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信用债发行量环比增长,各行业信用利差整体上行:信用债周度观察(20250922-20250926)-20250927
EBSCN·2025-09-27 06:36

Report Industry Investment Rating - Not provided in the content Core Viewpoints - From September 22 to September 26, 2025, the issuance volume of credit bonds increased month - on - month, and the overall credit spreads of various industries rose [1] - The total trading volume of credit bonds increased month - on - month, with commercial bank bonds, corporate bonds, and medium - term notes ranking among the top three in trading volume [4] Summary by Directory 1. Primary Market 1.1 Issuance Statistics - 501 credit bonds were issued, with a total issuance scale of 584.503 billion yuan, a month - on - month increase of 0.79% [1][11] - Industrial bonds: 200 were issued, with an issuance scale of 264.684 billion yuan, a month - on - month increase of 30.71%, accounting for 45.28% of the total issuance scale of credit bonds this week [1][11] - Urban investment bonds: 253 were issued, with an issuance scale of 159.939 billion yuan, a month - on - month increase of 13.21%, accounting for 27.36% of the total issuance scale of credit bonds this week [1][11] - Financial bonds: 48 were issued, with an issuance scale of 159.880 billion yuan, a month - on - month decrease of 32.29%, accounting for 27.35% of the total issuance scale of credit bonds this week [1][11] - The average issuance term of credit bonds was 2.71 years, with industrial bonds at 2.22 years, urban investment bonds at 3.31 years, and financial bonds at 1.88 years [1][14] - The average issuance coupon rate of credit bonds was 2.33%, with industrial bonds at 2.19%, urban investment bonds at 2.53%, and financial bonds at 1.91% [2][19] 1.2 Cancellation of Issuance Statistics - 13 credit bonds cancelled their issuance this week [22] 2. Secondary Market 2.1 Credit Spread Tracking - The overall industry credit spreads rose this week. Among Shenwan primary industries, the largest increase in AAA - rated industry credit spreads was in machinery and equipment (9BP), and the largest decrease was in media (3.1BP); the largest increase in AA + - rated industry credit spreads was in steel (44.2BP), and the largest decrease was in chemicals (1BP); the largest increase in AA - rated industry credit spreads was in electronics (7.9BP), and the largest decrease was in machinery and equipment (3.2BP) [3][24] - The credit spreads of coal and steel both increased. The credit spreads of AAA - and AA + - rated coal increased by 6.2BP and 6.3BP respectively; the credit spreads of AAA - and AA + - rated steel increased by 4.9BP and 44.2BP respectively [24] - The credit spreads of urban investment and non - urban investment at all levels increased. The credit spreads of three - level urban investment bonds increased by 7.2BP, 6.7BP, and 7.5BP respectively; the credit spreads of three - level non - urban investment bonds increased by 6.4BP, 6.1BP, and 5.9BP respectively [24] - The credit spreads of state - owned enterprises and private enterprises both increased. The credit spreads of three - level central state - owned enterprises increased by 5.6BP, 4.4BP, and 7.1BP respectively; the credit spreads of three - level local state - owned enterprises increased by 6BP, 6.1BP, and 6.5BP respectively; the credit spreads of three - level private enterprises increased by 5.3BP, 5.7BP, and 3.8BP respectively [26] - The credit spreads of regional urban investment bonds showed mixed trends. The regions with the highest AAA - rated credit spreads were Shaanxi, Liaoning, and Jilin; the regions with the highest AA + - rated credit spreads were Qinghai, Shaanxi, and Gansu; the regions with the highest AA - rated credit spreads were Shaanxi, Yunnan, and Sichuan. In terms of month - on - month changes, the largest increase in AAA - rated credit spreads was in Jilin (15.6BP); the largest increase in AA + - rated credit spreads was in Hebei (10.2BP), and the largest decrease was in Ningxia (2.6BP); the largest increase in AA - rated credit spreads was in Sichuan (11.8BP), and the largest decrease was in Shaanxi (0.1BP) [27] 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1.617515 trillion yuan, a month - on - month increase of 10.61%. The top three in trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Specifically, the trading volume of commercial bank bonds was 487.807 billion yuan, a month - on - month increase of 1.68%, accounting for 30.16% of the total trading volume of credit bonds this week; the trading volume of corporate bonds was 496.120 billion yuan, a month - on - month increase of 14.83%, accounting for 30.67% of the total trading volume of credit bonds this week; the trading volume of medium - term notes was 32.3965 billion yuan, a month - on - month increase of 4.08%, accounting for 20.03% of the total trading volume of credit bonds this week [4][28] 2.3 This Week's Actively Traded Bonds - The top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week are provided for investors' reference [30]