超长信用还有价值吗

Group 1 - The report highlights that ultra-long credit bonds are leading the market, with credit bond yields following the downward trend of interest rate bonds, although the overall market is still experiencing a compression of credit spreads [1][9] - Short-term credit bonds around 1 year are closely following interest rate trends, with limited room for further compression due to previously extreme spread reductions [1][9] - The performance of ultra-long credit bonds has been particularly strong, transitioning from mid-high grade industrial bonds to urban investment bonds, indicating a robust market sentiment [1][9] Group 2 - As of June 22, 2025, the issuance scale of ultra-long credit bonds has reached 587.8 billion yuan this year, significantly higher than the same period last year, indicating a recovery in supply [2][16] - The report notes that the liquidity of ultra-long credit bonds has improved, driven by increased supply and a more diverse participation from various market entities [4][35] - The report emphasizes that for institutions with stable liabilities, ultra-long credit bonds still offer attractive coupon advantages, making them more appealing than interest rate products [5][15] Group 3 - The report discusses the performance of ultra-long credit bonds during different market conditions, noting that they tend to outperform shorter-term bonds during periods of declining yields due to thicker coupons and longer durations [24][25] - Conversely, during market downturns, ultra-long credit bonds can experience greater capital losses due to their lower liquidity and duration effects, which can lead to negative returns if coupon income is insufficient to cover losses [26][29] - The report indicates that as of June 20, 2025, the total outstanding credit bonds with maturities over 5 years is approximately 2 trillion yuan, accounting for 6.7% of the total credit bond market [20][22]