信用策略周报20251012：关税2.0，信用会压利差吗？-20251013
Tianfeng Securities·2025-10-13 11:14

Group 1 - The credit market experienced a recovery in the first week after the holiday, with yields on credit bonds across all maturities declining, particularly 2-5 year perpetual bonds leading the gains [1][8] - Long-term credit bonds continued to show weak performance, with credit spreads widening, especially for long-term urban investment bonds [1][8] - The market is currently assessing whether credit can continue to catch up with interest rates and if credit spreads will compress further [1][8] Group 2 - The recent tariff disturbances have led to increased market risk aversion, benefiting the bond market, with the 10-year government bond yield declining approximately 16 basis points over two trading days [2][16] - Short-term credit bonds have generally outperformed interest rate bonds, leading to a narrowing of credit spreads, while longer credit bonds have shown weaker performance [2][16] - The impact of the recent tariff upgrades on the bond market appears to be weaker than earlier in April, with significant uncertainty remaining [2][24] Group 3 - The current tariff disturbances may provide trading opportunities in the bond market, but the overall pricing space is expected to be smaller than the previous tariff shocks [3][28] - The execution of credit strategies should consider the limited space for interest rate declines, with the 10-year government bond yield assessed at a low of 1.70% [3][28] - The credit market is expected to see some seasonal recovery in October, with public funds showing renewed buying interest in perpetual bonds [3][29] Group 4 - The funding environment remains supportive, but the main buying power in the credit market is unlikely to expand significantly in the fourth quarter due to regulatory factors [4][28] - The new regulations on fund sales may introduce redemption friction, impacting credit spreads [4][28] - Mid-term credit bonds are currently viewed as a more suitable asset choice for institutions, especially after the market correction in September [4][28]