Interbank New Debt Issuance Volume &Nbsp; Enterprises Turn To Credit Debt Financing.

The latest data released by Clearing Corp, the central government debt register, shows that the interbank market of China in March this year

Statistics show that in March this year, the number of new debt issuance in the interbank market reached 1 trillion and 60 billion yuan, which was 2.5 times and 2.2 times higher than that in February and January respectively.

Among them, the Treasury bonds issued 118 billion yuan, the central bank bills issued 317 billion yuan, and the policy bank bonds issued 329 billion 900 million yuan.

In addition, the issuance of credit bonds including corporate bonds, short-term financing bills and medium-term notes amounted to 275 billion 418 million yuan, accounting for nearly 30% of the total amount of new debt issued in that month.

Analysts pointed out that due to factors such as the Spring Festival, the first two months of the year

In the first two months of this year, the central bank issued a "freezing period".

As interest rate expectations are strong, the central bank's one or two tier market interest rates hang upside down, leading to continuous issuance of central bank tickets.

In March, with the central bank raising the interest rate of the central bank and meeting the two level of market interest rates, the issuance of central bank tickets was gradually thawed.

In March, however, the more notable thing was the blowout of credit debt issuance.

From the aggregate point of view, the issuance of credit bonds increased by 75% in March compared with the same period last year. Among them, corporate bonds, short-term financing bills and medium-term notes were issued 33 billion 988 million yuan, 127 billion 550 million yuan and 113 billion 880 million yuan respectively, representing an increase of 72%, 74% and 77% over the same period last year.

From the first quarter, China's credit bond issuance reached 457 billion 988 million yuan, an increase of 25% over the same period last year.

Analysts say that as the Central Bank continues to tighten its monetary policy, commercial banks have tightened their control over the credit market this year, and credit resources have become very tight, prompting enterprises to turn to other financing channels and promote the massive issuance of credit bonds.

The central bank has raised the required reserve requirement rate for the three time this year to tighten the liquidity of the banking system.

In addition, the central bank announced yesterday that it raised the benchmark lending rate by 0.25 percentage points, which was the second increase in interest rates during the year. The benchmark lending rate for 1~3 increased by 30 basis points to 6.40%, which means that the cost of corporate loans will further rise and loan demand will decline.

Analysts point out that this will make enterprises more likely to raise funds through the channels of bond issuance.

In addition, promoting the development of the credit debt market is also in line with the policy direction of the national direct financing market.

Liu Chengxiang, a Clearing Corp registered by the central government debt, said in a media interview that further promotion of corporate bond financing is still the direction.

Because the overall scale of China's bond market is still relatively low, there will be great room for development in the future. The space of credit bonds is also very large. In the future, the ratio of credit debt to total debt will also increase.

The new debt issuance blowout led to an increase in interbank bond holdings in March.

Data show that as of the end of 3, the interbank market bond holdings amounted to 20 trillion and 80 billion yuan, an increase of 167 billion 488 million yuan from last month.

Among them, the trusteeship of credit debt reached 3 trillion and 770 billion yuan, accounting for 18.8% of all bond trusteeship.

However, due to the huge amount of bonds matured, the national debt of commercial banks in March decreased by 97 billion 853 million yuan, with a balance of 13 trillion and 800 billion yuan.

In addition, funds, insurance and securities companies increased their debt holdings by 24 billion 237 million yuan, 20 billion 405 million yuan and 19 billion 256 million yuan in March respectively.