产业债发行规模持续增长，信用利差保持走阔态势：——信用债月度观察（2025.09）-20251009

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - As of the end of September 2025, the balance of outstanding credit bonds in China was 30.49 trillion yuan. In September 2025, the issuance of credit bonds increased month - on - month, with a net financing of 1398.89 billion yuan. The issuance of industrial bonds showed significant growth, while the net financing of urban investment bonds was negative [1][9]. - In September 2025, the trading volume of urban investment bonds increased month - on - month but decreased year - on - year, and the trading volume of industrial bonds decreased both month - on - month and year - on - year. The credit spreads of both urban investment bonds and industrial bonds widened compared to the previous month [2][41]. 3. Summary According to the Directory 3.1 Credit Bond Issuance and Maturity 3.1.1 Credit Bond Issuance - As of the end of September 2025, the balance of outstanding credit bonds was 30.49 trillion yuan. From September 1 to 30, 2025, the issuance of credit bonds was 12355.38 billion yuan, a month - on - month increase of 10.27%, with a total repayment of 10956.49 billion yuan and a net financing of 1398.89 billion yuan [1][9]. - Urban Investment Bonds: As of the end of September 2025, the balance of outstanding urban investment bonds was 15.31 trillion yuan. In September 2025, the issuance was 5039.05 billion yuan, a month - on - month increase of 0.84% and a year - on - year increase of 9.78%. The net financing of urban investment entities was - 105.01 billion yuan. In terms of regions, Jiangsu had the highest issuance, and in terms of ratings, AA + and AAA - rated bonds accounted for a relatively high proportion [10][13][20]. - Industrial Bonds: As of the end of September 2025, the balance of outstanding industrial bonds was 15.18 trillion yuan. In September 2025, the issuance was 7316.33 billion yuan, a month - on - month increase of 17.85% and a year - on - year increase of 15.04%. The net financing of industrial entities was 1503.9 billion yuan. In terms of industries, the public utilities sector had the highest issuance, and in terms of ratings, AAA - rated bonds accounted for 90.52% [22][24][29]. 3.1.2 Credit Bond Maturity - Urban Investment Bonds: From October to December 2025, Jiangsu, Shandong, and Zhejiang had relatively large maturity scales of urban investment bonds, all exceeding 100 billion yuan [29]. - Industrial Bonds: From October to December 2025, the public utilities, non - banking finance, building decoration, transportation, and real estate industries had relatively large maturity scales of credit bonds, all exceeding 100 billion yuan [33]. 3.2 Credit Bond Trading and Spreads 3.2.1 Credit Bond Trading - Urban Investment Bonds: In September 2025, the trading volume of urban investment bonds was 10210.31 billion yuan, with a month - on - month increase and a year - on - year decrease. The turnover rate was 6.67% [37]. - Industrial Bonds: In September 2025, the trading volume of industrial bonds was 12677.1 billion yuan, with both month - on - month and year - on - year decreases. The turnover rate was 8.35% [41]. 3.2.2 Credit Bond Spreads - Urban Investment Bonds: In September 2025, the credit spreads of urban investment bonds of all levels widened compared to the previous month. For example, the average credit spread of AAA - rated urban investment bonds was 57bp, 6bp wider than in August 2025. Regionally, different regions showed different spread levels and changes [41][44]. - Industrial Bonds: In September 2025, the credit spreads of credit bonds of all levels of industrial entities widened compared to the previous month. For example, the average credit spread of AAA - rated industrial entities was 53bp, 3bp wider than in August 2025. By industry, different industries had different spread levels and changes [47][49].