【Zheshang Bank FICC Fixed Income】Primary issuance of credit bonds 20240416

【Zheshang Bank FICC Fixed Income】Primary issuance of credit bonds 20240416###

Today, 61 first-class credit bonds were newly issued, including 33 ultra-short-term financing, 22 medium-term bonds, and 6 PPNs, with a total issuance scale of 59.704 billion yuan.

In the open market, a 7-day reverse repurchase operation of 2 billion yuan was carried out on the same day, and another 2 billion yuan of reverse repurchase expired, so the central bank completely hedged the maturity in a single day. On Tuesday, the supply of funds in the interbank market was still abundant, and the funding rate did not change much, and there may be a slight disturbance near the tax period. In terms of credit first-level bonds, there are more bid-off bonds today, mainly with the participation of funds and wealth management, and it is still a low-valuation transaction market, with short-term bonds converging to 2% and medium- and long-term converging to 2.5%-2.7%.

Ultra-short melting & short melting

▼33 (36.2 billion)

Today's short-term coupon supply is not much compared with the medium-term ticket, and the institution is further chasing down, and the final ticket is towards 2% convergence.

In terms of AAA, 150D's 24 Qingdao Chengtou SCP001, with an issuance scale of 1.7 billion yuan, more than 3 times the participation of the whole market, chasing down significantly, the yield converged to 2%, and finally issued at 2.09%, with the same subject 164D+6Y 21 Qingcheng G9 secondary exercise yield of 2.19%.

In terms of AA+, 270D's 24 Xihai Public SCP001 issued 400 million yuan, with more than 2 billion yuan of funds participating in the subscription, with fund bidding, with a low valuation of nearly 13bp at 2.38%, a margin of 26 times, and 24 Xiamen assets SCP002 with the same maturity, with an issuance scale of 300 million yuan, 3 times that of the whole market, with high market recognition, and funds, wealth management and trusts chasing low, and finally issuing at a low valuation of 2.38%.

In terms of AA, 166D's 24 Kangxin New Material SCP001, with an issuance scale of 500 million yuan, and Wuxi Caitong Financial Leasing Co., Ltd. provided a guarantee, due to relatively weak qualifications, it was finally issued at 2.9%, 1.86 times the whole market, which is one of the few short-end high-yield bonds left in the existing market.

Medium ticket

▼22只（229.14亿）

Today, there are more bids in the middle of the bid, the mood is also excited, and the fund has a strong willingness to chase down, and continues to pull out the long-term returns.

In terms of AAA, 15Y's 24 Anhui Traffic Control MTN003 (Rural Revitalization), with an issuance scale of 1 billion yuan, 3.36 times the whole market, and the participation of wealth management and bank self-management, finally issued at 2.84%, with the same 9.8Y 24 Anhui Traffic Control MTN001 secondary valuation of 2.73 MTN008A%; N's 24 Gui trading MTN008B, with an issuance scale of 800 million yuan, and the participation of brokerage asset management, the sentiment is also hot, and the whole market is 3.. 38 times, the final issuance is 2.76%; 3Y's 24 Suzhou Trading Investment MTN001 (Rural Revitalization), with the issuance scale of 1 billion yuan, with fund participation, the whole market is more than 5 times, the price is obviously lowered, and the low valuation is issued at 2.38%; 10Y's 24 Chang Gaoxin MTN001, with an issuance scale of 1 billion yuan, 2 times the whole market, 3.08% of the par, and a marginal multiple of 1.77;10Y's 24 Yuexiu Transportation MTN001, with a scale of 1 billion yuan, fund participation, 2.31 times the whole market, and the final par 2.84%.

In terms of AA+, 5Y's 24 Yichang High-tech MTN002, with an issuance scale of 300 million yuan, with the participation of funds and banks, with a low valuation of 12bp at 3.0% and a multiple of 4.8 times the whole market, and 3Y's 24 Xiamen Torch MTN001, with an issuance scale of 500 million yuan, has attracted the attention of investors, with funds and financial management participating in chasing low, and finally the low valuation of 10bp was issued at 2.55% of the face value, 5.9 times the whole market, and the margin is 1.4 times.

PPN

▼6 (590 million)

In terms of AA+, 3Y's 24 Bengbu Zhongcheng PPN001 has an issuance scale of 880 million yuan, nearly 6 times that of the whole market, and a final coupon rate of 2.78%, which is significantly low in valuation, and has the participation of brokers.

summary

On Tuesday, the interbank bond market continued Monday's market, with the yield curve flattening further, the short end pulling back, and the long end continuing to strengthen slightly. The supply of primary credit is still at a high level, issuers continue to take advantage of the trend to extend the duration of liabilities, the cut-off volume of medium-term bills is significantly more than that of short-term financing and ultra-short-term financing, the number of new bonds issued above 10Y has increased significantly, funds and wealth management are mainly involved, low valuation is issued in the market, and coupon income is continuously compressed.

Bookkeeping results

----SCP&CP----

[2.35] 24 Future Technology SCP002: 240D, AA, 200 million, state-owned enterprise, Jiangsu Province

[2.90] 24 Holley SCP001: 240D, AA+, 200 million, private enterprise, Zhejiang Province

[1.98] 24 Suzhou High-tech SCP021: 101D, AAA, 100 million, state-owned enterprise, Jiangsu Province

[2.13] 24 Qutong Development SCP004: 269D, AA+, 300 million, state-owned enterprises, Zhejiang Province

[2.00] 24 Nanxingong SCP002: 240D, AAA, 1 billion, state-owned enterprise, Jiangsu Province

[1.87] 24 Zhangjiangji SCP002: 269D, AAA, 1 billion, state-owned enterprise, Shanghai

[2.21] 24 Jinhua Rail Transit SCP002: 269D, AA+, 245 million, state-owned enterprise, Zhejiang Province

[2.20] 24 Feida Environmental Protection SCP001: 240D, AA+, 300 million, state-owned enterprise, Zhejiang Province

[1.93] 24 Jingneng Clean Energy SCP001: 248D, AAA, 1.7 billion, state-owned enterprise, Beijing

[1.75] 24 Longyuan Power SCP007: 86D, AAA, state-owned enterprise, Beijing

----MTN----

[2.75] 24 Sichuan Expressway MTN005 (Rural Revitalization): 5Y+N, AAA, 1 billion, state-owned enterprise, Sichuan Province

【2.88】 24济南高新mutton002: 5y, aa, 20亿, 国企, 山东省

[3.11] 24 Linfen Investment MTN003: 3Y+2Y, AA+, 500 million, state-owned enterprise, Shanxi Province

【2.83】 24江西交投MTN005: 15Y, AAA, 20亿, 国企, 江西省

[2.63] 24 Changji Prefecture MTN001: 3Y, AA+, 500 million, state-owned enterprise, Xinjiang Uygur Autonomous Region

【2.89】 24西岸旅游mutton001a: 2y+1y, aa, 3亿, 国企, 山东省

【3.59】 24津城建MTN017: 5Y, AAA, 10亿, 国企, 天津市

【2.81】 24海发宝诚MTN002: 3Y, AAA, 8亿, 国企, 上海市

[2.79] 24 Lhasa Chengtou MTN001: 5Y, AA+, 280 million, state-owned enterprise, Tibet Autonomous Region

【2.75】 24抚州文旅MTN001: 3Y, AA, 5亿, 国企, 江西省

[2.82] 24 Datang Ji MTN003: 10Y+N, AAA, 1 billion, state-owned enterprise, Beijing

【2.43】 24川投能源mutton001: 3y+2y, aa, 10亿, 国企, 四川省

【3.77】 24钦州开投mutton001a: 3y+2y, aa, 4.38亿, 国企, 广西壮族自治区

[4.35] 24 Qinzhou Kaitou MTN001B: 5Y, AA, 400 million, state-owned enterprise, Guangxi Zhuang Autonomous Region

[3.08] 24 West Coast Tourism MTN001B: 3Y, AA, 200 million, State-owned enterprise, Shandong Province

【3.15】 24津保投MTN002: 3Y, AAA, 15亿, 国企, 天津市

[2.38] 24 FAW Leasing MTN001: 1.58Y, AAA, 1 billion, state-owned enterprise, Tianjin

----PPN----

【2.78】 24太湖湾PPN004: 3Y, AA, 5亿, 国企, 江苏省

【2.87】 24黄石城发PPN001:3Y,A+,2.4亿,国企,湖北省

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