二级资本债周度数据跟踪-20250412

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - There were no new issuances of secondary capital bonds in the inter - bank and exchange markets from April 7 to April 11, 2025. As of April 11, 2025, the outstanding balance of secondary capital bonds reached 445.9105 billion yuan, remaining unchanged from the previous weekend (April 4, 2025) [1]. - From April 7 to April 11, 2025, the total weekly trading volume of secondary capital bonds was approximately 259.2 billion yuan, an increase of 97.6 billion yuan compared to the previous week. The top three bonds in terms of trading volume were 25 CCB Secondary Capital Bond 01BC (50.74 billion yuan), 25 ICBC Secondary Capital Bond 01BC (48.716 billion yuan), and 22 CCB Secondary 01 (6.853 billion yuan). Geographically, the top three regions in terms of trading volume were Beijing, Shanghai, and Guangdong, with volumes of approximately 212.6 billion yuan, 19.6 billion yuan, and 8 billion yuan respectively. Regarding the yield to maturity, as of April 11, the yield to maturity changes of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to the previous week were - 0.02BP, - 0.03BP, and - 0.03BP respectively; for 7Y secondary capital bonds, the changes were - 0.07BP, - 0.05BP, and - 0.05BP respectively; for 10Y secondary capital bonds, the changes were - 0.02BP, - 0.02BP, and - 0.02BP respectively [2]. - From April 7 to April 11, 2025, the overall deviation of the weekly average trading price valuation of secondary capital bonds was not significant. The proportion of discount transactions was less than that of premium transactions, but the discount amplitude was greater than the premium amplitude. Among the discount bonds, the top three with the highest discount rates were 21 Changchun Development Rural Commercial Secondary (- 2.3814%), 24 Chuangxing Bank Secondary Capital Bond 01BC (- 0.5373%), and 20 Jiaxing Bank Secondary (- 0.5282%), and the rest of the discount rates were within - 0.50%. The implied ratings of ChinaBond were mainly AA, AAA -, and AA +, and the geographical distribution was mainly in Beijing and Zhejiang. Among the premium bonds, the top three with the highest premium rates were 23 Postal Savings Bank Secondary Capital Bond 01 (0.5655%), 24 Bank of China Secondary Capital Bond 02B (0.4536%), and 24 Bank of Communications Secondary Capital Bond 01B (0.4195%), and the rest of the premium rates were within 0.40%. The implied ratings of ChinaBond were mainly AAA -, AA +, and AA, and the geographical distribution was mainly in Beijing, Shanghai, and Zhejiang [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance and Outstanding Situation - No new secondary capital bonds were issued in the inter - bank and exchange markets from April 7 to April 11, 2025. As of April 11, 2025, the outstanding balance of secondary capital bonds was 445.9105 billion yuan, unchanged from April 4, 2025 [1]. 3.2 Secondary Market Trading Situation - Weekly trading volume: The total weekly trading volume from April 7 to April 11, 2025, was about 259.2 billion yuan, up 97.6 billion yuan from the previous week. The top three trading - volume bonds were 25 CCB Secondary Capital Bond 01BC, 25 ICBC Secondary Capital Bond 01BC, and 22 CCB Secondary 01 [2]. - Geographical distribution of trading volume: The top three regions were Beijing (about 212.6 billion yuan), Shanghai (about 19.6 billion yuan), and Guangdong (about 8 billion yuan) [2]. - Yield to maturity changes: For 5Y secondary capital bonds with ratings of AAA -, AA +, and AA, the yield to maturity changes compared to the previous week were - 0.02BP, - 0.03BP, and - 0.03BP respectively; for 7Y bonds, - 0.07BP, - 0.05BP, and - 0.05BP respectively; for 10Y bonds, - 0.02BP, - 0.02BP, and - 0.02BP respectively [2]. 3.3 Situation of the Top 30 Individual Bonds with Valuation Deviation - Discount bonds: The top three discount - rate bonds were 21 Changchun Development Rural Commercial Secondary, 24 Chuangxing Bank Secondary Capital Bond 01BC, and 20 Jiaxing Bank Secondary. The implied ratings were mainly AA, AAA -, and AA +, and the geographical distribution was mainly in Beijing and Zhejiang [3]. - Premium bonds: The top three premium - rate bonds were 23 Postal Savings Bank Secondary Capital Bond 01, 24 Bank of China Secondary Capital Bond 02B, and 24 Bank of Communications Secondary Capital Bond 01B. The implied ratings were mainly AAA -, AA +, and AA, and the geographical distribution was mainly in Beijing, Shanghai, and Zhejiang [3].