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无评级调整的发行主体。本周（4.01-4.07）非金融企业短融、中票、企业债和公司债合计发行约1292.14亿元，总发行量较上周下降，偿还规模约1171.31亿元，净融资额约120.83亿元；其中，城投债（分类）约252.16亿元，偿还规模约484.29亿元，净融资额约-232.13亿元；产业债约1024.43亿元，偿还规模约769.97亿元，净融资额约254.46亿元。信用债的单周发行量较上周（3.25-3.31）下降，总偿还量下降，净融资额上升。短融发行量下降，总偿还量下降，净融资额由负转正；中票发行量下降，总偿还量下降，净融资额下降；企业债发行量上升，总偿还量上升，净融资额为负；公司债发行量下降，总偿还量下降，净融资额为负。图1：信债发行及净资量走势 图2：城债发行及净资量走势资料来源：， 资料来源：，具体来看，一般短融和超短融发行645.57亿元，偿还396.30亿元，净融资额-200.24亿元；中票发行431.97亿元，偿还290.90亿元，净融资额141.07亿元。上周企业债合计发行5亿元，偿还37.18亿元，净融资额-32.18亿元；公司债合计发行209.60亿元，偿还446.93亿元，净融资额-237.33亿元。图3：非融企业融发量及净资量势 图4：中发行量净融量走势 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 资料来源：， 资料来源：，银行间和交易所信用债合计成交47858.12亿，总交易量相比上周下降。分类别看，银行间短融、中票和企业债分别成交1595.28亿元、2102.52亿元、106.99亿元，交易所公司债和企业债分别成交1901.42亿元和75.06亿元。图7：银间信用成交额 图8：交所信用成交额资料来源：， 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上升。公司债成交活跃债券净价上涨数小于下跌数，企业债成交活跃债券净价上涨数小于下跌数。总的来看公司债净价上涨347只，净价下降361只；企业债净价上涨179只，净价下跌250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()133801.SZ24昆投01104.82.97AA+/111470.004.78/4.790149481.SZ21不动02203.90.13AAA/AAA96360.060/5.730.6133809.SZ24电建F2103.544.97AAA/91060.003.54/3.540148645.SZ24深业0252.84.93AAA/7610-0.020/2.80.89公 21中海01203.250.19AAA/AAA76020.000/2.340.77149549.SZ债21中海04203.251.26AAA/AAA7180-0.022.41/3.070.81133784.SZ24闽金K1122.631.95AAA/6887-0.490/2.890148629.SZ24广晟K01152.552.92AAA/67990.050/2.590.89133806.SZ24衢资D1152.420.97AA+/67970.000/2.530114948.SZ21滨江01203.11.96AA+/AA+64340.070/2.750企 20中国诚通债转30.003.174.21+10AAA/AAA157600.022.440

票息 剩

主体/债项 日均成

净价变

行权/到期 质押比司业 股债债2180529.IB21成华国资018.004.22.73+2AA+/AA+74910.782.75/3.0402280061.IB22宁东债11.004.22.92+2AA/AA+62421.772.83/3.3502080260.IB20温国控债018.004.53.43AA+/AA+60960.002.6802180152.IB21铜陵建投0111.005.380.06+4AA/AA4946-0.391.89/3.1302280192.IB22乌城投债0118.003.653.08+5AAA/AAA42440.002.7/3.2501680053.IB16首发债12.003.150.81+3AAA/AAA40470.002.9802480029.IB24湖州城投债0111.002.734.92+2AAA/AAA39880.022.84/2.8101880284.IB18宜昌绿色债30.005.954.7+5AA+/AA+35762.524.710NPB1924021.IB19兴国项目债6.007.282.64AA-/AA+3507-0.053.80资料来源：，附录图9：银间质押回购率 图10：交所质押回购率资料来源：， 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-2024-04-072.292.392.444.112.462.602.704.542.612.792.934.98最小值1.491.721.892.282.332.552.703.882.592.782.934.591/4分位数2.722.893.064.863.153.463.865.603.533.914.396.08中位数3.253.503.815.343.804.114.456.024.134.584.966.503/4分位数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现值-中位数(BP)-96-111-138-124-133-151-175-148-152-179-203-153现值分位数7651300070004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-2024-04-07455560227314555239345367271最小值56789101112131415161/4分位数3345572833451802934165112331中位数41567329440609631547751223453/4分位数537310030648711093335383138359最大值981221793607711015038594117161395现值-中位数40-12-66-9-15-41-77-12-22-55-74现值分位数6049323139238424资料来源：，表4：中短期票据等级利差分位数单位：BP等级AA+/AAA1YAA/AAAAA-/AAAAA+/AAA3YAA/AAAAA-/AAAAA+/AAA5YAA/AAAAA-/AAA2024-03-29101519014242152035243最小值814191021221224251/4分位数112222417392372261267中位数1634252215226927712943/4分位数224826025652883284308最大值4394312489932559106328现值-中位数-6-19-62-7-28-54-7-36-51现值分位数134211012114222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/3Y2024-04-071814221927234443最小值-54-7-52-4-320-2341/4分位数2017252331294833中位数36264234574469473/4分位数5135584273588764最大值15892172114178100181102现值-中位数(BP)-18-12-20-15-30-21-25-4现值分位数2120222021172044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-2024-04-072.322.382.442.502.692.552.612.702.813.342.622.722.893.094.20最小值1.841.962.202.292.602.382.552.692.803.342.622.722.843.033.811/4分位数2.813.003.233.384.283.223.513.743.985.393.603.844.164.626.07中位数3.303.493.814.125.123.884.184.564.865.954.284.745.195.446.613/4分位数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现值-中位数(BP)-98-112-137-162-243-133-156-186-205-261-166-202-231-235-241现值分位数()0.050.030.030.020.010.000.000.000.000.000.000.000.000.000.02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-2024-04-0749556167863946546511836466282193最小值56789101112131415161718191/4分位数3644556819436506795257456292134316中位数4454668823943587811430852711051553563/4分位数5970921272885468941423336081116178379最大值1051321912593548512417025943389120179270442现值-中位数51-5-22-153-4-12-24-48-190-16-25-43-73-163现值分位数()605240225341483042320资料来源：，表8：城投债等级利差分位数单位：BP单位：BP1Y城投债3Y城投债5Y城投债等级AA+/AAAAA/AAAAA(2)/AAAAA-/AAAAA+/AAAAA/AAAAA(2)/AAAAA-/AAAAA+/AAAAA/AAAAA(2)/AAAAA-/AAA2024-04-0761218377152679102646157最小值491723314232741730311/4分位数81832103112852187154179244中位数1023421741435682461949962923/4分位数1332612251843882872360124322最大值32911623054810018837844104189387现值-中位数-4-11-24-137-7-20-42-167-9-23-49-135现值分位数()8203601165214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/3Y2024-04-072282411261931286586最小值-47-5-44-2-366-162-631/4分位数19172323313039365341中位数352842345044635178583/4分位数533759446855826810376最大值15494155101154121157101231132现值-中位数(BP)-13-20-19-23-24-25-32-24-1328现值分位数29726519818143687资料来源：，表10：商业银行普通债收益率分位数单位：%等级AAA1Y商业银行普通债AAAAA3Y商业银行普通债AAAAA5Y商业银行普通债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分位数2.622.632.692.802.852.882.973.163.103.153.243.46中位数2.902.993.093.213.233.