【固收】信用债发行量季节性下降，各行业信用利差涨跌互现——信用债周度观察（20250928-20251011）（张旭/秦方好）

Group 1: Primary Market - In the period from September 28 to October 11, 2025, a total of 119 credit bonds were issued, with a total issuance scale of 141.36 billion, representing a 75.82% decrease compared to the previous period [4] - Among the issued bonds, industrial bonds accounted for 39 issues with a scale of 64.19 billion, down 75.75%, making up 45.40% of the total issuance; local government bonds had 70 issues totaling 43.78 billion, down 72.63%, representing 30.97% of the total; and financial bonds had 10 issues totaling 33.40 billion, down 79.11%, accounting for 23.63% of the total [4] - The average issuance term for credit bonds was 2.44 years, with industrial bonds averaging 1.63 years, local government bonds 2.80 years, and financial bonds 3.16 years [4] Group 2: Secondary Market - The average issuance coupon rate for credit bonds was 2.34%, with industrial bonds at 2.12%, local government bonds at 2.45%, and financial bonds at 2.35% [5] - A total of 3 credit bonds were canceled during this period [5] Group 3: Credit Spread and Trading Volume - In terms of credit spreads, the largest increase for AAA-rated industries was in construction and decoration, up 2.6 basis points, while the largest decrease was in media, down 4 basis points; for AA+ rated industries, the largest increase was in chemicals, up 6.6 basis points, and the largest decrease was in non-ferrous metals, down 8.6 basis points [6] - The total trading volume of credit bonds was 855.28 billion, a decrease of 47.12% compared to the previous period; the top three categories by trading volume were commercial bank bonds, corporate bonds, and medium-term notes [7] - Commercial bank bonds had a trading volume of 254.91 billion, down 47.74%, accounting for 29.80% of the total; corporate bonds had 237.46 billion, down 52.14%, making up 27.76%; and medium-term notes had 177.22 billion, down 45.30%, representing 20.72% of the total [7]