固收点评20250505：二级资本债周度数据跟踪-20250505

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core Viewpoints - This week (from April 28, 2025, to May 2, 2025), 1 secondary capital bond was newly issued in the inter - bank and exchange markets, with an issuance scale of 50 billion yuan, a maturity of 10 years, the issuer being a central financial enterprise, a subject rating of AAA, and the issuer's location in Beijing [1]. - As of May 2, 2025, the outstanding balance of secondary capital bonds reached 4,556.505 billion yuan, an increase of 51 billion yuan from the end of last week [1]. Group 3: Summary by Related Catalogs 1. Primary Market Issuance and Outstanding Situation - This week, 1 secondary capital bond was newly issued with a scale of 50 billion yuan, a 10 - year maturity, the issuer being a central financial enterprise, a subject rating of AAA, and the issuer located in Beijing [1]. - As of May 2, 2025, the outstanding balance of secondary capital bonds was 4,556.505 billion yuan, up 51 billion yuan from the end of last week [1]. 2. Secondary Market Trading Situation - This week, the total trading volume of secondary capital bonds was about 104.9 billion yuan, a decrease of 31.3 billion yuan from last week. The top three bonds in trading volume were 25 Minsheng Bank Secondary Capital Bond 01 (20.889 billion yuan), 25 ICBC Secondary Capital Bond 01BC (10.778 billion yuan), and 25 CCB Secondary Capital Bond 01BC (3.682 billion yuan) [2]. - By the issuer's location, the top three in trading volume were Beijing (about 75.8 billion yuan), Shanghai (about 11.4 billion yuan), and Guangdong (about 5.7 billion yuan) [2]. - As of May 2, for 5 - year secondary capital bonds, the changes in the yields to maturity of AAA -, AA +, and AA - rated bonds compared with last week were - 0.07BP, - 0.06BP, and - 0.03BP respectively; for 7 - year bonds, they were - 0.07BP, - 0.06BP, and - 0.03BP respectively; for 10 - year bonds, they were - 0.05BP, - 0.05BP, and - 0.02BP respectively [2]. 3. Situation of the Top 30 Individual Bonds with Valuation Deviation % - This week, the overall valuation deviation of the weekly average trading price of secondary capital bonds was not large. The proportion of discount transactions was greater than that of premium transactions, and the discount range was larger than the premium range [3]. - Among the discount bonds, the top three in discount rate were 20 Changchun Rural Commercial Secondary 01 (- 4.0137%), 23 Cangzhou Bank Secondary Capital Bond 01 (- 1.2905%), and 24 Jianyang Rural Commercial Bank Secondary Capital Bond 01 (- 0.8944%). The implied ratings of ChinaBond were mainly AAA - and AA +, and the geographical distribution was mainly in Beijing, Shanghai, and Sichuan [3]. - Among the premium bonds, the top three in premium rate were 25 Guangdong Huaxing Bank Secondary Capital Bond 01 (1.8820%), 22 Great Wall Huaxi Secondary Capital Bond 01 (0.6003%), and 25 Xi'an Bank Secondary Capital Bond 01 (0.1140%). The implied ratings of ChinaBond were mainly AAA - and AA +, and the geographical distribution was mainly in Beijing and Shanghai [3].