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短债理财持有的城投债中,AA(2)等级的规模占比最大(2023Q3末,按最新的隐含评级)
短债理财持有的城投债中,AA(2)等级的规模占比最大(2023Q3末,按最新的隐含评级)
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银行业理财持仓全景扫描系列(二):起底短债理财-240409(42页).pdf
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2018年以来5年期AA中债城投债到期收益率大幅下降
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行业数据
2025-01-02
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短债理财持有的城投债中,规模前三大地区为江苏、浙江、重庆,三地均为区县级占比最大(2023Q3末)
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2024-04-10
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11月中旬以来城投债收益率大幅上行(%)
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2022-12-26
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AA(2)级城投债被短债理财重点挖掘。通常以 AA(2)为分界点,中债市场隐含评级 AA(2)及以上品种的违约风险相对可控,而 AA-及以下违约风险明显上升。在短久期偏好下,短债理财倾向于在 AA(2)挖掘超额价值,2023Q3 末持仓的城投债中AA(2)占比最高,为 52.5%,AA 级以 26.4%次之,两者合计近 80%。省份来看,仍是江苏、浙江和重庆的 AA(2)占比最大,而 AA-级则主要分布在重庆、陕西等地。
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原图定位
当前图表所属:
银行业理财持仓全景扫描系列(二):起底短债理财-240409(42页).pdf
新的监管规定已限制债基投资等级较低的信用债
理财投资公募基金可豁免一层嵌套
假设协议存款利率下降30BP,静态测算短债理财收益率或将下降16BP
相较于现金管理类理财,短债理财的投资范围+久期+杠杆率要求更为宽松,但大多须使用市值法
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