信用债ETF规模增长

Search documents
国泰海通|固收:博弈科创债ETF的抢券行情:投什么,怎么投
国泰海通证券研究· 2025-06-26 14:01
Core Viewpoints - The report emphasizes the dynamics of the corporate bond market, focusing on the impact of low valuations and the issuance of technology innovation bonds (科创债) ETFs on investment strategies [1][2][3][4] Group 1: Corporate Bond Market Dynamics - The divergence in valuations between exchange-traded corporate bonds and comparable bank-intermediated bonds has widened, with a specific example showing a valuation difference of 7 basis points (BP) as of June, compared to less than 2 BP before May [2] - The increase in credit bond ETF volumes is driving demand for 3-5 year credit bonds, leading to a flattening of the yield curve and a narrowing of credit spreads for mid-to-high-grade bonds [2] Group 2: Investment Opportunities in New Issuances - The primary market for technology innovation bonds is characterized by low valuations, with many bonds issued at rates lower than the average valuation by up to 25 BP [3] - The secondary market's demand for low-valued bonds is expected to influence the primary market, creating opportunities for investors to explore newly issued bonds with valuations within -5 BP [3] Group 3: ETF Issuance and Component Bond Exploration - The issuance of technology innovation bond ETFs is expected to benefit from the exploration of component bonds, particularly those with a remaining maturity of over 5 years and a scale of over 1.5 billion [4] - The distribution of remaining maturities indicates that a significant portion of bonds falls within the 5-10 year range, which may enhance the market's demand for these longer-duration bonds [4]