信用债一级市场观察：哪些主体在发债

规范、专业、创新 请阅读最后一页重要免责声明 1 华鑫证券·固收专题 证券研究报告·信用债报告 华鑫证券 研究发展部 证券分析师： 刘浏 执业证书编号：S1050518030001 电话：021-54967585 邮箱：liuliu@cfsc.com.cn 华鑫证券有限责任公司 研究发展部 地址：上海市徐汇区肇嘉浜路 750 号 邮编：200030 电话：（86 21）64339000 网址：http://www.cfsc.com.cn 摘要：  目前，企业在信用债市场上的融资环境正在逐步改善。这种逐步改善主要体现在以下几个方面：第一，公司类主要信用债品种发行量和净融资金额同比增加；第二，整体发行利率处于下行阶段；第三，部分企业发行期限有所延长。但对于不同企业性质和评级主体，情况有一定差异。对于民企，5 月整体发行规模同比有所弱化，但低评级主体融资有改善趋势，同时发行利率整体也处于下行区间。对于低评级主体，虽然净融资金额持续为负，但自 2018 年 11月后净融资净流出额度有所收窄，发债环境也相应有所改善。  2019 年 1-5 月，从发行规模和净融资来看，城投债整体融资良好。分区域情况来看，江苏、浙江和四川三个区域发行量和净融资规模均较高，其中，江苏区域发行规模和净融资规模远高于其余区域。从发行利率来看，辽宁、贵州、湖南、吉林、黑龙江等区域发行利率较高，其中，前三个区域发行年限也相对较长，一定程度上影响了其发行利率，但后两个区域中，发行期限并未显著高于其余区域，反映其城投主体融资成本较高。  2019 年 1-5 月，产业债整体融资情况良好，但各行业有一定差异。从发行情况来看，公用事业、钢铁行业发行规模、净融资金额不低，且同比增加较高。而轻工制造行业从规模来看同比下降较多，其融资成本较高，发行期限较短，显示行业融资上存在一定压力。行业内部，不同企业性质存在一定差异，多数行业中，国企融资规模更高，且发行利率更低，但小部分行业中，如：汽车和电气设备，民企融资成本更低。  风险提示：信用风险事件对市场的影响。2019 年 6 月 13 日 固收专题 信用债一级市场观察：哪些主体在发债？ 规范、专业、创新 请阅读最后一页重要免责声明 2 固收报告·信用债报告 目录 一、信用债一级市场概览 ........................................................................................................................................3 （一）发行规模 ···························································································································································· 3 （二）发行利率 ···························································································································································· 5 （三）发行期限 ···························································································································································· 5 （四）小结 ···································································································································································· 7 二、城投债视角 .......................................................................................................................................................7 （一）各区域发行规模 ················································································································································ 7 （二）各区域发行利率及期限 ···································································································································· 8 （三）部分区域具体发行情况 ···································································································································· 9 （四）小结 ·································································································································································· 12 三、产业债视角 ..................................................................................................................................................... 12 （一）各行业发行规模情况 ······································································································································ 12 （二）各行业发行利率、期限情况 ············································