信用利差周度跟踪20260228：中高等级信用利差大致平稳，5Y二级债利差走扩-20260301

Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - The bond market adjusted under the influence of profit - taking sentiment this week, but interest rates declined on Saturday due to the US - Iran conflict. It is recommended to focus on the coupon value of 3 - 5Y general credit bonds [3][6][8] Summary by Relevant Catalog 1. Medium - and high - grade credit spreads are generally stable, and the spreads of low - grade credit bonds with 1Y and 5Y maturities are narrowing - This week, the yields of 3Y, 5Y, and 10Y China Development Bank bonds increased by 1BP, 1BP, and 2BP respectively, while those of 1Y and 7Y remained flat. Medium - and high - grade credit bonds also adjusted, with different changes in yields and spreads for different grades and maturities. Rating spreads and term spreads also showed various changes [3][14] 2. Most urban investment bond spreads declined by 0 - 2BP - Externally rated AA + and AA platform credit spreads decreased by 1BP and 2BP respectively compared with last week, and AAA platforms remained flat. By administrative level, the spreads of municipal and county - level platforms decreased by 1BP, while provincial platforms remained flat [4][17][22] 3. Most industrial bond spreads remained flat or slightly converged, while the spreads of private and mixed - ownership real - estate bonds widened - Central and state - owned enterprise real - estate bond spreads remained flat, private real - estate bond spreads widened by 2BP, and mixed - ownership real - estate bond spreads widened by 17BP. Coal bond spreads decreased by 1BP, AAA steel bond spreads remained flat, AA + decreased by 2BP, and chemical bond spreads remained flat [4][27] 4. Most yields of Tier 2 and perpetual bonds increased, and the spread of 5Y Tier 2 bonds increased significantly - The yields of 1Y Tier 2 and perpetual bonds increased by 1BP, with the spread of Tier 2 capital bonds widening by 1BP and that of perpetual bonds remaining flat. The 3Y and 5Y yields and spreads showed different changes, and the 10Y spread converged [4][35] 5. The excess spread of 3Y industrial perpetual bonds narrowed, while that of urban investment bonds increased - The excess spread of 3Y industrial AAA - rated perpetual bonds converged by 1.37BP to 10.35BP, and the 5Y remained flat. The excess spread of 3Y and 5Y urban investment AAA - rated perpetual bonds increased [5][38] 6. Interest rate fluctuations will increase in the short term. Focus on the coupon value of 3 - 5Y general credit bonds - The bond market rebound since mid - January was mainly driven by large banks' continuous net buying of long - term treasury bonds. After the interest rate broke through 1.8%, there was strong profit - taking motivation. Although short - term uncertainties may disrupt the bond market, the current monetary policy supports the bond market. It is recommended to focus on the coupon allocation value of 3 - 5Y general credit bonds [6][8][42] 7. Compilation instructions for the credit spread database - Market credit spreads are calculated based on ChinaBond medium - and short - term notes and perpetual bonds data. The historical quantiles start from the beginning of 2015. There are specific calculation methods for different types of bonds, and sample selection criteria are also provided [43]