20240302-华安证券-固收周报_二永交易热度提升_券商债利差压缩_12页_2mb

报告摘要

Supply: No secondary capital bonds or perpetual bonds issued in the month.
Spread Changes: Secondary capital bonds saw credit spread narrowing and call provision spread widening. Perpetual bonds showed both credit and call spreads widening.
Trading Activity: Secondary capital bond turnover decreased slightly, while perpetual bond turnover increased significantly due to higher trading interest.
Risk Event: No new non-call events reported for the year.

Supply: Brokers issued 80 billion ordinary bonds and 10 billion short-term financing notes; no subordinated bonds. Year-to-date totals include various issuance volumes.
Spread Changes: Credit spread and term spread narrowed. Secondary and perpetual bond call spread also narrowed.

Supply: High issuance volume this week, with major banks raising 56.74 billion, net financing positive.
Term Structure: Shift to longer terms, promoted issuance. One-year CDs now at 47.7% of total issuance.
Rate Changes: Yield curve steepened, increasing spreads. AAA and lower-rated spread differences widened for some ratings.