3月地方债月报 | 置换隐债专项债发行维持高位

Overall Issuance Situation - In March 2025, the issuance volume of local government bonds was 978.8 billion yuan, a decrease of 326.9 billion yuan month-on-month but an increase of 349.4 billion yuan year-on-year. The net financing amount was 879.2 billion yuan, down 393.6 billion yuan month-on-month but up 594.4 billion yuan year-on-year [3][5]. - The issuance of new special bonds remained high, with a total of 363.5 billion yuan issued in March, a year-on-year increase of 132.7 billion yuan but a slight month-on-month decrease of 28.5 billion yuan. The issuance of refinancing bonds reached 541.3 billion yuan, a year-on-year increase of 178.2 billion yuan [3][5]. Issuance Rates - The weighted average issuance rate of local government bonds rose by 16.77 basis points to 2.09% in March 2025. The issuance rates for various maturities also increased, with the 3-year, 5-year, 7-year, 10-year, 15-year, 20-year, and 30-year bonds rising by 13.72 bps, 16.08 bps, 18.22 bps, 18.12 bps, 24.02 bps, 16.38 bps, and 17.21 bps respectively [15][18]. Issuance Spread - The increase in local government bond rates exceeded that of national treasury yields, leading to a widening of the issuance spreads across all maturities. The spreads for 3-year, 5-year, 7-year, 10-year, 15-year, 20-year, and 30-year bonds increased by 2.89 bps, 7.69 bps, 3.11 bps, 6.46 bps, 9.28 bps, 4.59 bps, and 2.65 bps respectively. Hebei and Henan had relatively high issuance spreads of 24.60 bps and 23.48 bps respectively [15][17]. Issuance Maturity - The average issuance maturity of local government bonds in March was 17.33 years, a slight decrease of 0.22 years from the previous month. The average maturities for new general bonds and new special bonds increased by 0.04 years and 1.99 years to 8.65 years and 19.37 years respectively, while the average maturity for refinancing bonds decreased by 1.61 years to 17.16 years [18][20]. Fund Utilization - The primary focus of the funds raised through new special bonds in March was on infrastructure projects, with 62.25% of the funds allocated to "municipal and industrial park infrastructure," "transportation infrastructure," and "public services," reflecting a 14.11 percentage point increase from the previous month. The amounts allocated to these areas were 95.1 billion yuan, 90.4 billion yuan, and 40.8 billion yuan respectively [23][26].