2025 年 4 月图说债市月报：信用债发行升温收益率下行，科创债政策加码或迎配置机遇-20250529

Group 1 - The report highlights that the credit bond issuance has increased, with a total issuance scale of 14,804.29 billion yuan in April, up by 2,392.84 billion yuan from the previous month [4][35] - The average issuance interest rates for most credit bonds have decreased, with the decline ranging from 15 to 77 basis points across various industries [4][40] - The technology innovation bonds have seen a significant increase in issuance, with 772.48 billion yuan issued in April, an increase of 453.21 billion yuan from the previous month [4][39] Group 2 - The report indicates that the rolling default rate in the bond market rose to 0.28% in April, an increase of 0.03 percentage points from the previous month, with one new defaulting entity in the real estate sector [6][18] - The manufacturing PMI for April was reported at 49%, down by 1.5 percentage points from the previous month, indicating weakened supply and demand in the manufacturing sector due to tariff impacts [4][26] - The report notes that the issuance scale of infrastructure investment and financing credit bonds was 4,521 billion yuan, a decrease of 600 billion yuan from the previous period [4][40]