20230506-华安证券-金融债周数据_次级债品种利差整体收窄_存单发行规模缩减_21页_1mb

Bank Subordinated Bonds: This section analyzes bank secondary capital bonds and perpetuals. Supply was unchanged this week, but 2023 cumulative issuance was 2612亿元 (including 2507亿元 secondary capital bonds and 105亿元 perpetuals). Key spreads narrowed across all ratings for credit, valuation differences, and generational maturity gaps, with secondary capital bond spreads varying by rating. Dealing shows low turnover and stable prices, with no non-call redemption incidents this week.

Broker/Insurance/Rent Lease Bonds: Focused on broker securities, credit spreads widened overall except for AAA bonds, and clause-based spreads narrowed for both secondary capital and perpetual bonds. Secondary markets show stable pricing but increased valuation dispersion for certain bonds; no new non-call cases were reported in 2023.

Interbank Certificates of Deposit: Supply saw 1348亿元 issuance with net financing of 789亿元. Interest rates declined across banks, and term structure showed slight decreases in 3-month and 1-year issuance. Spreads narrowed, with historical MLF premium decreasing and credit spreads increasing, reflecting reduced demand or market changes.