2023年4月信用债市场运行报告：信用债净融资继续回落，二级市场收益率整体下行

请务必阅读正文后的免责声明 远东研究·债市运行 2023年5月12日 、 信用债净融资继续回落，二级市场收益率整体下行 ——2023年4月信用债市场运行报告 摘 要 作 者：曹晓婧 简奖平 邮 箱：research@fecr.com.cn 发行方面，4月份信用债共发行14,032.59亿元，发行规模环比减少。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5,303.30亿元、4,354.17亿元和3,169.46亿元。当月取消或推迟发行的信用债有147只，涉及金额918.37亿元。 净融资方面，4月份信用债净融资为1,291.70亿元，净融资规模延续上月回落态势。10个重点行业中建筑装饰行业实现净融资最多，净融资额为1,663.68亿元；AAA、AA+和AA级主体净融资分别为-157.99亿元、1,075.32亿元和337.75亿元；国有企业和非国有企业净融资分别为905.85亿元和385.85亿元；城投债和非城投债净融资分别为1,479.52亿元和-187.83亿元。 到期压力方面，截至4月末，未来6个月将有46,756.95亿元信用债到期，到期压力迁移系数为0.80，较上月末减少0.07。分行业看，多数重点行业信用债到期压力环比下降。分企业性质看，国有企业信用债到期压力环比下降，非国有企业信用债到期压力环比上升。城投债与非城投债比较方面，城投债与非城投债到期压力均环比下降。 到期收益率方面，4月份，除5年期AA+级城投债到期收益率小幅上行0.71BP外，中短期票据和城投债二级市场到期收益率整体下行。其中，短期限低等级城投债到期收益率下行幅度相对更大，下行了24.41BP。 信用利差方面，4月份中长期限产业债和城投债信用利差整体收窄。弱资质城投债信用利差仍处于自2015年以来的历史高位，其中3年期和5年期AA-级城投债信用利差所处百分位数均超过85%。 4月份，企业债券发行审核职责划转设置6个月过渡期安排，证监会对发改委移交的首批34个企业债券项目同意核发注册批文，债券监管体系优化或将提升债市监管效率。展望未来，二季度仍为地方债发行高峰，或对信用债一级市场发行产生挤出效应；经济复苏预期下，中高等级主体信用有望维持稳定，其二级市场信用利差将维持低位或进一步收窄。 相关研究报告： 1.《2023年3月信用债市场运行报告》，2023.4.17 2.《2023年2月信用债市场运行报告》，2023.3.15 3.《2023年1月信用债市场运行报告》，2023.2.14 4.《2022年12月信用债市场运行报告》，2023.1.13 5.《2022年11月信用债市场运行报告》，2022.12.14 请务必阅读正文后的免责声明 FECR Research·China's Bond Markets May 12th, 2023 Summary In terms of the issuance of China’s corporate bonds, a total of 1,403.259 billion yuan of corporate bonds were issued in April, and the issuance scale decreased month-on-month. Among them, the short-term financing bills, corporate bonds and medium-term notes with the largest issuance volume were 530.330 billion yuan, 435.417 billion yuan and 316.946 billion yuan respectively. There were 147 corporate bonds cancelled or postponed in this month, involving an amount of 91.837 billion yuan. In terms of net financing, the net financing of China’s corporate bonds in April was 129.170 billion yuan, which continued the downward trend of last month. Among the 10 key industries, the building decoration industry achieved the most net financing, with a net financing amount of 166.368 billion yuan. The net financing of AAA, AA+ and AA level entities was -15.799 billion yuan, 107.532 billion yuan and 33.775 billion yuan respectively. The net financing of state-owned enterprises and non-state-owned enterprises was 90.585 billion yuan and 38.585 billion yuan respectively. The net financing of Local Government Financing Vehicle (LGFV) bonds and non-LGFV bonds was 147.952 billion yuan and -18.783 billion yuan respectively. In terms of maturity pressure, as of the end of April, 4,675.695 billion yuan of China’s corporate bonds will mature in the next six months, and the maturity pressure migration coefficient was 0.80, down 0.07 from the end of previous month. From the perspective of industries, the maturity pressure of most key industries decreased month-on-month. From the perspective of enterprise ownership, the maturity pressure of state-owned companies’ bonds decreased month-on-month and the maturity pressure of non-state-owned companies’ bonds increased month-on-month. From the perspective of LGFV bonds and non-LGFV bonds, the maturity pressure of LGFV bonds and non-LGFV bonds both decreased month-on-month. In terms of yield to maturity, in addition to the yield to maturity of 5-year AA+-rated LGFV bond increased slightly by 0.71BP, the yields to maturity of short and medium-term notes and LGFV bonds in the secondary market declined as a whole in April. Among them, the yields to maturity of short-term and low-grade LGFV bonds fell by a relatively larger margin, down by 24.41BP. In terms of credit spreads, the credit spreads of mid- and long-term industrial bonds and LGFV bonds narrowed overall in April. The credit spreads of weakly qualified LGFV bonds were at historically high levels since 2015, of which the percentiles of the credit spreads of the 3-year and 5-year AA-rated LGFV bonds both exceed 85%. The net financing of corporate bonds continued to fall, and the yields to maturity in the secondary market declined as a whole ——April 2023 China's corporate bonds market operation report Author: Cao Xiaojing, Jian Jiangping E-mail：research@fecr.com.cn 请务必阅读正文后的免责声明 FECR Research·China's Bond Markets May 12th, 2023 In April, the six-month transitional period arrangement was set for the transfer of corporate bond issuance audit responsibilities. The CSRC agreed to issue registration approval documents for the