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Report Title: Everbright Fixed Income Credit Spread Database_20221028
Report Release Date: October 29, 2022
Analyst: Zhang Xu Practice Certificate Number: S0930516010001
Analyst: Wei Weixiao Practice Certificate Number: S0930519070001
Summary
Credit spreads rose last week in most industries. Among Shenwan first-level industries, the largest credit spread in the AAA-level industry is steel, with an upward 17.7BP, the largest downward 0.6BP; the largest credit spread in the AA+-level industry is building materials, with an upward 123.1BP, and the largest downward Pharmaceutical and Biological , with an downward 14BP; the largest credit spread in the AA-level industry is non-bank finance, with an upward 67.9BP, and the largest downward 3BP.
Both coal and steel credit spreads rose last week. The coal credit spreads of three levels of rose by 6BP, 5.5BP and 4.9BP respectively. The credit spreads of steel at AAA and AA+ levels rose by 17.7BP and up by 9BP respectively.
both urban investment and non-urban investment credit spreads rose last week. The credit spreads of urban investment at the three levels of rose by 3.9BP, up by 5.3BP, up by 9.2BP, up by respectively; the credit spreads of non-urban investment at the three levels of rose by 5.2BP, up by 6.3BP, up by 9BP, up by 9BP, up by 5.2BP, up by 6.3BP, up by 9BP, up by 9BP.
Except for the AA+ private enterprises' credit spreads declined last week, the credit spreads of state-owned enterprises and private enterprises of other levels rose. The credit spreads of central state-owned enterprises at the three levels of rose by 3.5BP, up by 4.2BP, up by 8.4BP, up by 3.7BP, up by 5.9BP, up by 9.6BP, up by 3.7BP, up by 5.9BP, up by 9.6BP, up by 3.7BP, up by 5.9BP, up by 9.6BP, up by 3.7BP, up by 10.5BP, up by 4.6BP, up by 4.7BP, up by 40.7BP, down by 10.5BP, up by 4.6BP, up by 4.
Last week, the credit spread of urban investment in most regions rose.
spread level: The three regions with the highest AAA credit spread last week were Tianjin, Jilin and Gansu, with credit spreads of 246, 175, and 128 BPs respectively; the highest AA+ credit spreads were Gansu, Qinghai and Ningxia, with credit spreads of 1555, 865, and 525 BPs respectively; the highest AA credit spreads were Guizhou, Yunnan and Tianjin, with credit spreads of 830, 570, and 419 BPs respectively.
month-on-month change: AAA-level urban investment credit spreads rose last week, Tianjin with the most upward rise, with 12.8BP; Ningxia with the most upward rise, with 31.7BP, Gansu with the most downward rise, with 340.5BP; Jiangxi with the most upward rise, with 50.1BP, Shanxi with the most downward rise, with 12.4BP.
Credit spread distribution (AAA level)
Credit spread distribution (AA+ level)
Credit spread distribution (AA level)
Note:
1. Each line represents an industry, the darkness of the color indicates the frequency of occurrence at the spread level, the darker the color indicates the more concentrated the distribution; the unit of the first line is %. 2. The data window is from 2014 to present.
3. The data source used in this database is Wind.
4. For details on the database coupon selection standards and algorithms, please refer to the "Detailed Explanation of Credit Spread Algorithm - Explanation of Distribution Database Modeling".
Classification of interest rate spreads by attribute
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points province urban investment
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Key industries Credit spread
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