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【固收】信用债发行环比增长,总成交量环比下降——信用债周度观察(20250804-20250808)(张旭/秦方好)
光大证券研究· 2025-08-10 00:03
Group 1 - The total issuance of credit bonds reached 4,379.57 billion yuan, a week-on-week increase of 71.67% [4] - Industrial bonds accounted for 1,759.48 billion yuan, representing a week-on-week increase of 37.05% and 40.17% of the total issuance [4] - Financial bonds saw a significant increase in issuance, totaling 1,422.00 billion yuan, with a week-on-week increase of 270.31%, making up 32.47% of the total [4] Group 2 - The average issuance term for credit bonds was 3.22 years, with industrial bonds averaging 2.89 years and financial bonds at 1.90 years [4] - The overall average coupon rate for credit bonds was 2.11%, with industrial bonds at 2.04% and financial bonds at 1.78% [4] Group 3 - The total trading volume of credit bonds was 12,633.76 billion yuan, a week-on-week decrease of 11.51% [7] - Commercial bank bonds had a trading volume of 3,738.34 billion yuan, down 28.05%, accounting for 29.59% of the total trading volume [7] - Company bonds saw an increase in trading volume to 3,523.4 billion yuan, up 11.18%, representing 27.89% of the total [7]