Core Viewpoint - The issuance of floating-rate bonds in China has significantly increased, driven by the need for interest rate risk management and policy support, with a year-to-date issuance of 97 bonds totaling 275.57 billion yuan, representing a year-on-year increase of 123.5% [1][2][3] Group 1: Market Dynamics - The floating-rate bond market has seen a resurgence, with policy bank bonds accounting for over 80% of the issuance, while commercial bank bonds and subordinated bonds have also resumed issuance since June, totaling 38.9 billion yuan [1][2] - The newly issued floating-rate bonds exhibit a pattern of high initial trading activity followed by a significant drop in liquidity, with many bonds experiencing zero transactions after the first month [2][3] Group 2: Cost and Risk Management - The primary driver for commercial banks to restart floating-rate bond issuance is the pressure to reduce funding costs amid narrowing net interest margins and increasing market interest rate volatility [3][4] - Floating-rate bonds allow banks to dynamically adjust their funding costs in a declining interest rate environment, helping to alleviate the mismatch between high-interest liabilities and low-interest assets [3][4] Group 3: Future Outlook - Experts predict that floating-rate bond issuance will become normalized, with expectations for a complete yield curve to be established, catering to different institutional funding duration needs [5][6] - The introduction of floating-rate mechanisms in local government bonds could further stimulate demand from banks and other institutions, leading to substantial growth in the floating-rate bond market [6]

今年以来，大中型银行负债端缺口持续显现，存款面临较大流失压力。 为应对负债端缺口，今年银行显著增加同业存单发行计划。作为银行主动负债和流动性管理的重要工具，2025 年国有大行和股份行的同业存单发行计划额度大幅提升。伴随资金面偏紧，同业存单利率也明显上升。业内分 析师认为，银行存款同比增速近年来快速下降，各类存款面临一定流失压力，由此带来银行调整资产负债结 构，或将增加对债市调整的压力。 除了备案额度的大幅提升，今年以来银行同业存单的实际发行额度也较上年也同期增多。Wind数据显示，截 至3月23日，今年同业存单发行量为7.47万亿元，同比增长约8%。 值得注意的是，伴随资金面紧张情况持续，银行同业存单的发行利率也显著走高。以3月17日至3月23日这周为 例，Wind数据显示，当周同业存单发行总额达11280.9亿元，加权平均发行利率为1.9835%，尽管较上周有所 回落，但仍较2025年初首周加权平均发行利率上升近32个基点（BP）。 中国银河证券分析师张一纬认为，同业存单备案额度提升反映年初部分银行存款增长或存在压力，尤其是国有 大行。预计受2024年以来叫停"手工补息"、非银同业活期存款利率自律机制调整 ...