Source: Bloomberg

Tianjin City Investment Supervisor has been sought after by funds, and the subscription multiple of AA -level bonds has reached a record high since this month. Under the background of the improvement of localized bonds, the popularity of the market has increased significantly.

The data summary of the Huan Securities Research Report Research Report shows that since entering the third quarter, the emotions of the urban investment bond market have rapidly improved, and the high and low and medium rating performance is better.And the subscription multiples of the main administrative level rating bonds have risen as a whole.

In terms of the

period, the report shows that the average subscription multiple of the monthly bonds within one -year bonds hit a record high of 4.6 times; the subscription multiple of bonds for one to two years has been recorded 3.9 times, which is the high point in the past year.In contrast, the subscription multiples of bonds above three -year period have not been significantly upward.

The sinking market of urban investment bonds shows that when the risk of the real estate and trust industry is released, investors chase assets with good liquidity and relatively high margins of security.Earlier, the plan to Chinese government debt, including re -financing bonds, re -boosted the market's confidence in urban investment.

In addition, Li Yan, an analyst of CITIC Securities, said that the enthusiasm for the active subscription of urban investment bonds is also an inevitable in the context of interest rate cuts. The downturn in the rights market and the real estate industry, investors chase a short period of time and high interest rate bond productsEssence

In the

In the secondary market, the spread of urban investment bonds with a short period of low rating is narrowing significantly.According to Bloomberg's compilation data, China's AA-rating one-year urban investment bonds have narrowed to a new low in the past three years compared with the same period of national bond credit.

However, Hua An Securities also pointed out in the report that although the AA-class bond subscription multiple has improved, it is still in normal interval, and the room for further compression is not large.It is not recommended to over -sink the tail area, and the short -term strong liquidity is the main direction of the offense.

"Available in areas or subjects with a relatively large scale of debt issuance like Jincheng Construction and relatively high proportion of short -term bonds may still have some compression space, and at the same time, it has the advantages of liquidity.The investment experience of the person, "Hua'an Securities said in the report.

Last week, the main rating AAA-Tianjin City Investment Group issued 1.5 billion yuan in the short-term financing coupon, which was subscribed for more than 70 times market funds.The Hua'an report shows that since this month, Tianjin City Investment Bonds has been subscribed by more than 13 times.