信用债市场周度回顾260323：信用债ETF贴水修复持续性强-20260323

Group 1 - The core view of the report indicates that the spread of credit bond ETFs is primarily influenced by two factors: market sentiment and calendar effects. Recent trends show that the spread of credit bond ETFs continues to recover due to strong certainty in the short to medium credit market [7][8]. Group 2 - In the primary issuance segment, net financing has increased. For the week of March 16 to March 20, 2026, short-term financing issued amounted to 1190.2 billion yuan, while maturing debt was 1100.1 billion yuan. The total issuance of major credit bond varieties reached 3824.3 billion yuan, with net financing of 949.7 billion yuan, an increase from the previous week [16]. Group 3 - In the secondary trading segment, transaction volume increased, and the overall term spread widened. During the same week, major credit bond varieties had a total transaction volume of 9214 billion yuan, an increase of 865 billion yuan from the previous week. The yields on medium-term notes decreased overall, with the 3-year AAA medium-term note yield down by 1.9 basis points to 1.78% [19][20].