Report Industry Investment Rating No information provided in the content. Core Views of the Report - In 2025, the credit bond issuance interest rate center further declined. After the launch of the science - technology board in the bond market in May, the issuance of science - innovation bonds significantly increased. The continuous growth of industrial bond issuance drove the overall credit bond issuance to reach a new historical high. The net financing of credit bonds increased significantly year - on - year, with only a net financing gap in March [2]. - The financing differentiation pattern between urban investment bonds and industrial bonds intensified in 2025. Urban investment bond issuance continued to shrink, while industrial bond issuance increased significantly driven by the surge in central enterprise bonds. From the perspective of issuer qualifications, high - grade bonds expanded, while medium - and low - grade bonds contracted [2]. - In 2025, the industrial bond issuance scale grew steadily. Most industries saw an increase in industrial bond issuance, and the issuance was concentrated in a few industries. The issuance was also concentrated among leading enterprises, and large central enterprises contributed significantly to net financing [2][4]. - In 2025, urban investment bond issuance remained in a contraction trend, and the net financing gap widened year - on - year. Most regions saw a decline in issuance and an expansion of the net financing gap. The net financing gap of AA - rated urban investment bonds narrowed due to the decrease in maturity volume, but the net financing of medium - and high - grade urban investment bonds in some regions turned negative [4]. Summary According to Related Catalogs 1. Credit Bond Issuance in 2025 1.1 Overall Credit Bond Issuance - In 2025, the credit environment was loose, and the bond market yield was low. With policy dividends, industrial bond issuance increased significantly, driving the continuous expansion of credit bond issuance and a substantial increase in net financing. The total credit bond issuance was 13.9 trillion yuan, a year - on - year increase of 1.7%. The net financing was 2.3 trillion yuan, an increase of 4924 billion yuan year - on - year [7]. - The monthly issuance rhythm showed a "low - front, stable - back" characteristic. Most months had a year - on - year increase in issuance, and only March had a significant net financing gap due to interest rate hikes [12]. 1.2 Issuance Interest Rate - In 2025, the average credit bond issuance interest rate fluctuated at a low level, and the center moved down. The average issuance interest rate was 2.15%, a year - on - year decrease of 35.96bps. The main reasons were the loose monetary policy and the narrowing of credit spreads [15][16]. - Throughout the year, the issuance interest rates of major - term and all - grade credit bonds showed two rounds of rising and then falling. The interest rate was affected by factors such as the tightening of the capital market, policy adjustments, and the stock - bond seesaw effect [22]. 1.3 Issuance Term - In 2025, the weighted - average issuance term of credit bonds was 3.43 years, a year - on - year decrease of 0.17 years. It showed an upward trend in the first half of the year and a downward trend in the second half, mainly due to the increase in financing costs and the significant shortening of the issuance term of central enterprises [23]. 1.4 Cancellation of Issuance - In 2025, the scale of cancelled credit bond issuance was 276.16 billion yuan, a year - on - year increase of 0.34%. The cancellation was mainly due to market interest rate fluctuations and the adjustment of the financing strategies of central and local state - owned enterprises [28]. 2. Credit Bond Financing Structure in 2025 2.1 Financing Performance of Different - Grade Issuers - In 2025, the credit bond market showed a differentiation trend of high - grade expansion and medium - and low - grade contraction. The issuance of AAA - rated, AA + - rated, and AA - rated credit bonds was 9.80 trillion, 2.95 trillion, and 1.10 trillion yuan respectively [35]. 2.2 Financing Performance of Different - Nature Issuers - The credit bond market continued the differentiation trend of shrinking urban investment bond issuance and increasing industrial bond issuance. In 2025, the issuance of urban investment, industrial local state - owned enterprises, central enterprises, and private enterprises was 3.27 trillion, 5.44 trillion, 4.56 trillion, and 0.68 trillion yuan respectively [38]. 2.3 Financing Performance of Different Bond Types - In 2025, the bond types with large issuance scales were medium - term notes, ultra - short - term financing bills, private placement bonds, and general corporate bonds. The issuance of general corporate bonds and private placement bonds increased by more than 10% year - on - year [45]. - Low - grade issuers had a significantly higher proportion of private placement bond issuance. AAA - rated credit bonds were mainly issued in public - offering varieties, while AA + - rated and AA - rated credit bonds had a high proportion of private placement bonds [48][49]. 3. Industrial Bond Issuance in 2025 3.1 By Industry - In 2025, industrial bond issuance showed the characteristics of growth in most industries, contraction in some industries, and high industry concentration. Four industries had issuance exceeding one trillion yuan, and the public utility industry contributed the most to the increase in issuance [50]. 3.2 From the Issuer Dimension - Industrial bond issuance was concentrated among leading enterprises, and central enterprises became the core force of bond financing. The top 100 issuers contributed 43.6% of the issuance scale, and large central enterprises had a significant increase in issuance and net financing [55]. 4. Urban Investment Bond Issuance in 2025 4.1 Regional Financing Performance - In 2025, most regions saw a contraction in urban investment bond issuance and an expansion of the net financing gap. Only a few regions had an increase in issuance or positive net financing [61]. 4.2 Grade - Based Financing Performance - In 2025, the net financing of medium - and high - grade urban investment bonds in many places turned negative, while the net financing gap of AA - rated urban investment bonds narrowed due to the decrease in maturity volume [62].
2025年信用债发行情况回顾：乘势扩容续创新，高结构分化态势延续
Dong Fang Jin Cheng·2026-01-23 01:10