Wind万得·2025-03-31 22:42Core Viewpoint - The article highlights the robust growth of China's bond market in the first quarter of 2025, with a total issuance of 20.7 trillion yuan, representing a year-on-year increase of 19%. The growth is driven primarily by interest rate bonds, which saw a significant increase in issuance compared to the previous year [2][5]. Bond Market Overview - As of March 31, 2025, the total bond market in mainland China reached 182.73 trillion yuan, an increase of 6.74 trillion yuan since the beginning of the year. This includes 112.30 trillion yuan in interest rate bonds, 49.22 trillion yuan in credit bonds, and 20.21 trillion yuan in interbank certificates of deposit [2]. - The issuance of interest rate bonds reached 7.9 trillion yuan in Q1 2025, a 49% increase year-on-year, with government bonds increasing by 34% and local government bonds by 80% [3][5]. Issuance Statistics - The total number of bonds issued in Q1 2025 was 11,686, with a total issuance amount of 206,845.3 million yuan, marking a 19% increase compared to the same period last year [5]. - The issuance of credit bonds decreased by 4% year-on-year to 4.5 trillion yuan, while interbank certificates of deposit saw a 13% increase to 8.3 trillion yuan [2][5]. Underwriting Rankings - In the bond underwriting sector for Q1 2025, the top three banks were China Bank, Industrial and Commercial Bank of China, and China Construction Bank, with underwriting amounts of 4,106.3 billion yuan, 3,432.9 billion yuan, and 3,411.4 billion yuan, respectively [8][9]. - For securities firms (excluding local government bonds), the top three were CITIC Securities, Guotai Junan, and CITIC Jianzhong, with underwriting amounts of 2,703.7 billion yuan, 2,595.2 billion yuan, and 1,822.7 billion yuan, respectively [16][20]. Financing Costs - The "CCB-Wind Interbank Bond Issuance Index" indicates that the overall issuance cost in Q1 2025 showed an upward trend, peaking around 42 in mid-February before starting to decline [6]. Credit Bond Underwriting - In the credit bond sector, CITIC Securities, Guotai Junan, and CITIC Bank led the rankings with underwriting amounts of 2,703.7 billion yuan, 2,595.2 billion yuan, and 2,099.2 billion yuan, respectively [33]. Asset-Backed Securities - For asset-backed securities (excluding REITs), Guotai Junan ranked first with an underwriting amount of 398.1 billion yuan, followed closely by CITIC Securities with 394.6 billion yuan [40].