信用周报20260309：二永缩短久期，普信延续骑乘-20260310

Group 1 - The report indicates that the secondary market for perpetual bonds is experiencing a notable increase in trading activity, particularly in the mid-term maturities, with significant demand for liquidity-driven bonds [13][11] - The yield curve for secondary capital bonds has shown a slight steepening, with short-term yields declining and long-term yields increasing, reflecting cautious pricing of long-term credit risk by institutions [11][9] - The trading volume for 4-5 year bonds has surged to approximately 805 billion, nearly doubling from the previous week, indicating a strong preference for mid-term bonds [13][12] Group 2 - The issuance of credit bonds has returned to normal levels, with a total of 333.52 billion issued, marking a significant increase compared to the previous week, although it is slightly down year-on-year [17][18] - The issuance of corporate bonds exceeded 100 billion, contributing the largest increment to the overall issuance, while financial bonds saw a notable decline [17][18] - The report highlights a substantial recovery in the issuance of sci-tech bonds, with a total of 202 billion issued this week, reflecting a year-on-year increase of nearly 70% [19]