浮息债现状、挑战与机遇

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the characteristics, valuation methods, market status, and positive impacts of floating - rate bonds (FRBs). It points out that although FRBs in China are still a niche product, their development can enrich the bond market and bring benefits to both issuers and investors [3][5]. 3. Summary According to the Catalog 3.1 What are Floating - Rate Bonds? 3.1.1 Definition of FRBs - FRBs are bonds whose interest rates float regularly with the market, with the formula "interest rate = benchmark rate + fixed spread". They are issued by entities with medium - to - long - term capital needs. The benchmark rates include LPR, DR007, SHIBOR, and one - year fixed - deposit rate, with DR007 and LPR being the main ones in China [3][6]. - Compared with fixed - rate bonds, FRBs have an interest rate adjustment mechanism. They can adjust the issuer's financing cost in different interest rate environments, and have lower interest rate risk and modified duration [7]. - The main benchmark rates for FRBs in China are DR007 (about 41% of the stock), LPR (about 35%), one - year deposit rate (about 6%), and SHIBOR (about 4%) as of June 2025 [8][11]. 3.1.2 Valuation Method of FRBs - Since the future cash flows of FRBs are uncertain, the market uses the present value of the benchmark rate plus or minus points as an approximation of future cash flows for daily valuation. The daily price fluctuation of FRBs is mainly determined by the current benchmark rate and the spread yield [11][12]. 3.1.3 Overview of Overseas FRB Markets - Overseas FRB markets have a larger proportion and scale. Examples include US Treasury Inflation - Protected Securities (TIPS), which are popular during inflationary periods; US Floating - Rate Notes (FRN), which help investors hedge interest - rate fluctuations; and Hong Kong's Silver Bonds and iBond, which are designed for specific groups and inflation - hedging purposes [15][16][17]. 3.2 Development Stages and Current Situation of FRBs in China 3.2.1 Development Stages of FRBs - China's FRB market started in 1995. There were three periods of issuance scale growth from 1995 - 2000, 2002 - 2011, and 2014 - 2021, with the benchmark rate types constantly enriching. From 2022 - 2024, the issuance scale decreased due to low market interest rates [3]. - The issuance proportion of FRBs in the bond market has been declining. From 2011 - 2021, the average annual issuance scale accounted for 2.25% of the annual bond issuance, while from 2022 to June 2025, the annual average was only 0.25% [19]. - The benchmark rates for FRBs have evolved through four stages, and recently, newly - issued FRBs mainly use DR007 and 1Y LPR as benchmarks [23]. 3.2.2 Current Situation of the FRB Market - As of June 2025, the stock scale of China's FRB market is 4959 billion yuan, accounting for about 0.3% of the total bond market. Policy - based financial bonds linked to DR007 and 1 - year LPR are the main type, accounting for 78% of the FRB market, with a scale of 3890 billion yuan. Asset - backed securities account for 14% with a scale of 715 billion yuan [24]. - In terms of maturity, the remaining maturity of China's FRBs is mainly concentrated in 1 - 3 years, accounting for 61% of the market, with a scale of 3046 billion yuan. Medium - and long - term bonds with a remaining maturity of over 7 years account for only 7% of the market [27]. 3.3 Positive Impacts of FRB Issuance - For the bond market, the development of the FRB market meets the national requirement of "accelerating the development of a multi - tiered bond market", enriches market tools, and enhances market depth [30]. - For issuers, especially in a rate - cut cycle, issuing FRBs, especially credit FRBs, can reduce financing costs and avoid interest - rate risks. FRBs also help SMEs expand financing channels and reduce the risk premium required by investors for low - credit - rated enterprises [30][31]. - For investors, FRBs are effective tools to hedge against rising interest rates. They can buffer the decline in bond prices when interest rates rise. Additionally, FRBs can promote inclusive finance, such as through green bonds and Hong Kong's Silver Bonds [31].