Source: Bloomberg
With the further expansion of China's hidden debt replacement areas, the planned debt plan has been promoted in full swing. The domestic urban investment bond market market continues to be broken, and the once silent non -standard financing products have also returned steadily.
Bloomberg's summary data shows that as of mid -April, the average number of ticket interest rates issued by domestic urban investment bonds fell to 2.83%in the month of the month, and it was the lowest since the record. Compared with the cost of the same period last year, the cost was much higher than 4%.During the same period, the average bond issuance period was widened to 3.64 years, which was the highest level in more than four years. Previously, a large number of relying on short debt continued to improve.
Under the clear policy orientation, non -standard financing performance is not bad.Chinese commercial banks and trust companies are reported to actively invest in liquidity support to urban investment companies through the form of direct loans and trust loans.People familiar with the matter said that two head trust companies' financing of urban investment increased by nearly one -third year -on -year in the first quarter of this year.According to the data of Yiyi Trust, it does not include a single trust. In the first quarter of this year, the total amount of trust products used in urban investment financing reached 138 billion yuan, the highest level in the past four years.
"The results of this rotating debt exceeded market expectations," Li Yong, chief solid income analyst of Soochow Securities, said that a package of debt -based debt plans and related supporting policies promoted a large number of local governments to borrow new and old.In the low interest rate, low interest rates, in the asset shortage pattern, the supply -in -the -in -be -in -law pattern will continue in the short term.
The financing platform mainly undertakes the construction tasks of infrastructure projects such as roads, bridges, etc., and has always been one of the key driving forces for China's economic growth. However, it has also caused external concerns due to high debt problems.This concern was very loud.In the middle of last year, a urban investment company in Yunnan completed the market's attention at the last moment.
In a survey last year, Asian investors have greatly increased Chinese local government debt as the number one financial risk in the region.However, in July last year, China proposed a package of debt -based debt programs. People familiar with the matter said that the State Council issued a guidance of providing financial support and eliminating the risk of urban investment debt, including Tianjin, Guizhou and Yunnan.EssenceEarlier this year, the timeliness of the above support is reported to be further extended to the end of 2025, and financing support has also been further expanded to more provinces.
In addition, according to people familiar with the matter, the central government requires the provincial government to ensure that urban investment bonds expired at the end of 2024 can receive reinstatement.A series of debt policies have greatly relieved the pressure of urban investment funds, and some urban investment companies even repay the stock debt in advance.The above -mentioned people who are familiar with the matter are unwilling to be named because the information has not been made public.
Du Yao, senior vice president of Huaxia Fund Investment Department, said that urban investment is one of the important allocation sections of the fund in cross -border solidarity investment.The product has been further increased since July last year.
Narrow spreads
The spread of some local government financing platform bonds has thus reduced the low level of record.According to the data of Bloomberg's summary of China Bonds, the three -year AA -level urban investment bond fell to less than 48 basis points compared with the same period of Treasury bonds.
Sun Zhigang, the fund manager of the Zhejiang Commercial Fund Fixed Income Department of the Zhejiang Commercial Fund with a scale of more than 4.7 billion yuan in its asset management scale, believes that the credit spread of urban investment bonds is rapidly compressed, especially in key provinces' urban investment bonds.Promote the bull market with the bond market.
"We feel that the government is not willing to let the city invest in the past few years in the past few years, so this is why we feel that the urban investment will be relatively secure in the short term." Jingshun Investment Management Advanced InvestmentThe group manager Ding Yifei said.
supply should not be short
Supply and demand mismatch is an important factor that drives urban investment bonds to continue to fall in interest rates.In the context of weak economic weakness, a large amount of funds chase high -quality assets, the institutional allocation needs are strong, and they have invested in urban investment bonds with blessings of the debt policy. In the context of strict control of new debt, this year's urban investment bond issuance plan has encountered a wave of veto.Essence
Li Yong pointed out that the high strict situation of urban investment financing approval may continue. In addition, the government's special bonds can partially replaced the urban investment bonds as "key projects".The pattern will continue in the short term.
