Investment Rating - The report does not explicitly state an investment rating for the financing leasing industry in the first quarter of 2025 Core Insights - In the first quarter of 2025, the total bond issuance by financing leasing companies reached 1766.14 billion, representing a decrease of 5.99% compared to the same period last year and a decline of 6.77% from the fourth quarter of 2024 [2][3] - The issuance of non-structured products accounted for 52.39% of the total, while structured products made up 47.61% [2] - AAA-rated bonds dominated the non-structured products, comprising 88.33% of the total issuance [9] - The average issuance rates and spreads for leasing companies' bonds showed a downward trend compared to the previous year, with notable differences across various maturities and ratings [16][18] Summary by Sections Bond Issuance Situation - In Q1 2025, 95 leasing companies issued bonds, with 61 companies disclosing their credit ratings [6] - AAA-rated companies accounted for 59.02% of the total, while AA+ and AA-rated companies made up 32.79% and 8.20%, respectively [6][13] - The largest issuance category was ABS, totaling 735.44 billion, which constituted 41.64% of the total issuance [3] Specialty Bond Issuance Trends - The report highlights various specialty bonds, including green bonds, sustainable development-linked bonds, rural revitalization bonds, and technology innovation bonds [10] - In Q1 2025, green bonds had an issuance of 245.16 billion, reflecting a year-on-year growth of 4.60% [10] - Conversely, rural revitalization bonds and technology innovation bonds saw significant declines in issuance, with decreases of 52.79% and 50.00%, respectively [10] Analysis of Issued Bond Rates and Spreads - The average issuance rates for non-structured products showed a decline compared to the previous year, with spreads widening slightly overall [16] - The most significant differences in issuance rates and spreads were observed in 3-year AA+ rated bonds, followed by 9-month and 2-year AA+ rated bonds [16][18] - AAA-rated financial leasing companies had lower issuance rates and spreads compared to most AAA-rated commercial leasing companies [18][21]