信用债周报：收益率下行，评级利差普遍处于历史低位-20250708

Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core Viewpoints of the Report - During the period from June 30 to July 6, the issuance guidance rates announced by the National Association of Financial Market Institutional Investors mostly declined, with an overall change range of -14 BP to 2 BP. The issuance scale of credit bonds decreased month - on - month, while the net financing amount increased. In the secondary market, the trading volume of credit bonds decreased month - on - month, and the yields of all credit bonds declined. The credit spreads of medium - and short - term notes, enterprise bonds, and urban investment bonds mostly narrowed, and each rating was generally at a historical low [1]. - On July 2, the first batch of 10 Sci - tech Bond ETFs were approved and will be issued on July 7, with a maximum initial fundraising scale of 3 billion yuan each. Their investment opportunities are worth attention [2]. - With the optimization of real - estate policies, the real - estate market is moving towards stabilization. For real - estate bonds, investors with high risk tolerance can consider early layout, focusing on central and state - owned enterprises and high - quality private enterprise bonds with strong guarantees [2]. - In the context of stable growth and prevention of systemic risks, the probability of urban investment bond defaults is very low, and urban investment bonds can still be a key allocation variety [3]. Group 3: Summary According to the Directory 3.1 Primary Market Situation 3.1.1 Issuance and Maturity Scale - From June 30 to July 6, a total of 221 credit bonds were issued, with an issuance amount of 213.317 billion yuan, a month - on - month decrease of 30.80%. The net financing amount was 94.097 billion yuan, a month - on - month increase of 105.798 billion yuan. Different bond types showed different trends in issuance and net financing [12]. 3.1.2 Issuance Interest Rates - The issuance guidance rates announced by the National Association of Financial Market Institutional Investors mostly declined, with different change ranges for different terms and ratings, from -14 BP to 2 BP [13]. 3.2 Secondary Market Situation 3.2.1 Market Trading Volume - From June 30 to July 6, the total trading volume of credit bonds was 939.898 billion yuan, a month - on - month decrease of 15.26%. The trading volume of short - term financing bills increased, while that of other varieties decreased [19]. 3.2.2 Credit Spreads - For medium - and short - term notes, most credit spreads narrowed. For enterprise bonds and urban investment bonds, similar trends were observed, with different changes in spreads for different terms and ratings [23][32][35]. 3.2.3 Term Spreads and Rating Spreads - For AA+ medium - and short - term notes, enterprise bonds, and urban investment bonds, term spreads and rating spreads showed different changes, and most were at historical lows [44][50][53]. 3.3 Credit Rating Adjustments and Default Bond Statistics 3.3.1 Credit Rating Adjustment Statistics - From June 30 to July 6, a total of 5 companies had their ratings (including outlooks) adjusted, with 2 downgraded and 3 upgraded [56]. 3.3.2 Default and Extension Bond Statistics - There were no credit bond defaults during this period. The credit bonds of Guangzhou Fangyuan Real Estate Development Co., Ltd. were extended, with a remaining balance of 918 million yuan [58]. 3.4 Investment Views - In the long run, the yield of credit bonds is still in a downward channel. When allocating, investors can wait for opportunities and increase allocation during adjustments, focusing on the coupon value of individual bonds. Currently, credit sinking is not effective, and high - grade 5 - year bonds can be considered first. Attention should also be paid to the impact of policies and market supply - demand on the bond market [1][59]. - The investment opportunities of Sci - tech Bond ETFs are worthy of attention. For real - estate bonds, high - risk - tolerance investors can consider early layout. Urban investment bonds can be a key allocation variety [2][3][60].