Report Investment Rating - The document does not mention the industry investment rating. Core Viewpoints - In the week from August 11 to August 15, 2025, the issuance of credit bonds decreased month - on - month, and the total trading volume also declined month - on - month. The credit spreads showed different trends in various industries, regions, and enterprise types [1][4]. Summary by Directory 1. Primary Market 1.1 Issuance Statistics - A total of 409 credit bonds were issued, with a total issuance scale of 335.034 billion yuan, a month - on - month decrease of 23.50%. Among them, 185 industrial bonds were issued, with a scale of 167.545 billion yuan (down 4.78% month - on - month, accounting for 50.01%); 188 urban investment bonds were issued, with a scale of 107.989 billion yuan (down 9.87% month - on - month, accounting for 32.23%); 36 financial bonds were issued, with a scale of 59.5 billion yuan (down 58.16% month - on - month, accounting for 17.76%) [1][11]. - The average issuance term of credit bonds was 2.92 years. The average issuance term of industrial bonds was 2.55 years, urban investment bonds was 3.36 years, and financial bonds was 2.31 years [1][14]. - The average issuance coupon rate of credit bonds was 2.13%. The average issuance coupon rate of industrial bonds was 2.08%, urban investment bonds was 2.24%, and financial bonds was 1.88% [2][20]. 1.2 Cancellation of Issuance Statistics - Nine credit bonds cancelled their issuance this week [3][24]. 2. Secondary Market 2.1 Credit Spread Tracking - The overall industry credit spreads increased this week. Different industries, enterprise types, and regions showed different trends in credit spread changes. For example, among the Shenwan primary industries, the largest increase in AAA - rated industry credit spreads was in the public utilities sector (up 4.8BP), and the largest decrease was in the non - ferrous metals sector (down 0.9BP) [3][26]. 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 110.8575 billion yuan, a month - on - month decrease of 12.25%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes [4][29]. 2.3 Actively Traded Bonds This Week - The report lists the top 20 actively traded urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week, including information such as security codes, security names, trading volumes, yields, and issuers [33][36].
信用债周度观察(20250811-20250815):信用债发行环比减少,总成交量环比下降-20250816
EBSCN·2025-08-16 14:03