【固收】发行规模季节性下滑，信用利差延续收窄态势——信用债月度观察（2025.05）（张旭）

Group 1 - The total outstanding credit bond balance in China reached 29.69 trillion yuan as of May 31, 2025, with a net financing of 692.04 billion yuan in May 2025 after issuing 809.3 billion yuan and repaying 740.1 billion yuan [2] - The outstanding local government financing bonds (LGFB) amounted to 15.36 trillion yuan, with a total issuance of 261.6 billion yuan in May 2025, reflecting a month-on-month decrease of 52.38% and a year-on-year decrease of 9.81% [2] - The outstanding industrial bonds balance was 14.33 trillion yuan, with an issuance of 547.7 billion yuan in May 2025, showing a month-on-month decrease of 39.94% but a year-on-year increase of 25.76% [2] Group 2 - The transaction volume of local government financing bonds in May 2025 was 801.15 billion yuan, with a turnover rate of 5.22%, indicating a decline both month-on-month and year-on-year [3] - The transaction volume of industrial bonds was 1.288 trillion yuan in May 2025, with a turnover rate of 8.99%, also reflecting a decrease compared to previous periods [3] - The credit spreads for various grades of local government financing bonds and industrial bonds narrowed compared to the previous month [3]