信用债收益率小幅上行，中短端信用利差略有回落

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Credit bond yields increased slightly, and the credit spreads of medium - and short - term bonds declined slightly. The long - end of interest rates performed better than the short - end this week [2][5]. - Urban investment bond spreads generally continued to decline slightly, with the spreads of Guizhou's low - grade varieties slightly rising [2][9]. - Industrial bond spreads were relatively stable, while the spreads of private real - estate bonds increased [2][18]. - The yield curve of secondary and perpetual bonds became slightly steeper, with medium - and high - grade bonds performing better, and the spreads of 3Y medium - and high - grade secondary bonds compressed significantly [2][28]. - The excess spreads of industrial perpetual bonds were basically flat, while those of urban investment perpetual bonds increased [2][31]. Summary by Directory 1. Credit bond yields increased slightly, and the 3Y spreads compressed most significantly - Interest rates fluctuated within a narrow range this week, with the long - end performing better than the short - end. The yields of 1Y, 3Y, and 5Y China Development Bank bonds increased by 2BP, 3BP, and 2BP respectively, while those of 7Y and 10Y decreased by 1BP and 2BP respectively [2][5]. - Credit bond yields increased slightly overall. The yields of 1Y AA - grade and above credit bonds increased by 1 - 2BP, and the AA - grade remained the same as last week; the yields of 3Y AA and AA + grade credit bonds increased by 2 - 4BP, and the AAA and AA - varieties remained flat; the yields of 5Y AA + and above grade varieties increased by 0 - 1BP, and the AA and AA - varieties increased by 2 - 4BP; the yields of 7Y all - grade credit bonds decreased by 0 - 1BP; the yields of 10Y all - grade varieties increased by 4BP [2][5]. - In terms of credit spreads, the medium - and short - term spreads declined slightly, while those of long - term varieties increased. The spreads of 1Y AA and above varieties remained the same as last week, and the AA - spread decreased by 1BP; the spreads of 3Y AA - grade varieties remained flat, and the other varieties decreased by 1 - 4BP; the spreads of 5Y AAA and AA + grades decreased by 1 - 2BP, the AA - grade increased by 3BP, and the AA - spread remained the same as last week; the spreads of 7Y all - grade increased by 0 - 1BP; the spreads of 10Y all - grade increased by 6BP [2][5]. 2. Urban investment bond spreads declined slightly, and some weakly - qualified regions rebounded and widened - This week, the spreads of urban investment bonds continued to decline slightly. The credit spreads of externally - rated AAA and AA - grade platforms decreased by 1BP, and the spreads of AA + - grade platforms remained the same as last week [2][9]. - Among provinces, the spreads of most AAA - grade platforms decreased by 0 - 1BP, with Yunnan decreasing by 3BP and Gansu increasing by 2BP; the spreads of most AA + - grade platforms decreased by 0 - 1BP, with Tibet and Shaanxi decreasing by 3BP and 4BP respectively, and Anhui, Beijing, and Heilongjiang increasing by 1 - 2BP; the spreads of most AA - grade platforms decreased by 0 - 2BP, with Shanxi decreasing by 5BP, Gansu decreasing by 15BP, and Guizhou increasing by 5BP [2][9]. - In terms of administrative levels, the credit spreads of provincial platforms decreased by 1BP, and the spreads of prefecture - level and district - county - level platforms remained the same as last week. The spreads of most provincial platforms decreased by 0 - 1BP, with Yunnan decreasing by 3BP; the spreads of most prefecture - level platforms in various regions decreased by 0 - 2BP, with Gansu decreasing by 15BP; the spreads of most district - county - level platforms remained flat or increased by 1BP, with Hebei and Liaoning decreasing by 3BP, Shaanxi decreasing by 4BP, and Guizhou increasing by 8BP [2][9][15]. 3. Industrial bond spreads declined overall, and the spreads of private real - estate bonds increased - Industrial bond spreads were relatively stable, while the spreads of private real - estate bonds increased. This week, the spreads of central - state - owned and local - state - owned real - estate bonds decreased by 0 - 1BP, and the spreads of mixed - ownership real - estate bonds decreased by 69BP. The spreads of private real - estate bonds increased by 14BP overall, with the spread of Longfor decreasing by 6BP, the spreads of Midea Real Estate and Huafa Co., Ltd. remaining flat, and the spread of CIFI increasing by 384BP [2][18]. - The spreads of all - grade coal bonds decreased by 0 - 1BP; the spreads of AAA - grade steel bonds remained flat; the spreads of AAA - grade chemical bonds increased by 1BP, and the AA + spreads decreased by 2BP. The spread of Shaanxi Coal Industry increased by 1BP; the spread of Jinkong Coal Industry decreased by 1BP; the spread of HBIS increased by 2BP [2][18]. 4. The yields of secondary and perpetual bonds showed a long - short differentiation, and most credit spreads declined - This week, the yield curve of secondary and perpetual bonds became slightly steeper, with medium - and high - grade bonds performing better, and the spreads of 3Y medium - and high - grade secondary bonds compressed significantly. Specifically, the yields of 1Y commercial bank secondary capital bonds decreased by 0 - 3BP, the yields of perpetual bonds decreased by 2BP, and the spreads of 1Y secondary and perpetual bonds decreased by 2 - 4BP overall [2][28]. - The yields of 3Y AAA - and AA + - grade secondary capital bonds decreased by 0 - 2BP, the AA yield increased by 1BP, and the spreads of 3Y secondary bonds decreased by 2 - 5BP; the yields of 3Y AAA - and AA + - grade perpetual bonds increased by 1BP, the spreads decreased by 2BP, the AA - grade yield increased by 4BP, and the spread increased by 1BP; the yields of 5Y commercial bank secondary capital bonds increased by 0 - 2BP, the spreads decreased by 0 - 2BP, the yields of perpetual bonds increased by 2BP, and the spreads were basically flat [2][28]. 5. The excess spreads of industrial perpetual bonds were basically flat, and the excess spreads of urban investment perpetual bonds increased - This week, the excess spreads of industrial AAA3Y perpetual bonds decreased slightly by 0.01BP to 9.20BP, at the 8.80% quantile since 2015; the excess spreads of industrial AAA5Y perpetual bonds remained flat at 8.72BP, at the 6.38% quantile; the excess spreads of urban investment AAA3Y perpetual bonds increased by 1.25BP to 8.24BP, at the 6.02% quantile; the excess spreads of urban investment AAA5Y perpetual bonds increased by 0.89BP to 9.73BP, at the 7.92% quantile [2][31]. 6. Credit spread database compilation instructions - The overall market credit spreads, commercial bank secondary and perpetual spreads, and the credit spreads of urban investment/industrial perpetual bonds are calculated based on the data of ChinaBond Medium - and Short - Term Notes and ChinaBond Perpetual Bonds. The historical quantiles are since the beginning of 2015; the relevant credit spreads of urban investment and industrial bonds are compiled and statistically analyzed by the R & D Center of Cinda Securities, and the historical quantiles are since the beginning of 2015 [38]. - The credit spreads of industrial and urban investment individual bonds = the individual bond's ChinaBond valuation (exercise) - the yield to maturity of the same - term China Development Bank bond (calculated by the linear interpolation method), and finally the credit spreads of the industry or regional urban investment are obtained by the arithmetic average method [38][39]. - The excess spreads of bank secondary capital bonds/perpetual bonds = the credit spreads of bank secondary capital bonds/perpetual bonds - the credit spreads of bank ordinary bonds of the same grade and term; the excess spreads of industrial/urban investment perpetual bonds = the credit spreads of industrial/urban investment perpetual bonds - the credit spreads of medium - and short - term notes of the same grade and term [39]. - Sample selection criteria: Both industrial and urban investment bonds select samples of medium - term notes and public - offering corporate bonds, and exclude guaranteed bonds and perpetual bonds; if the remaining term of an individual bond is less than 0.5 years or more than 5 years, it will be excluded from the statistical sample; industrial and urban investment bonds are externally - rated by the issuer, while commercial banks use ChinaBond's implied bond ratings [40].