issuance in March was sluggish, with the scale of cancelled or postponed issuance exceeding 30 billion yuan. After a period of adjustment, credit bond financing is still expected to recover [4][11][12]. - On March 21st, China Securities Depository and Clearing Corporation launched three supportive measures to optimize the market environment and promote the high - quality development of the credit bond market [4][13]. - The Fed maintained the benchmark interest rate and slowed down the pace of balance - sheet reduction. Its policy adjustment affects the US Treasury yield and Sino - US spread, and may have an impact on China's monetary policy [5][17][19]. Summary by Directory Market Hotspots - Credit bond issuance slump: The direct cause is the significant increase in interest - rate bond yields, which raises the issuance cost of credit bonds, and the tight capital situation. It also reflects market differences in economic fundamentals and policy expectations. After a period of adjustment, credit bond financing is expected to recover [4][11][12]. - Exchange market's "three - pronged approach": On March 21st, China Securities Depository and Clearing Corporation launched three measures, including allowing credit bond ETFs to conduct margin trading, expanding the scope of repurchase of credit - protected bonds, and temporarily exempting some bond registration and settlement fees, to promote the high - quality development of the credit bond market [4][13][14]. - Fed's policy adjustment: The Fed maintained the benchmark interest rate at 4.25% - 4.5% and slowed down the pace of balance - sheet reduction. Its policy "dilemma" increases the uncertainty of the economic outlook, and may affect China's monetary policy and the Sino - US spread [5][17][19]. Macroeconomic Data - From January to February, China's foreign trade data showed a decline in import and export growth rates, with exports slowing down and imports contracting. The export was 539.941 billion US dollars, with a year - on - year growth rate of 2.3%, a decrease of 8.4 percentage points from the previous value. The import was 369.426 billion US dollars, with a year - on - year growth rate of - 8.4%, a decrease of 9.4 percentage points from the previous value [6]. Money Market - Last week, the central bank net - injected 37.91 billion yuan through open - market operations. The pledged repurchase rates of various tenors showed mixed trends, with the 14 - day and 21 - day rates rising by 23bp and 2bp respectively, and the other tenors falling by 4 - 10bp [7][23][24]. Primary Market of Credit Bonds - Last week, the issuance of credit bonds continued to heat up, with the issuance scale reaching 332.225 billion yuan, an increase of 62.298 billion yuan from the previous period. The average issuance cost of most credit bonds decreased [28]. Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 953.8124 billion yuan, showing a slight decline. The yields of interest - rate bonds mostly increased, and the yields of credit bonds showed a divergence between short - and long - term tenors. Most credit spreads narrowed, and most rating spreads widened [42].