信用债市场回顾：本周信用债一二级市场回顾

信用评级调整回顾本周（4.28-4.30）无发行人及其债券发生跟踪评级调整。本周（4.28-4.30）非金融企业短融、中票、企业债和公司债合计发行约440.38亿元，偿还规模约1781.00亿元，净融资额约-1340.62亿元；其中，城投债（分类）约140.89亿元，偿还规模约1026.71亿元，净融资额约-885.82亿元；产业债约331.04亿元，偿还规模约989.34亿元，净融资额约-658.30亿元。2000亿总发行量总偿还量净融资额15000(1500)图1：信债发行及净资量走势 图2000亿总发行量总偿还量净融资额15000(1500)亿总发行量亿总发行量总偿还量净融资额40003000200010002023-11-272023-12-042023-12-112023-11-272023-12-042023-12-112023-12-182023-12-242024-01-012024-01-082024-01-152024-01-222024-01-292024-02-052024-02-192024-02-262024-03-042024-03-112024-03-182024-03-252024-04-012024-04-082024-04-152024-04-222024-04-282023-11-202023-11-272023-12-042023-12-112023-12-182023-12-252024-01-012024-01-082024-01-152024-01-222024-01-292024-02-052024-02-122024-02-192024-02-262024-03-042024-03-112024-03-182024-03-252024-04-012024-04-082024-04-152024-04-222024-04-28(2000)(3000)资料来源：， 资料来源：，具体来看，一般短融和超短融150.1307.1亿元，净融资额-157亿元；中票179.29632.48亿元，净融资额-453.19亿元。上周企业债合计发行0104.277亿元，净融资额-104.27亿元；公司债110.99亿元，偿还737.15亿元，净融资额-626.16亿元。2000亿总发行量总偿还量净融资额15000(1000)图3：非融企业融发量及净资量势 图2000亿总发行量总偿还量净融资额15000(1000)亿总发行量亿总发行量总偿还量净融资额2000150010005002023-11-132023-11-202023-11-132023-11-202023-11-272023-12-042023-12-112023-12-182023-12-242024-01-012024-01-082024-01-152024-01-222024-01-292024-02-052024-02-192024-02-262024-03-042024-03-112024-03-182024-03-252024-04-012024-04-082024-04-152024-04-222024-04-282023-11-132023-11-202023-11-132023-11-202023-11-272023-12-042023-12-112023-12-182023-12-242024-01-012024-01-082024-01-152024-01-222024-01-292024-02-052024-02-192024-02-262024-03-042024-03-112024-03-182024-03-252024-04-012024-04-082024-04-152024-04-222024-04-28(1000)(1500)(2000)资料来源：， 资料来源：，图5：企债发行及净资量走势 图6：公债发行及净资量走势亿2502023-11-202023-11-272023-11-202023-11-272023-12-042023-12-112023-12-182023-12-242024-01-012024-01-082024-01-152024-01-222024-01-292024-02-052024-02-192024-02-262024-03-042024-03-112024-03-182024-03-252024-04-012024-04-082024-04-152024-04-222024-04-28

1500 亿总发行量总偿还量净融资额1500 亿总发行量总偿还量净融资额13001100900700500300100(100)(300)(500)资料来源：， 资料来源：，银行间和交易所信用债合计成交38100.49亿。分类别看，银行间短融、中票和企业债分别成交536.55亿元、1259.2亿元、56.79亿元，交易所公司债和企业债分别成交994.66亿元和46.57亿元。图7：银间信用成交额 图8：交所信用成交额亿800020002023-11-132023-11-202023-11-132023-11-202023-11-272023-12-042023-12-112023-12-182023-12-252024-01-012024-01-082024-01-152024-01-222024-01-292024-02-052024-02-182024-02-262024-03-042024-03-112024-03-182024-03-252024-04-012024-04-082024-04-152024-04-222024-04-28

短融 中票 企业债 信用债日均(右

亿160012008006004002000

9000亿2023-11-132023-11-202023-11-132023-11-202023-11-272023-12-042023-12-112023-12-172023-12-242024-01-012024-01-082024-01-152024-01-222024-01-292024-02-052024-02-182024-02-262024-03-042024-03-112024-03-182024-03-252024-04-012024-04-082024-04-152024-04-222024-04-28

公司债 企业债 信用债日均(右

亿180016001400120010008006004002000资料来源：， 资料来源：，交易所公司债市场和企业债市场交易活跃度较上周下降。公司债成交活跃债券净价上涨数大于下跌数，企业债成交活跃债券净价上涨数大于下跌数。总的来看公司债净价上涨573198224211只。表1：上周成交活跃的交易所信用债(亿元)()期限额(万元(亿元)()期限额(万元)化()率()148678.SZ24长轨G18.702.554.92AAA/72380.142.43/2.480.9148387.SZ23鞍钢KY0420.003.552.21AAA/AAA59000.230/5.860.82148694.SZ24厦港0112.002.454.95AAA/56180.212.37/2.40.9149845.SZ22深投0120.003.592.87AAA/AAA5373-0.230/2.380.93公 24夷发015.003.12.97AA/52030.000/3.10司 24滨控K110.002.662.84AA+/50310.190/2.590149914.SZ22中海0415.003.483.02AAA/AAA4643-0.100/2.730.77148709.SZ24锡公Y15.602.532.97AAA/43020.000/5.090.9148706.SZ24高科019.502.584.97AA+/AA+42030.002.58/2.580133828.SZ24西发K110.002.784.97AAA/42030.000/2.780企 21铜陵建投0111.003.150.04+4AA/AA93660.203.030业 21株洲循环债3.103.30.04+2AA/AA+6865-0.843.050债 20中国诚通债转30.003.170.99AAA/AAA64610.162.190

票息 剩

主体/债项 日均成

净价变

行权/到期 质押比债股债012380023.IB23苏城投债0110.003.865.71AAA/AAA64250.002.7202480065.IB24萧山交投绿色债0110.502.536.98AA+/AA+58020.002.5302180167.IB21蓉高债0110.002.70.04+2AAA/AAA5426-0.092.5902480016.IB24绍交投债0110.002.695+2AAA/4801-0.512.71/2.7102280235.IB22沪地产0320.002.851.13+2AAA/AAA41240.002.38/2.6801680053.IB16首发债12.003.150.79+3AAA/AAA36560.162.9301680080.IB16鲁铁投债20.004.381.88+5AAA/AAA33350.042.4/3.780资料来源：，附录图9：银间质押回购率 图10：交所质押回购率%%

R001 R007

GC001:加权平均 GC007:加权平均%7%65432124-04-2924-04-1524-04-0124-03-1824-03-0424-02-1924-02-0524-01-2224-01-0823-12-2523-12-1123-11-2723-11-1323-10-3023-10-1624-04-3024-04-1624-04-0224-04-2924-04-1524-04-0124-03-1824-03-0424-02-1924-02-0524-01-2224-01-0823-12-2523-12-1123-11-2723-11-1323-10-3023-10-1624-04-3024-04-1624-04-0224-03-1924-03-0524-02-2024-02-0624-01-2324-01-0923-12-2623-12-1223-11-2823-11-1423-10-3123-10-1723-10-0323-09-1923-09-0523-08-2223-08-0823-07-25资料来源：， 资料来源：，图11：商银行普债券益率 图12：商银行普债券用利差% AAA3Y AAA-3Y AA+3Y AA3Y

bp AAA1Y AAA-1Y AA+1Y07/122016/12/122017/05/122016/07/122016/12/122017/05/122017/10/122018/03/122018/08/122019/01/122019/06/122019/11/122020/04/122020/09/122021/02/122021/07/122021/12/122022/05/122022/10/122023/03/122023/08/122024/01/122017-05-122017-10-122018-03-122018-08-122019-01-122019-06-122019-11-122020-04-122020-09-122021-02-122021-07-122021-12-122022-05-122022-10-122023-03-122023-08-122024-01-12资料来源：， 资料来源：，图13：商银行二资本到期收率 图14：商银行二资本信用利差AAA-3Y AA+3Y AA3Y%5.00

bp AAA-1Y AA+1Y 1601401201008060402024-042024-022023-122024-042024-022023-122023-102023-082023-062023-042023-022022-122022-102022-082022-062022-042022-022021-122021-102021-082021-062021-042021-022020-122024-032024-012023-112023-092023-072023-052023-032023-012022-112022-092022-072022-052022-032022-012021-112021-092021-072021-052021-032021-012020-112020-09资料来源：， 资料来源：，图15：商银行永债收率 图16：商银行永债信利差% AAA-3Y AA+3Y AA3Y4.003.753.503.253.002.752023-05-172023-05-272023-05-172023-05-272023-06-062023-06-162023-06-262023-07-062023-07-162023-07-262023-08-052023-08-152023-08-252023-09-042023-09-142023-09-242023-10-042023-10-142023-10-242023-11-032023-11-132023-11-232023-12-032023-12-132023-12-232024-01-022024-01-122024-01-222024-02-012024-02-112024-02-212024-03-022024-03-122024-03-222024-04-012024-04-112024-04-21

bp AAA-1Y AA+1Y AA1Y1008060402023-05-172023-05-272023-06-062023-06-162023-06-262023-07-062023-07-162023-07-262023-08-052023-08-152023-08-252023-09-042023-09-142023-09-242023-10-042023-10-142023-10-242023-11-032023-11-132023-11-232023-12-032023-12-132023-12-232024-01-022024-01-122024-01-222024-02-012024-02-112024-02-212024-03-022024-03-122024-03-222024-04-012024-04-112024-04-21202023-05-172023-05-272023-06-062023-06-162023-06-262023-07-062023-07-162023-07-262023-08-052023-08-152023-08-252023-09-042023-09-142023-09-242023-10-042023-10-142023-10-242023-11-032023-11-132023-11-232023-12-032023-12-132023-12-232024-01-022024-01-122024-01-222024-02-012024-02-112024-02-212024-03-022024-03-122024-03-222024-04-012024-04-112024-04-21资料来源：， 资料来源：，图17：证公司债益率 图18：证公司债用利差bp AAA1Ybp AAA1Y AAA-1Y1501000AAA3Y AAA-3Y AA+3Y AA3Y6.506.005.505.004.504.003.503.002.502016-01-122016-07-122016-01-122016-07-122017-01-122017-07-122018-01-122018-07-122019-01-122019-07-122020-01-122020-07-122021-01-122021-07-122022-01-122022-07-122023-01-122023-07-122024-01-12资料来源：， 资料来源：，表2：中短期票据收益率分位数单位：%等级AAA1YAA+短融AAAA-AAA3YAA+中票AAAA-AAA5YAA+中票AAAA-2024-04-302.142.242.293.752.392.512.594.192.532.652.784.62最小值1.491.721.892.282.232.332.453.882.372.492.664.571/4分位数2.722.883.064.853.143.453.855.583.523.904.376.08中位数3.243.493.805.343.794.114.446.024.124.574.966.503/4分位数4.394.674.925.854.634.995.316.474.845.305.696.88最大值6.336.797.097.706.307.008.009.0010.0011.0012.0013.00现值-中位数(BP)-110-125-151-159-140-160-185-183-159-192-218-188现值分位数6531110030000资料来源：，表3：中短期票据信用利差分位数单位：BP等级AAA1YAA+短融AAAA-AAAAA+3Y中票AAAA-AAA5Y中票AA+AAAA-2024-04-30263641187263846206344659243最小值56789101112131415161/4分位数3345562833351802934165112331中位数41557229440609531546751223453/4分位数52729830647701093335383138359最大值981221793607711015038594117161395现值-中位数-15-20-32-107-14-22-49-109-12-29-63-102现值分位数742062118111资料来源：，表4：中短期票据等级利差分位数单位：BP单位：BP1Y短融3Y中票5Y中票等级AA+/AAAAA/AAAAA-/AAAAA+/AAAAA/AAAAA-/AAAAA+/AAAAA/AAAAA-/AAA2024-04-30101516112201801225209最小值814191020221224251/4分位数112222417392372261267中位数1634252215226927712943/4分位数224826025652883284308最大值4394312489932559106328现值-中位数-6-19-91-9-32-89-15-46-85现值分位数1131920150020资料来源：，表5：中短期票据期限利差分位数单位：BP期限3Y/1YAAA5Y/3Y3Y/1YAA+5Y/3YAA+3Y/1Y5Y/3Y3Y/1YAA-5Y/3Y2024-04-302414261429194343最小值-54-7-52-4-320-2341/4分位数2016252231284733中位数35264234574368473/4分位数5134574273578663最大值1589017211417898181102现值-中位数(BP)-11-12-15-20-27-24-25-4现值分位数3219271323132043资料来源：，表6：城投债收益率分位数单位：%等级AAAAA+1Y城投债AAAA(2)AA-AAAAA+3Y城投债AA AA(2)AA-AAAAA+5Y城投债AAAA(2)AA-2024-04-302.212.272.342.412.522.402.462.522.613.192.572.642.732.943.98最小值1.841.962.192.252.442.272.332.422.523.042.412.472.592.853.811/4分位数2.772.923.123.364.213.143.343.563.975.313.463.684.034.606.00中位数3.243.443.734.115.053.814.114.484.855.924.214.605.105.436.573/4分位数4.494.805.135.295.814.795.165.615.896.475.025.576.066.337.02最大值6.527.107.497.918.567.008.009.0010.0011.0012.0013.0014.0015.0016.00现值-中位数(BP)-103-118-139-170-253-141-165-195-224-273-164-197-237-248-259现值分位数()0.080.070.060.010.040.040.040.040.000.040.040.040.040.000.04资料来源：，表7：城投债信用利差分位数单位：BP等级AAAAA+1Y城投债AA AA(2)AA-AAAAA+3Y城投债AA AA(2)AA-AAAAA+5Y城投债AA AA(2)AA-2024-04-3032384552632733404910738455475179最小值56789101112131415161718191/4分位数3644546819436496694257456291133316中位数4353658823943587711330851711051553563/4分位数5869911252885368931413336081116178379最大值1051321912593548512417025943389120179270442现值-中位数-11-15-20-36-176-16-25-38-64-202-13-26-50-79-177现值分位数()149630510018110资料来源：，表8：城投债等级利差分位数单位：BP等级AA+/AAA1YAA/AAA城投债AA(2)/AAAAA-/AAAAA+/AAA3YAA/AAA城投债AA(2)/AAAAA-/AAAAA+/AAA5Y城投债AA/A AA(2)AA /AAAAA-/AAA2024-04-306132031612217971637141最小值491723312212741330311/4分位数81832103102751187144178244中位数1023411741434682461949962923/4分位数1332612251843882872360124322最大值32911623054810018837844104189387现值-中位数-4-10-21-143-8-22-47-167-12-33-58-151现值分位数()8532200210011资料来源：，表9：城投债期限利差分位数单位：BP期限AAA3Y/1Y 5Y/3Y3Y/1Y5Y/3YAA+3Y/1Y 5Y/3Y3Y/1Y5Y/3Y3Y/1YAA5Y/3Y2024-04-3019171918192121336879最小值-47-5-44-2-366-162-631/4分位数19172323312938365341中位数352742345044635178583/4分