3月26日信用债异常成交跟踪

大幅折价个券成交跟踪简称剩余期限(年)估值价格偏离(%)估值净价（元）估值收益率偏离(bp)估值收益率(%)前一日估值收益率(%)隐含评级主体评级行业成交规模（万元）PR安发021.69-0.3541.4930.254.664.36AA-AA城投312PR安发011.46-0.2941.5129.474.614.32AA-AA城投58423巴中032.59-0.26107.9110.524.244.14AA-AA城投161224淮北建投MTN0064.99-0.25101.015.443.283.22AA(2)AA+城投500023城资071.50-0.24104.7716.523.953.78AA-AA+城投694623城资061.49-0.24104.7316.483.943.78AA-AA+城投205724蓉欧014.93-0.24100.075.403.483.43AA(2)AA建筑装饰35024黔江012.80-0.24103.449.053.683.59AA-AA城投205523龙岩汇金MTN0012.23-0.23101.4210.942.732.62AA(2)AA+城投101424宏建014.91-0.23100.735.404.634.58AA(2)建筑装饰838323城资051.39-0.22104.6916.233.913.75AA-AA+城投63023城资041.31-0.21104.5016.133.893.73AA-AA+城投869923城资031.25-0.20104.3316.093.873.71AA-AA+城投660924万盛经开PPN0034.98-0.19100.064.414.294.24AA-AA城投900623开封041.64-0.19102.9911.963.092.97AA-AA城投615724般阳024.97-0.19100.294.384.234.19AA-AA城投151024大足永晟MTN0014.97-0.19100.284.364.244.19AA-AA城投100024潍坊水务MTN0014.96-0.19100.064.354.234.19AA-AA+城投2160024梧城024.97-0.1999.634.384.534.49AA-AA+建筑装饰240524宝投024.96-0.19100.384.364.384.34AA-AA城投270023曹国041.61-0.19104.2311.853.133.01AA-AA+城投103624万盛经开PPN002B4.95-0.1999.644.314.284.24AA-AA城投1000124大足014.93-0.19100.304.273.933.89AA-AA+城投714423巴中021.59-0.19105.0811.793.823.71AA-AA城投52524国苑014.91-0.19100.314.243.933.89AA-AA+城投235024康佳011.84-0.18100.3810.033.783.68AAAA家用电器400023城资021.06-0.18103.7516.373.833.67AA-AA+城投11323城资010.96-0.17103.3916.943.813.64AA-AA+城投304123曹国021.43-0.16105.1011.323.072.96AA-AA+城投525523柳城022.33-0.16107.997.143.843.77AA-AA+城投10722巴中国资MTN0011.62-0.16104.979.893.673.57AA-AA城投147223万盛021.99-0.16107.787.953.403.32AA-AA城投53823乳山011.98-0.16106.417.923.593.51AA-AA城投138522巴中031.30-0.15104.0411.113.743.63AA-AA城投85524唐控016.96-0.1598.503.364.344.31AA-AA+城投204424景国资MTN0012.81-0.14100.715.233.193.14AA(2)AA+城投605923环保Y42.66-0.14100.955.382.872.81AAA-AAA环保201723曲文021.19-0.14104.0111.103.313.20AA-AA+城投35924陕煤化MTN003(科创票据)9.97-0.1499.501.603.063.04AA+AAA煤炭498524兖矿K19.97-0.1499.571.603.083.06AA+AAA煤炭199资料来源：，国投证券研究中心大幅正偏离个券成交跟踪简称剩余期限(年)估值价格偏离(%)估值净价（元）估值收益率偏离(bp)估值收益率(%)前一日估值收益率(%)隐含评级主体评级行业成交规模（万元）22万科010.941.7686.95-215.7319.5421.70AA+AAA房地产254222万科MTN0020.891.1488.83-142.3117.3118.74AA+AAA房地产955022万科MTN0010.841.1489.10-150.4417.8019.30AA+AAA房地产591522GLP021.501.1090.88-80.2311.0711.87A+AAA交通运输1021万科MTN0030.451.0595.51-237.4013.4815.85AA+AAA房地产465121万科050.331.0398.28-302.778.3011.33AA+AAA房地产286322龙湖022.800.8367.36-35.4220.3020.65AA-AAA房地产16021龙湖062.380.8270.41-40.6120.6221.02AA-AAA房地产62021龙湖042.150.7572.82-40.7120.8121.22AA-AAA房地产500422GLP010.950.7395.36-81.819.6210.44A+AAA交通运输11716龙湖041.940.6874.89-40.8021.5521.96AA-AAA房地产12421龙湖021.780.6378.14-40.6520.1020.51AA-AAA房地产26020龙湖061.370.5085.58-40.1716.9117.31AA-AAA房地产175322龙湖041.280.4786.92-40.2416.1916.59AA-AAA房地产2722酉阳债3.110.35105.30-12.754.925.05AA-AA城投21421GLP110.410.3597.84-82.449.5310.35A+AAA交通运输17822遂天013.720.30108.87-9.434.834.92AA-AA城投971G22内投13.500.29106.59-9.344.424.51AA-AA+城投125824开晟012.960.2899.75-10.012.842.94AA(2)AA+城投99824津城建MTN0132.990.28100.08-9.853.073.17AAAAA城投200020万科020.970.2484.53-25.2022.7723.03AA+AAA房地产112424津城建MTN0102.930.2499.77-8.703.073.16AAAAA城投1200023安顺014.490.24102.87-6.366.236.30AA-AA城投100623威投V12.410.22102.33-10.104.374.47AA(2)AA建筑装饰101923沭东022.390.22102.63-10.103.823.92AA(2)AA城投203923柳投012.600.22107.42-9.564.404.50AA-AA城投107922眉资011.160.21101.72-19.484.434.63AA(2)AA+城投283523纳兴012.560.21104.55-9.285.435.52AA-AA城投141220开远013.490.2183.31-11.745.205.32AA-AA城投9124红谷滩MTN0014.980.21100.34-4.573.333.37AA(2)AA+城投100423蓝创011.170.21103.58-18.874.004.19AA-AA城投258621空港债012.400.21104.07-9.202.602.70AAAA+城投207524延安城投MTN0024.980.20100.32-4.564.084.12AA(2)AA+城投400023邹城资5.820.20106.49-6.165.545.60AA-AA+城投169923筑铁012.120.19104.10-10.084.434.53AA(2)AA城投119721威海013.940.18101.42-5.083.013.06AAAA+城投811322湖口011.010.18101.63-19.344.324.51AA(2)AA城投309222仁微债0.950.17101.87-19.273.743.93AA(2)AA城投204921东昱011.860.17102.77-9.933.934.02AA(2)城投312222上控013.610.17104.34-5.133.013.06AA(2)AAA城投1042资料来源：，国投证券研究中心表3：二永债成交跟踪二永债成交跟踪简称剩余期限(年)估值价格偏离(%)估值净价（元）估值收益率偏离(bp)估值收益率(%)前一日估值收益率(%)隐含评级主体评级银行分类成交规模（万元）22工行二级资本债03B8.410.02104.54-0.292.712.71AAA-AAA国有行209021张家口银行永续债2.620.01103.15-0.733.513.52AA-AA+城商行2062821建设银行二级032.620.01102.57-0.442.572.57AAA-AAA国有行4616821中国银行二级032.640.01102.59-0.432.572.57AAA-AAA国有行13638121交通银行二级2.510.01102.60-0.402.562.56AAA-AAA国有行2771021建设银行二级052.720.01102.34-0.352.582.58AAA-AAA国有行921321工商银行二级022.720.01102.34-0.352.582.58AAA-AAA国有行9307122工商银行二级012.820.00101.87-0.202.582.59AAA-AAA国有行6620422中国银行二级012.830.00101.79-0.202.582.59AAA-AAA国有行4071422兴业银行二级012.800.00102.20-0.192.632.63AA+AAA股份行1840020民生银行二级1.260.00101.44-0.482.562.57AA+AAA股份行5883521邮储银行二级012.410.00102.04-0.212.552.55AAA-AAA国有行9183420桂林银行永续债1.010.00101.83-0.672.942.95AA-AAA城商行305422上海农商二级012.950.00102.80-0.152.672.67AA+AAA农商行61522西安银行二级012.950.00102.61-0.152.852.85AAAAA城商行61422泰隆银行二级012.990.00103.24-0.152.952.95AAAAA城商行1033020网商银行永续债011.290.00100.73-0.203.893.90AA-AAA其他银行6046522余杭农商二级013.260.00103.95-0.113.013.01AA-AA+农商行52021兴业银行二级037.670.00107.63-0.042.732.73AA+AAA股份行215619威海商行永续债0.690.00101.77-1.062.742.75AA-AA+城商行1979024农行二级资本债01A4.870.00100.400.012.672.67AAA-AAA国有行2108824建行二级资本债01A4.860.00100.360.012.672.67AAA-AAA国有行602324中行二级资本债01A4.850.00100.490.012.672.67AAA-AAA国有行301522长城华西二级资本债013.340.00101.360.024.354.35A+AA城商行1533121北京农商二级2.750.00102.420.022.712.71AAAAA农商行716823中行二级资本债04A4.690.00102.740.042.672.67AAA-AAA国有行1644122威海商行二级资本债013.350.00102.430.063.023.02AA-AAA城商行138323交行二级资本债01A4.640.00102.710.062.672.67AAA-AAA国有行1027123建行二级资本债03A4.640.00102.710.052.672.67AAA-AAA国有行719221华润银行二级2.730.00102.820.052.812.81AAAAA城商行411622上海银行二级资本债013.280.00102.690.082.692.69AA+AAA城商行1232020浦发银行二级011.360.00101.820.072.482.48AA+AAA股份行1629321兴业银行二级012.580.00103.010.062.602.60AA+AAA股份行5046719交通银行二级010.390.00100.660.012.342.34AAA-AAA国有行2617119农业银行永续债020.450.00100.770.062.402.40AAA-AAA国有行4030820平安银行永续债010.92-0.01101.210.152.502.50AA+AAA股份行4555020华兴银行永续债011.51-0.01101.230.213.933.93AA-AA+城商行485220邮储银行永续债0.98-0.01101.180.232.452.45AAA-AAA国有行16491419渤海银行永续债0.48-0.01100.940.052.662.66AAAAA股份行403819农业银行永续债010.40-0.01100.770.232.402.40AAA-AAA国有行12092资料来源：，国投证券研究中心商金债成交跟踪简称商金债成交跟踪简称剩余期限(年)估值价格偏离(%)估值净价（元）估值收益率偏离(bp)估值收益率(%)前一日估值收益率(%)隐含评级主体评级银行分类成交规模（万元）21华侨永亨中国020.660.03100.55-4.532.442.48AAAAA其他银行603522光大银行小微债0.910.00100.410.082.262.26AAA-AAA股份行8132822宁波银行010.900.00100.430.082.292.29AAA-AAA城商行160122浙商银行小微债010.920.00100.480.092.302.30AAA-AAA股份行1004822浦发银行030.930.00100.450.112.272.27AAA-AAA股份行5523522华夏银行010.930.00100.450.112.272.27AAA-AAA股份行200822徽商银行小微债010.930.00100.450.112.322.32AAA-AAA城商行502222浦发银行010.830.00100.340.202.252.25AAA-AAA股份行1504721渤海银行010.040.00100.040.172.342.34AA+AAA股份行900321交通银行小微债0.040.00100.040.192.232.22AAAAAA国有行5001922兴业银行020.970.00100.640.202.282.28AAA-AAA股份行301922南京银行010.980.00100.690.242.312.31AAA-AAA城商行4007022江苏银行小微债0.980.00100.650.252.312.31AAA-AAA城商行2214522中国银行绿色金融债010.910.00100.310.372.242.24AAAAAA国有行4614222成都农商绿色债1.090.00100.580.322.352.35AA+AAA农商行1106521民生银行010.630.00100.450.462.282.27AAA-AAA股份行1004522交通银行小微债011.230.00100.530.332.312.30AAAAAA国有行4825622中国银行小微债011.24-0.01100.530.332.312.30AAAAAA国有行1005321华夏银行020.63-0.01100.470.452.232.22AAA-AAA股份行200922交通银行绿色金融债1.37-0.01100.120.362.322.32AAAAAA国有行1039622华商银行010.92-0.01100.680.342.392.38AAAAA其他银行1812221广发银行小微债0.65-0.01100.480.462.232.22AAA-AAA股份行4822922汇丰银行010.99-0.01100.690.342.382.38AA+AAA其他银行2719322泰隆银行小微债0.83-0.01100.520.422.292.29AA+AAA城商行1809222恒丰银行021.37-0.01100.270.362.392.39AA+AAA股份行501321南京银行010.74-0.01100.530.472.262.26AAA-AAA城商行8365621浦发银行020.70-0.01100.490.502.232.23AAA-AAA股份行12361021泸州银行小微债010.17-0.01100.240.902.372.36AA-AA+城商行501222北部湾银行绿色债021.29-0.01100.680.332.482.48AAAAA城商行201321民生银行020.71-0.01100.500.502.282.28AAA-AAA股份行10049资料来源：，国投证券研究中心表5：成交收益率高于10的个券表5：成交收益率高于10的个券高收益成交个券跟踪简称剩余期限(年)估值价格偏离(%)估值净价（元）估值收益率偏离(bp)估值收益率(%)前一日估值收益率(%)隐含评级主体评级行业成交规模（万元）22万科010.941.7686.95-215.7319.5421.70AA+AAA房地产254222万科MTN0020.891.1488.83-142.3117.3118.74AA+AAA房地产955022万科MTN0010.841.1489.10-150.4417.8019.30AA+AAA房地产591522GLP021.501.1090.88-80.2311.0711.87A+AAA交通运输1021万科MTN0030.451.0595.51-237.4013.4815.85AA+AAA房地产465122龙湖022.800.8367.36-35.4220.3020.65AA-AAA房地产16021龙湖062.380.8270.41-40.6120.6221.02AA-AAA房地产62021龙湖042.150.7572.82-40.7120.8121.22AA-AAA房地产500416龙湖041.940.6874.89-40.8021.5521.96AA-AAA房地产12421龙湖021.780.6378.14-40.6520.1020.51AA-AAA房地产26020龙湖061.370.5085.58-40.1716.9117.31AA-AAA房地产175322龙湖041.280.4786.92-40.2416.1916.59AA-AAA房地产2720万科020.970.2484.53-25.2022.7723.03AA+房地产112421金地MTN0060.630.0977.57-0.0650.3550.35BB+AAA房地产639720金地MTN001B1.020.0971.93-0.0442.9442.94BB+AAA房地产153121金地MTN0070.720.0975.16-0.1050.2450.25BB+AAA房地产15822金地MTN0010.910.0872.60-0.1045.9445.95BB+AAA房地产120922龙湖010.800.0493.88-3.0111.7211.75AA-AAA房地产498120龙湖020.810.0493.87-2.9712.3912.42AA-AAA房地产111020龙湖040.940.0393.00-1.8912.0712.08AA-AAA房地产97622龙湖031.150.0389.14-0.5614.9514.96AA-AAA房地产252PR鑫投010.750.0310.64-3.1212.0212.05A+城投22S20播交30.740.0388.16-3.1110.2010.23A-AA-城投1386PR遵经开0.400.0219.60-2.3412.1312.15AAA城投7720溪地011.100.0295.48-0.7911.5911.59A+AA城投213920遵经010.980.0297.72-1.4910.0310.05AAA城投107014天瑞020.250.0199.17-1.5011.2211.24A-AA建筑材料406S20播交11.210.0187.90-0.4110.3010.31A-AA-城投26620遵经021.270.0196.98-0.2510.0910.09AAA城投194720万科041.150.0080.475.7425.0024.94AA+AAA房地产218821万科021.83-0.0174.583.2222.3722.34AA+AAA房地产141622万科051.28-0.647