Key investment points
Recent market conditions
Issuance achievement rate: 1.5% According to the rating, the issuance success rates of AAA, AA +, AA and AA grade certificates of deposit in the fourth week of February were 92%, 61%, 72% and 41% respectively. Except for AA grade certificates of deposit, the achievement rates of AAA, AA +, AA grade certificates of deposit were improved. 2. In terms of banks, the achievement rates of deposit certificates issued by joint-stock banks, urban commercial banks and rural commercial banks were 93%, 75% and 83% respectively, and the achievement rates of all banks increased compared with last week.
Credit spread: 1 According to the rating, the credit spreads of AAA -, AA +, AA, AA -, a +, a and A-grade inter-bank certificates of deposit for the fourth week of February were 1.09bps, 6bps, 11bps, 24bps, 57bps, 90bps and 128bps respectively 2. According to the banks, the credit spreads of certificates of deposit issued by urban commercial banks and rural commercial banks are 24bps and 19bps respectively.
Overview of issuing market
The issuing interest rates of interbank certificates of deposit for each term: the issuing interest rates of interbank certificates of deposit for each term in the fourth week of February are:
2.24% in one month, 2.46% in three months and 2.56% in six months. Compared with last week, the issuing interest rate of 1-month and 3-month certificates of deposit increased by 3bps, and the issuing interest rate of 6-month certificates of deposit was flat.
Number of issues: 690 interbank certificates of deposit were issued, with a financing of 720.7 billion yuan, and the issuance scale increased slightly compared with last week. As of February 25, there were 16661 inter-bank certificates of deposit in stock, totaling 14316.4 billion yuan.
Term structure of issuance: compared with the previous week, in the fourth week of February, the proportion of interbank certificates of deposit issued for one month, six months and nine months decreased, and the proportion of interbank certificates of deposit issued for three months and one year increased.
Main structure of issuance: compared with the previous week, among the commercial banks issuing interbank certificates of deposit in the fourth week of February, the proportion of state-owned commercial banks, joint-stock banks and rural commercial banks increased, and the proportion of urban commercial banks decreased.
Issuing bank: in the fourth week of February, Shanghai Pudong Development Bank issued interbank certificates of deposit of 36.3 billion yuan, ranking the first, and China Citic Bank Corporation Limited(601998) issued 36.1 billion yuan, ranking the second.
Overview of holders of interbank certificates of deposit
Holder structure: the total amount of certificates of deposit held in Shanghai clearing house was 138476 billion yuan, down from the previous month.
Among them, broad fund holds 7757.9 billion yuan, accounting for 56.0%; Commercial banks hold 4966.1 billion yuan, accounting for 35.9%; Non bank institutions and others held 1123.6 billion yuan, accounting for 8.1%.
Overview of Bank Holdings: rural commercial banks hold certificates of deposit of 2113.5 billion yuan, accounting for 42.6%; State owned commercial banks hold 1007 billion yuan of certificates of deposit, accounting for 20.3%; City commercial banks hold certificates of deposit of 488.8 billion yuan, accounting for 9.8%,; Policy banks held 587.3 billion yuan of certificates of deposit, accounting for 11.8%; Stock banks hold 204.8 billion yuan of certificates of deposit, accounting for 4.1%.
Risk warning: unexpected changes in regulatory policies and unexpected exposure of credit risks.
