"AAA on all screens" The stratified function of the credit bond market needs to be reshaped urgently
2025-09-21 23:33:07
September 22 news, from January to August 2025, our country's new issuance of general corporate bonds accounted for 85% of AAA grade, much higher than 40% in 2016. Industry insiders said that this phenomenon is not an inflated rating, but the state-owned enterprises become the main body of bond issuance, investment side risk appetite decline and other factors. However, the excessive concentration of high ratings, industry insiders said, may weaken the role of credit ratings in risk identification and pricing, leading to credit spreads continue to compress, which drives the credit bond market from "holding maturity" to "band trading" shift. All parties in the market called for speeding up the construction of a highly differentiated rating system, cultivating a multi-level investor structure, and promoting the transformation of the rating industry from "scale expansion" to "quality improvement" in order to reshape the stratified function of the credit bond market.
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