20231216-华安证券-固收周报_3M以下存单发行占比约56__12页_1mb

Fixed Income Weekly Report Summary

• Bank Subordinated Debt: This week's issuance was significant, with secondary capital bonds at 3,405 billion yuan and perpetual bonds at 20 billion yuan. Trading activity increased, marked by higher turnover rates (e.g., secondary capital bond turnover up 34BP, perpetual bond up 88BP), but yield spreads narrowed, with credit and term spreads compressing in some cases.

• Brokerage Bonds: Supply saw net financing of 41 trillion yuan with issuance of 678 billion yuan. Credit and term spreads widened, while term spreads for secondary capital bonds increased later in the week, but perpetual bond term spreads narrowed significantly.

• Interbank Certificates of Deposit: Issuance totaled 8,148 billion yuan with net financing of 2,311 billion yuan. A key shift is the 56% share in 3-month or less CDs, with 1-year rates declining to 2.6%. Over-all yields decreased, and term gaps expanded slightly.

• Risk Warning: The report highlights potential non-redemption risks, noting a history of secondary capital bond failures.