【行业研报】远东资信-2023年6月信用债市场运行报告：一级市场发行规模回升城投信用利差普遍走阔_.docx

《【行业研报】远东资信-2023年6月信用债市场运行报告：一级市场发行规模回升城投信用利差普遍走阔_.docx》由会员分享，可在线阅读，更多相关《【行业研报】远东资信-2023年6月信用债市场运行报告：一级市场发行规模回升城投信用利差普遍走阔_.docx（22页珍藏版）》请在第一文库网上搜索。

1、作者：t晚措简奖平邮箱:research相关研究报告：12023年5月信用债市场运行报告，2023.6.132 .2023年4月信用债市场运行报告，2023.5.123 .2023年3月信用债市场运行报告,2023.4.174 .2023年2月信用债市场运行报告，2023.3.155 .2023年1月信用债市场运行报告,2023.2.142023年7月14日一级市场发行规模回升，城投信用利差普遍走阔2023年6月信用债市场运行报告发行方面，6月份信用债共发行11,981.22亿元，发行规模环比增加。其中，发行量最大的为短期融资券、公司债和中期票据，分别发行4,332.30亿元、4,203.39

2、亿元和2,435.92亿元。当月取消或推迟发行的信用债有77只，涉及金额520.81亿元，较上月增加377.11亿元。净融资方面，6月份信用债净融资为1,708.97亿元，净融资规模由负转正。10个重点行业中建筑装饰行业贡献最多净融资，共实现净融资1,966.27亿元；AAA,AA+和AA级主体净融资分别为412.41亿元、1,167.94亿元和306.50亿元：国有企业和非国有企业净融资分别为2,544.94亿元和-835.97亿元；城投债和非城投债净融资分别为1,868.44d乙元彳口-159.47彳乙元。到期压力方面，极至6月末，未来6个月将有46,268.05亿元信用债到期，到期压力迁

3、移系数为0.71,较上月末下降0.07,分行业看，10个重点行业信用债到期压力均环比下降。分企业性质看，国有企业、非国有企业信用债到期压力均环比下降。城投债与非城投债比较方面，城投债、非城投债到期压力均环比下降。到期收益率方面，6月份，中短期票据和城投债二级市场到期收益率涨跌不一。其中，除3年期中高等级（AAA级和AA+级）城投债到期收益率小幅下行外，其余期限评级的城投债到期收益率均上行。信用利差方面，6月份1年期和5年期产业债信用利差整体走阔，走阔幅度在0.89BP至13.54BP之间；1年期AA-级城投债信用利差继续收窄，其余期限评级城投债信用利差均走阔：中长期限低等级城投债信用利差仍处于

4、自2015年以来的历史高位。6月下旬，中国证监会发布关于深化债券注册制改革的指导意见，明确将强化以偿债能力为重点的信息披露要求、强化投资者保护、对发行人实施分类监管、压实中介机构贲任、畅通违约债券出清渠道等内容。债券注册制改革有望优化债市融资环境，提振投资者信心和信用债二级市场活力。展望未来，各地有经济稳增长压力，政府或牵头扩大有效投资，预计短期内国有企业、城投企业的信用债发行规模会稳中有增。地产债方面，在“金融16条延期和销售市场暂未企稳的背景下房地产业或将继续出清风险，需关注“红档”房企相关负面舆情。FECRResearchChina*sBondMarketsJu1y14h,2023Aut

5、hor:CaoXiaojing,JianJiangpingE-mai1:researchTheissuingsca1eintheprimarymarketrebounded,andthecreditspreadsof1GFVbondsgenera11ywidenedJune2023China,scorporatebondsmarketoperationreportSummaryIntermsof(heissuanceofChina,scorporatebonds,atota1of1,198.122bi11ionyuanofcorporatebondswereissuedinJune,andth

6、eissuancesca1eincreasedmonth-on-month.Amongthem,theshort-termfinancingbi11s,corporatebonds,andmediumtermnoteswiththe1argestissuancevo1umewere433.230bi11ionyuan,420.339bi11ionyuan,and243.592bi11ionyuanrespective1y.Therewere77corporatebondscance11edorpostponedthismonth,invo1vinganamountof52.081bi11ion

7、yuan,anincreaseof37.711bi11ionyuanfromthepreviousmonth.Intensofnetfinancing,thenetfinancingofChinascorporatebondsinJunewas170.897bi11ionyuan,whichturnedpositive.AmongtheIOkeyindustries,thebui1dingdecorationindustrycontributedthemostnetfinancing,achievingatota1netfinancingof192.627bi11ionyuan.Thenetf

8、inancingofAAA,AA+,andAA1eve1entitieswas41.241bi11ionyuan,116.794bi11ionyuan,and30.650bi11ionyuanrespective1y.Thenetfinancingofstate-ownedenterprisesandnon-state-ownedenterpriseswas254.494bi11ionyuanand-83.597bi11ionyuanrespective1y.Thenetfinancingof1oca1GovernmentFinancingVehic1e(1GFV)bondsandnon-1G

9、FVbondswas186.844bi11ionyuanand-15.947bi11ionyuanrespective1y.Intermsofmaturitypressure,asoftheendofJune,4,626.805bi11ionyuanofChinascorporatebondswi11matureinthenextsixmonths,andthematuritypressuremigrationcoefficientwas0.71,down0.07fromtheendof1astmonth.Fromtheperspectiveofindustries,thematuritypr

10、essureof10keyindustriesdecreasedmonth-on-month.Fromtheperspectiveofenterpriseownership,thematuritypressureofstate-ownedcompaniesbondsandnon-state-ownedcompanies,bondsbothdecreasedmonth-on-month.Fromtheperspectiveof1GFVbondsandnon-1GFVbonds,thematuritypressureof1GFVbondsandthematuritypressureofnon-1G

11、FVbondsbothdecreasedmonth-on-month.Intermsofyie1dtomaturity,theyie1dtomaturityofshort-andmedium-termbi11sand1GFVbondsinthesecondarymarketf1uctuated.Amongthem,inadditiontotheyie1dstomaturityofthree-yearhigh-grade(AAAgradeandAA+grade)1GFVbondsdecreasings1ight1y,theyie1dstomaturityof1GFVbondswithotherm

12、aturitiesandratingsincreased.Intermsofcreditspreads,inJune,thecreditspreadsof1-yearand5-yearindustria1bondswidenedovera11,rangingfrom0.89BPtoI3.54BP.Thecreditspreadsof1-yearAA-grade1GFVbondscontinuedtonarrow,andthecreditspreadsof1GFVbondswithothermaturitiesandratingswidened.Thecreditspreadofmedium-a

13、nd1ong-term1ow-grade1GFVbondsweresti11athistorica11yhigh1eve1ssince2015.In1ateJune,theChinaSecuritiesRegu1atoryCommissionissuedtheGuidanceonDeepeningtheReformoftheBondRegistrationSystem,whichc1ear1ywi11strengthentheinformationdisc1osurerequirementsfocusingonso1vency,strengthenFECRResearchChina,sBond

14、MarketsJu1y14h,2023investorprotection,imp1ementc1assifiedsupervisionofissuers,conso1idatetheresponsibi1itiesofintermediaries,andsmooththe1iquidationchanne1sofdefau1tedbonds.Thereformofthebondregistrationsystemisexpectedtooptimizethefinancingenvironmentofthebondmarketandboostinvestorconfidenceandthev

15、ita1ityofthecorporatebondsecondarymarket.1ookingforward,1oca1governmentshavestab1eeconomicgrowthpressure,andtheymaytakethe1eadinexpandingeffectiveinvestment.Itisexpectedthatthesca1eofcreditbondissuancebystate-ownedenterprisesand1GFVswi11steadi1yincreaseintheshortterm.Intermsofrea1estatebonds,underth

16、ebackgroundofthe,16financia1po1iciesextensionandthefai1uretostabi1izethesa1esmarket,therea1estateindustrymaycontinuetoc1earrisks,anditisnecessarytopayattentiontothenegativepub1icopinionre1atedtotherea1estateenterprisesthattouchthethreered1ines.a远东资信远东研究债市运行FAREASTCHEDn2023年7月148目录一、信用债市场运行2（-）一级市场21 .信用债净融资由负转正22 .建筑装饰行业贡献最多净融资，城投债净融资环比大幅增加33 .信用债未来到期压力环