The securities research information involved in this subscription account is compiled by the fixed income research team of Everbright Securities and is only available to professional investor clients of Everbright Securities, and is used for the communication of research information and research views in the new media situation. If you are not a professional investor of Everbright Securities, please do not subscribe, receive or use any information in this subscription account. We apologize for the difficulty in setting access permissions for this subscription account, and for any inconvenience caused. Everbright Securities Research Institute will not regard relevant persons as clients of Everbright Securities because of their attention, receipt or reading of the content pushed by this Subscription Account.
Report Title: Everbright Fixed Income Credit Spread Database_20240802
Report Release Date: August 3, 2024 Analyst: Zhang Xu Practice Certificate Number: S0930516010001 Contact: Qin Fanghao
summary
Sector credit spreads were mixed last week. Among the first-class industries in Shenwan, the AAA-rated industry credit spread has the largest upward trend for electrical equipment, with an upward trend of 1.7BP, and the largest downward trend is for computers, with a downward trend of 6.7BP; the largest upward credit spread of AA+ industry is textile and garment, with an upward trend of 48.3BP, and the largest downward trend is media, with a downward trend of 4.2BP; the largest upward credit spread of AA-rated industries is pharmaceutical and biological, with an upward trend of 3.9BP, and the largest downward trend is non-bank finance, with a downward trend of 11.7BP. Last week, coal credit spreads fell as a whole, and steel credit spreads rose as a whole. The three levels of coal credit spreads fell by 0.3BP, 3BP and 1.5BP respectively. AAA and AA+ steel credit spreads rose by 1.1BP and 1.3BP respectively. Credit spreads across all grades of urban and non-urban investment fell last week. The credit spreads of the three grades of urban investment fell by 2.1BP, 3.2BP and 1.4BP respectively, while the spreads of the three levels of non-urban investment credit fell by 0.6BP, 1.5BP and 2.7BP respectively. Credit spreads between state-owned and private enterprises were mixed last week. The credit spreads of the three levels of central state-owned enterprises went up by 0.4BP, 0.6BP and 0.7BP respectively, the credit spreads of local state-owned enterprises fell by 1.9BP, 2.7BP and 2.3BP respectively, and the credit spreads of private enterprises at the three levels fell by 0.9BP, 2BP and 4BP respectively. Credit spreads were mixed last week. Spread level: The three regions with the highest AAA credit spreads last week were Yunnan, Jilin and Guizhou, with credit spreads of 83, 64 and 61BPs respectively; The AA+ credit spreads were the highest in Qinghai, Yunnan and Liaoning, with credit spreads of 132, 111 and 100BPs respectively. The AA-rated credit spreads were the highest in Shandong, Guangxi, and Sichuan, with credit spreads of 111, 90, and 89BPs, respectively. MONTH-ON-MONTH CHANGE: LAST WEEK, THE MOST UPSIDE AAA CREDIT SPREADS WERE CHONGQING, UP 3.7BP, YUNNAN, DOWN 7.9BP, THE MOST DOWNSIDE were IN GUANGXI, DOWN 17.8BP, AA-RATED CREDIT SPREADS WERE THE MOST UP, SHANGHAI, UP 1.2BP, AND SICHUAN WITH 10.1BP. Risk warning: There are errors in the results due to data sources or statistical methods.
Credit Spread Distribution (AAA)
Credit Spread Distribution (AA+)
Credit Spread Distribution (AA)
Concentrate:
1. Each row represents a sector, the shade of color indicates the frequency of occurrence at that spread level, and the darker the color indicates the more concentrated the distribution; The first line is in %.
2. The data window is early 2014 to date.
3. The data source used in this database is Wind.
4. For details of the database bond selection standards and algorithms, please refer to the "Detailed Explanation of Credit Spread Algorithm - Modeling Instructions for Spread Database".
Spread profiles by attributes
Note: To download the full database, please contact Everbright Fixed Income Research Team
Provincial urban investment
Note: To download the full database, please contact Everbright Fixed Income Research Team
Credit spreads in key sectors
Note: To download the full database, please contact Everbright Fixed Income Research Team
Selected Past Research Reports
►Interest Rate Bonds (Zhang Xu/Li Shuchuan)
Reflections on the method of issuance of special government bonds
The 10bp drop is both reasonable and appropriate
Why do we think yields are currently low?
Two issues that concern us in the bond market
►Credit Bond (Wei Weixiao/Dong Nairui/Qin Fanghao)
Walk into Jining, the "hometown of Confucius and Mencius".
The whole picture of the regional economy of Henan Province - the third series of provincial-level regional economic data tracking
The overall picture of the regional economy of Sichuan Province - the second series of provincial-level regional economic data tracking
You can still pay attention to the investment opportunities of the second permanent bond
Walk into Changxing, the "ancient town of tea".
Walk into Haining, the "leather capital".
►Convertible bonds (Fang Yuhan / Mao Zhenqiang)
The convertible bond market adjusted slightly, and the conversion premium rate increased slightly