Brokerages share the “cake” of the 4.5 trillion yuan credit bond underwriting market in the first quarter, with CITIC, Guotai Junan Securities, and CITIC Construction Investment securing the top three positions.

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Cailian Press April 2 (edited by Zhang Liang, intern Huang Jiahui) With the end of the first quarter, the results of the securities firms’ bond underwriting rankings have been released.

According to Cailian Press, based on Wind data, in the first quarter of 2026 the total issuance amount of bonds in mainland China was 19.7 trillion yuan, down 4% year over year; of that, credit bond issuance was 4.5 trillion yuan, flat with the same period last year.

As an important force in the 4.5 trillion yuan credit bond underwriting market in the first quarter, how did some key product types perform for each institution? The data shows that CITIC Securities, Guotai Huarong Tong, and CITIC Jian投 have captured the top three in most categories, while Ping An Securities has moved into the top three in ABS underwriting.

科创债延续高增长，中信证券、国泰海通、中信建投包揽前三

In the first quarter this year, in underwriting technology innovation bonds (科创债) by securities firms, CITIC Securities ranked first with 41.14 billion yuan, followed closely by Guotai Huarong Tong and CITIC Jian投 with 28.32 billion yuan and 25.42 billion yuan, respectively.

Table 1: Top 10 underwriting rankings of securities firms for technology innovation bonds in Q1 2026

(Source: Wind data; compiled by Cailian Press)

The high growth in issuance and underwriting of科创债 is attributable to ongoing policy reinforcement. In May 2025, the People’s Bank of China and the China Securities Regulatory Commission jointly issued an announcement on matters related to supporting the issuance of technology innovation bonds. According to data from the China Securities Association, in 2025 full year the underwriting amount of科创债 first broke through 1 trillion yuan, reaching 1,021.935 billion yuan, up 66.52% year over year.

On March 2, the National Association of Financial Market Institutional Investors optimized the科创债 mechanism around five major dimensions: issuer identification, use of proceeds, bond maturity, inclusiveness toward private enterprises, and supporting mechanisms, further lowering issuance thresholds. In March, the “15th Five-Year Plan Outline”首次首次 included “high-quality development of the bond market’s ‘technology segment’” into national strategy. Driven by this, in Q1 2026 the issuance of科创债 continued its high growth; according to Wind data, as of March 23, the whole market had already issued 212科创债, with a total size of 197k yuan, with year-over-year increases of 78% and 60%, respectively.

公司债承销超千亿者三家

For corporate bond underwriting, according to Wind’s definition, CITIC Securities topped the list with 134.78 billion yuan; Guotai Huarong Tong and CITIC Jian投 followed with 132.40 billion yuan and 105.93 billion yuan, ranking second and third, respectively, while other underwriters’ shares were all below 45k yuan. In terms of number of deals underwritten, the three firms were also the leaders in the market, at 405, 388, and 351 deals respectively.

Table 3: Top 10 underwriting rankings of securities firms for corporate bonds in Q1 2026 (Wind definition)

(Source: Wind data; compiled by Cailian Press)

According to the CISA definition, the top three institutions are consistent with the Wind definition, but the underwritten amounts have increased somewhat.

Table 4: Top 10 underwriting rankings of securities firms for corporate bonds in Q1 2026 (CISA definition)

(Source: Wind data; compiled by Cailian Press)

In the first quarter, for securities firms’ green bond underwriting (excluding local government bonds), CITIC Securities (11.50 billion yuan), Guotai Huarong Tong (8.91 billion yuan), and CITIC Jian投 (4.51 billion yuan) ranked in the top three.

Table 2: Top 10 underwriting rankings of securities firms for green bonds in Q1 2026 (excluding local government bonds)

(Source: Wind data; compiled by Cailian Press)

It is worth noting that, based on data from the same period in 2025, China International Capital Corporation, CITIC Securities, and China Development Bank Securities ranked top three with underwriting amounts of 14.63 billion yuan, 14.34 billion yuan, and 9.61 billion yuan, respectively; by contrast, in Q1 2026 each firm saw a decline.

一季度ABS发行415.2B元，承销市场中信证券保持领先

In Q1 2026, the ABS market saw 466 newly issued projects, with a total issuance size of 415.2 billion yuan, up 4% from 397.5 billion yuan in Q1 2025. Of this, credit ABS saw 29 newly issued projects with a total issuance amount of 32.5 billion yuan, up 42%; enterprise ABS saw 344 newly issued projects with a total issuance amount of 296.0 billion yuan, up 12%.

On March 24, the world’s first holding-type power battery ABS was listed on the Shanghai Stock Exchange. The underlying assets are the power batteries held by the company, Weieneng, marking a breakthrough in innovation for ABS products.

In the ABS underwriting rankings (excluding REITs), CITIC Securities ranked first with 58.26 billion yuan; Guotai Huarong Tong ranked second with 41.86 billion yuan; and Ping An Securities ranked third with 37.08 billion yuan. In terms of number of deals underwritten, CITIC Securities, Guotai Huarong Tong, and Ping An Securities were also the top three, with 288, 240, and 190 deals respectively.

Table 5: Top 10 ABS underwriting rankings of securities firms in Q1 2026 (excluding REITs)

(Source: Wind data; compiled by Cailian Press)

According to Wind data, in full year 2025, CITIC Securities, Guotai Huarong Tong, and Ping An Securities also ranked among the top three in ABS underwriting, with underwriting amounts of 280.90 billion yuan, 232.91 billion yuan, and 174.96 billion yuan, respectively.

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