20230530-华创证券-_债券周报_高收益债市场观察（第三十六期）_风险情绪或有所升温_17页_1mb

High Yield Bond Market Summary

Market Activity

• High-yield bond trading volume increased significantly, with total成交 amount rising from 3,633 billion yuan to 3,699 billion yuan due to the low base effect from the May Day holiday closure.
• High-discard trading increased from 205.9 billion yuan to 285.0 billion yuan, and the median high valuation deviation rose from 132 BP to 189 BP, indicating a warming risk sentiment.

Risk Sentiment

• Risk appetite heightened as shown by higher discard rates and wider valuation deviations, particularly in real estate, where the deviation jumped to -1,155 BP.
• Regional changes: High-yield bond trading in Tianjin and Shandong decreased, while Yunnan and Qinghai saw increases, reflecting shifts in investor focus.

Key Findings

• Sector Distribution: Infrastructure (90.45%) dominated, followed by real estate (6.04%), comprehensive (5.55%), and construction (0.35%).
• Corporate Trends: Companies like Dangdai Group, Ocean King Holdings, and Country Garden saw mixed changes in low-price成交 amounts.
• Bidding Dynamics: City investment entities accounted for significant activity, with high discard frequencies in infrastructure and real estate.

Risks and Concerns

• Data discrepancies possible due to measurement errors.
• Unforeseen credit risks highlighted, including high leverage and slow project recoveries for key players.