A China Securities pointed out that the credit bond market performed well in the first nine months of 2024, and the downward trend of spreads remained stable. Against the background of the unexpectedly stable subir policy before the quarter, the stock-debt seesaw effect became prominent, and the credit market once again reached a turning point, and the credit spread was adjusted from the low point. Looking ahead, on the one hand, the sentiment of institutional investors retirar lucro has warmed up, and on the other hand, the potential redemption behavior under the pressure of asset reallocation may cause further upward movement of credit spreads. In the short term, it is more appropriate to focus on asset liquidity in defense. If the credit spread adjusts to 50bps, the value of credit bond allocation may reappear.
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CITIC Securities: If the credit spread is adjusted to 50bps, the value of credit bond allocation may reappear
A China Securities pointed out that the credit bond market performed well in the first nine months of 2024, and the downward trend of spreads remained stable. Against the background of the unexpectedly stable subir policy before the quarter, the stock-debt seesaw effect became prominent, and the credit market once again reached a turning point, and the credit spread was adjusted from the low point. Looking ahead, on the one hand, the sentiment of institutional investors retirar lucro has warmed up, and on the other hand, the potential redemption behavior under the pressure of asset reallocation may cause further upward movement of credit spreads. In the short term, it is more appropriate to focus on asset liquidity in defense. If the credit spread adjusts to 50bps, the value of credit bond allocation may reappear.