The issuance window enters the "ideal period". The issuance of floating-rate bonds has doubled.

In the face of continuous pressure on net interest margins in commercial banks, increasing demand for interest rate risk management, and policy promotion, the issuance of floating rate bonds in the domestic market has significantly rebounded. As of September 20th, the number of floating rate bond issuances this year reached 97, with a total issuance amount of 275.57 billion yuan, an increase of 123.5% year-on-year. Among them, policy banks accounted for more than 80%, and commercial bank bonds and subordinated bonds have issued a total of 38.9 billion yuan since resuming issuance in June. Industry insiders predict that the issuance of floating rate bonds will gradually become normalized in the future, with a longer-term maturity structure, and the defensive investment value in a fluctuating interest rate environment is becoming increasingly prominent. In this context, investors need to pay attention to the impact of interest rate cycle changes on issuance pace.