Soochow Securities·2025-09-20 08:18Report Overview - This is a weekly data tracking report on secondary capital bonds from September 15 to September 19, 2025, covering primary market issuance, secondary market trading, and valuation deviation of individual bonds [1]. 1. Primary Market Issuance - Two secondary capital bonds were newly issued in the inter - bank and exchange markets this week, with a total issuance scale of CNY 60 billion. The issuers are central financial enterprises in Beijing, with a credit rating of AAA. The issuance terms are 10 - year and 15 - year [1]. - The issuer is Agricultural Bank of China Limited, issuing two bonds: "25 Agricultural Bank Secondary Capital Bond 03B(BC)" with an issuance amount of CNY 25 billion and a term of 15 years, and "25 Agricultural Bank Secondary Capital Bond 03A(BC)" with an issuance amount of CNY 35 billion and a term of 10 years [7]. 2. Secondary Market Trading 2.1 Trading Volume - The total trading volume of secondary capital bonds this week was approximately CNY 177.8 billion, an increase of CNY 16.3 billion compared to last week. The top three bonds in terms of trading volume were "25 Industrial and Commercial Bank of China Secondary Capital Bond 02BC" (CNY 7.509 billion), "25 Industrial and Commercial Bank of China Secondary Capital Bond 01BC" (CNY 6.623 billion), and "25 China Construction Bank Secondary Capital Bond 01BC" (CNY 5.416 billion) [2]. - By issuer's regional location, the top three regions in terms of trading volume were Beijing (CNY 131.5 billion), Shanghai (CNY 15.3 billion), and Guangdong (CNY 7 billion) [2]. 2.2 Yield to Maturity - As of September 19, for 5 - year secondary capital bonds, the yield - to - maturity changes of AAA -, AA +, and AA - rated bonds compared to last week were - 1.51BP, - 1.01BP, and 1.99BP respectively; for 7 - year bonds, the changes were 1.63BP for all of AAA -, AA +, and AA - rated bonds; for 10 - year bonds, the changes were 3.53BP, 4.06BP, and 4.06BP respectively [2]. 3. Valuation Deviation of Top 30 Individual Bonds 3.1 Discounted Bonds - This week, the overall valuation deviation of the weekly average trading price of secondary capital bonds was not significant. The proportion of discounted transactions was less than that of premium transactions, but the discount amplitude was greater than the premium amplitude. - The top three bonds with the highest discount rates were "23 Huaibei Rural Commercial Bank Secondary Capital Bond 01" (- 0.8469%), "23 Feixi Rural Commercial Bank Secondary Capital Bond 01" (- 0.8123%), and "22 Chengdu Rural Commercial Bank Secondary 01" (- 0.7313%). The remaining discount rates were within - 0.50%. The implied ratings of ChinaBond were mainly AAA -, AA, and AA +, and the bonds were mostly from Beijing, Guangdong, and Sichuan [3]. 3.2 Premium Bonds - The top four bonds with the highest premium rates were "23 Chouzhou Commercial Bank Secondary Capital Bond 01" (0.8295%), "21 Xingtai Bank Secondary 01" (0.7102%), "24 Fudian Bank Secondary Capital Bond 01" (0.6358%), and "24 Bank of Communications Secondary Capital Bond 02B" (0.3861%). The remaining premium rates were within 0.37%. The implied ratings of ChinaBond were mainly AAA -, AA +, and AA -, and the bonds were mostly from Beijing, Shanghai, and Yunnan [3].