信用债月度观察：城投债发行规模环比下滑，各等级信用利差持续收窄-20250506

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints The report focuses on the observation of credit bonds in April 2025, including the issuance, maturity, trading volume, and credit spreads of urban investment bonds and industrial bonds. Overall, the issuance scale of urban investment bonds decreased, while that of industrial bonds increased. The trading volumes of both urban investment bonds and industrial bonds declined, and the credit spreads of both narrowed [1][2]. 3. Summary by Directory 3.1 Credit Bond Issuance and Maturity - Credit Bond Issuance: As of the end of April 2025, the outstanding balance of credit bonds in China was 29.62 trillion yuan. In April 2025, the issuance of credit bonds was 146.1314 billion yuan, a month - on - month increase of 20.75%, with a net financing of 23.2001 billion yuan [1][9]. - Urban Investment Bonds: The outstanding balance of urban investment bonds was 15.42 trillion yuan. In April 2025, the issuance was 54.938 billion yuan, a month - on - month decrease of 11.83% and a year - on - year decrease of 8.36%, with a net financing of - 7.1794 billion yuan. Regionally, Jiangsu had the highest issuance. In terms of ratings, AA + and AAA - rated bonds accounted for a large proportion [1][10]. - Industrial Bonds: The outstanding balance of industrial bonds was 14.21 trillion yuan. In April 2025, the issuance was 91.1934 billion yuan, a month - on - month increase of 55.33% and a year - on - year increase of 12.69%, with a net financing of 30.3644 billion yuan. By industry, public utilities had the highest issuance. In terms of ratings, AAA - rated bonds accounted for 88.67% [1][25]. - Credit Bond Maturity: - Urban Investment Bonds: From May to December 2025, Jiangsu, Shandong, and Zhejiang had relatively large maturity scales, all exceeding 300 billion yuan [33]. - Industrial Bonds: From May to December 2025, public utilities, non - banking finance, real estate, transportation, and building decoration had relatively large maturity scales, all exceeding 300 billion yuan [35]. 3.2 Credit Bond Trading and Spreads - Credit Bond Trading: - Urban Investment Bonds: In April 2025, the trading volume was 99.5943 billion yuan, showing both month - on - month and year - on - year declines. The turnover rate was 6.46% [2][38]. - Industrial Bonds: In April 2025, the trading volume was 138.3813 billion yuan, showing both month - on - month and year - on - year declines. The turnover rate was 9.74% [2][41]. - Credit Bond Spreads: - Urban Investment Bonds: In April 2025, the credit spreads of urban investment bonds of all levels narrowed compared to the previous month. Regionally, the spreads of different regions and ratings showed different characteristics [2][43]. - Industrial Bonds: In April 2025, the credit spreads of industrial bonds of all levels narrowed compared to the previous month. By industry, the spreads of different industries and ratings showed different trends [2][46].