信用周报：城投发债“335指标”明确纳入披露范围

Group 1: Market Trends and Strategies - The current 10-year implied rating AA+ short-term credit spread is 70 basis points (BP), at the 35th historical percentile since 2022, slightly below the highest level of 76 BP in 2024, indicating a certain cost-effectiveness for allocation[2] - For weaker liability stability, focus on 2-3 year low-grade varieties and some 4-5 year high-yield, medium-quality bonds to enhance returns[2] - In April, bank wealth management scale is expected to increase by an average of 1.5 trillion yuan, typically concentrated in the first two weeks, which may further compress short-term credit spreads[11] Group 2: Policy and Regulatory Updates - On March 28, the Shanghai and Shenzhen Stock Exchanges released new guidelines to improve corporate bond review rules, including the disclosure of the "335 indicator" for local state-owned enterprises involved in municipal infrastructure[3] - The Ministry of Finance plans to issue the first batch of special government bonds worth 500 billion yuan to support large state-owned commercial banks in replenishing core tier one capital, with specific allocations to major banks[15] - The National Financial Regulatory Administration has issued documents to support banks and asset management institutions in increasing investment in technology innovation bonds, with the current issuance scale of technology innovation bonds around 2.5 trillion yuan[4]