信用債市場回顧：本周信用債一二級市場回顧

信用評級調(diào)整回顧本周無評級調(diào)整的發(fā)行主體。本周（4.01-4.07）非金融企業(yè)短融、中票、企業(yè)債和公司債合計發(fā)行約1292.14億元，總發(fā)行量較上周下降，償還規(guī)模約1171.31億元，凈融資額約120.83億元；其中，城投債（分類）約252.16億元，償還規(guī)模約484.29億元，凈融資額約-232.13億元；產(chǎn)業(yè)債約1024.43億元，償還規(guī)模約769.97億元，凈融資額約254.46億元。信用債的單周發(fā)行量較上周（3.25-3.31）下降，總償還量下降，凈融資額上升。短融發(fā)行量下降，總償還量下降，凈融資額由負(fù)轉(zhuǎn)正；中票發(fā)行量下降，總償還量下降，凈融資額下降；企業(yè)債發(fā)行量上升，總償還量上升，凈融資額為負(fù)；公司債發(fā)行量下降，總償還量下降，凈融資額為負(fù)。圖1：信債發(fā)行及凈資量走勢 圖2：城債發(fā)行及凈資量走勢資料來源：， 資料來源：，具體來看，一般短融和超短融發(fā)行645.57億元，償還396.30億元，凈融資額-200.24億元；中票發(fā)行431.97億元，償還290.90億元，凈融資額141.07億元。上周企業(yè)債合計發(fā)行5億元，償還37.18億元，凈融資額-32.18億元；公司債合計發(fā)行209.60億元，償還446.93億元，凈融資額-237.33億元。圖3：非融企業(yè)融發(fā)量及凈資量勢 圖4：中發(fā)行量凈融量走勢 資料來源：， 資料來源：，圖5：企債發(fā)行及凈資量走勢 圖6：公債發(fā)行及凈資量走勢 資料來源：， 資料來源：，銀行間和交易所信用債合計成交47858.12億，總交易量相比上周下降。分類別看，銀行間短融、中票和企業(yè)債分別成交1595.28億元、2102.52億元、106.99億元，交易所公司債和企業(yè)債分別成交1901.42億元和75.06億元。圖7：銀間信用成交額 圖8：交所信用成交額資料來源：， 資料來源：，交易所公司債市場和企業(yè)債市場交易活躍度較上周上升。公司債成交活躍債券凈價上漲數(shù)小于下跌數(shù)，企業(yè)債成交活躍債券凈價上漲數(shù)小于下跌數(shù)?？偟膩砜垂緜鶅魞r上漲347只，凈價下降361只；企業(yè)債凈價上漲179只，凈價下跌250只。表1：上周成交活躍的交易所信用債(億元)()期限額(萬元(億元)()期限額(萬元)化()率()133801.SZ24昆投01104.82.97AA+/111470.004.78/4.790149481.SZ21不動02203.90.13AAA/AAA96360.060/5.730.6133809.SZ24電建F2103.544.97AAA/91060.003.54/3.540148645.SZ24深業(yè)0252.84.93AAA/7610-0.020/2.80.89公 21中海01203.250.19AAA/AAA76020.000/2.340.77149549.SZ債21中海04203.251.26AAA/AAA7180-0.022.41/3.070.81133784.SZ24閩金K1122.631.95AAA/6887-0.490/2.890148629.SZ24廣晟K01152.552.92AAA/67990.050/2.590.89133806.SZ24衢資D1152.420.97AA+/67970.000/2.530114948.SZ21濱江01203.11.96AA+/AA+64340.070/2.750企 20中國誠通債轉(zhuǎn)30.003.174.21+10AAA/AAA157600.022.440

票息 剩

主體/債項 日均成

凈價變

行權(quán)/到期 質(zhì)押比司業(yè) 股債債2180529.IB21成華國資018.004.22.73+2AA+/AA+74910.782.75/3.0402280061.IB22寧東債11.004.22.92+2AA/AA+62421.772.83/3.3502080260.IB20溫國控債018.004.53.43AA+/AA+60960.002.6802180152.IB21銅陵建投0111.005.380.06+4AA/AA4946-0.391.89/3.1302280192.IB22烏城投債0118.003.653.08+5AAA/AAA42440.002.7/3.2501680053.IB16首發(fā)債12.003.150.81+3AAA/AAA40470.002.9802480029.IB24湖州城投債0111.002.734.92+2AAA/AAA39880.022.84/2.8101880284.IB18宜昌綠色債30.005.954.7+5AA+/AA+35762.524.710NPB1924021.IB19興國項目債6.007.282.64AA-/AA+3507-0.053.80資料來源：，附錄圖9：銀間質(zhì)押回購率 圖10：交所質(zhì)押回購率資料來源：， 資料來源：，圖11：商銀行普債券益率 圖12：商銀行普債券用利差資料來源：， 資料來源：，圖13：商銀行二資本到期收率 圖14：商銀行二資本信用利差資料來源：， 資料來源：，圖15：商銀行永債收率 圖16：商銀行永債信利差資料來源：， 資料來源：，圖17：證公司債益率 圖18：證公司債用利差資料來源：， 資料來源：，表2：中短期票據(jù)收益率分位數(shù)單位：%等級AAA1YAA+短融AAAA-AAA3YAA+中票AAAA-AAA5YAA+中票AAAA-2024-04-072.292.392.444.112.462.602.704.542.612.792.934.98最小值1.491.721.892.282.332.552.703.882.592.782.934.591/4分位數(shù)2.722.893.064.863.153.463.865.603.533.914.396.08中位數(shù)3.253.503.815.343.804.114.456.024.134.584.966.503/4分位數(shù)4.404.674.925.864.634.995.326.474.845.305.696.89最大值6.336.797.097.706.307.008.009.0010.0011.0012.0013.00現(xiàn)值-中位數(shù)(BP)-96-111-138-124-133-151-175-148-152-179-203-153現(xiàn)值分位數(shù)7651300070004資料來源：，表3：中短期票據(jù)信用利差分位數(shù)單位：BP等級AAA1YAA+短融AAAA-AAAAA+3Y中票AAAA-AAA5Y中票AA+AAAA-2024-04-07455560227314555239345367271最小值56789101112131415161/4分位數(shù)3345572833451802934165112331中位數(shù)41567329440609631547751223453/4分位數(shù)537310030648711093335383138359最大值981221793607711015038594117161395現(xiàn)值-中位數(shù)40-12-66-9-15-41-77-12-22-55-74現(xiàn)值分位數(shù)6049323139238424資料來源：，表4：中短期票據(jù)等級利差分位數(shù)單位：BP等級AA+/AAA1YAA/AAAAA-/AAAAA+/AAA3YAA/AAAAA-/AAAAA+/AAA5YAA/AAAAA-/AAA2024-03-29101519014242152035243最小值814191021221224251/4分位數(shù)112222417392372261267中位數(shù)1634252215226927712943/4分位數(shù)224826025652883284308最大值4394312489932559106328現(xiàn)值-中位數(shù)-6-19-62-7-28-54-7-36-51現(xiàn)值分位數(shù)134211012114222資料來源：，表5：中短期票據(jù)期限利差分位數(shù)單位：BP期限3Y/1YAAA5Y/3Y3Y/1YAA+5Y/3YAA+3Y/1Y5Y/3Y3Y/1YAA-5Y/3Y2024-04-071814221927234443最小值-54-7-52-4-320-2341/4分位數(shù)2017252331294833中位數(shù)36264234574469473/4分位數(shù)5135584273588764最大值15892172114178100181102現(xiàn)值-中位數(shù)(BP)-18-12-20-15-30-21-25-4現(xiàn)值分位數(shù)2120222021172044資料來源：，表6：城投債收益率分位數(shù)單位：%等級AAAAA+1Y城投債AAAA(2)AA-AAAAA+3Y城投債AA AA(2)AA-AAAAA+5Y城投債AAAA(2)AA-2024-04-072.322.382.442.502.692.552.612.702.813.342.622.722.893.094.20最小值1.841.962.202.292.602.382.552.692.803.342.622.722.843.033.811/4分位數(shù)2.813.003.233.384.283.223.513.743.985.393.603.844.164.626.07中位數(shù)3.303.493.814.125.123.884.184.564.865.954.284.745.195.446.613/4分位數(shù)4.534.865.205.295.844.815.205.655.896.495.055.606.106.337.06最大值6.527.107.497.918.567.008.009.0010.0011.0012.0013.0014.0015.0016.00現(xiàn)值-中位數(shù)(BP)-98-112-137-162-243-133-156-186-205-261-166-202-231-235-241現(xiàn)值分位數(shù)()0.050.030.030.020.010.000.000.000.000.000.000.000.000.000.02資料來源：，表7：城投債信用利差分位數(shù)單位：BP等級AAAAA+1Y城投債AA AA(2)AA-AAAAA+3Y城投債AA AA(2)AA-AAAAA+5Y城投債AA AA(2)AA-2024-04-0749556167863946546511836466282193最小值56789101112131415161718191/4分位數(shù)3644556819436506795257456292134316中位數(shù)4454668823943587811430852711051553563/4分位數(shù)5970921272885468941423336081116178379最大值1051321912593548512417025943389120179270442現(xiàn)值-中位數(shù)51-5-22-153-4-12-24-48-190-16-25-43-73-163現(xiàn)值分位數(shù)()605240225341483042320資料來源：，表8：城投債等級利差分位數(shù)單位：BP單位：BP1Y城投債3Y城投債5Y城投債等級AA+/AAAAA/AAAAA(2)/AAAAA-/AAAAA+/AAAAA/AAAAA(2)/AAAAA-/AAAAA+/AAAAA/AAAAA(2)/AAAAA-/AAA2024-04-0761218377152679102646157最小值491723314232741730311/4分位數(shù)81832103112852187154179244中位數(shù)1023421741435682461949962923/4分位數(shù)1332612251843882872360124322最大值32911623054810018837844104189387現(xiàn)值-中位數(shù)-4-11-24-137-7-20-42-167-9-23-49-135現(xiàn)值分位數(shù)()8203601165214資料來源：，表9：城投債期限利差分位數(shù)單位：BP期限AAA3Y/1Y 5Y/3Y3Y/1Y5Y/3YAA+3Y/1Y 5Y/3Y3Y/1Y5Y/3Y3Y/1YAA5Y/3Y2024-04-072282411261931286586最小值-47-5-44-2-366-162-631/4分位數(shù)19172323313039365341中位數(shù)352842345044635178583/4分位數(shù)533759446855826810376最大值15494155101154121157101231132現(xiàn)值-中位數(shù)(BP)-13-20-19-23-24-25-32-24-1328現(xiàn)值分位數(shù)29726519818143687資料來源：，表10：商業(yè)銀行普通債收益率分位數(shù)單位：%等級AAA1Y商業(yè)銀行普通債AAAAA3Y商業(yè)銀行普通債AAAAA5Y商業(yè)銀行普通債AA2024-04-072.202.222.282.372.382.402.462.622.492.512.572.74最小值1.601.651.751.932.092.142.332.572.452.492.542.721/4分位數(shù)2.622.632.692.802.852.882.973.163.103.153.243.46中位數(shù)2.902.993.093.213.233.