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6月地方债拟发行超8600亿元 新增专项债占比过半
Xin Hua Cai Jing·2025-06-06 08:18

Core Viewpoint - The issuance of local government bonds in June has exceeded 860 billion yuan, with new special bonds accounting for over 50% of the total, indicating a significant acceleration in the issuance speed of local bonds [1][2]. Group 1: Local Bond Issuance Overview - The total planned issuance of local bonds in June has reached 861.2 billion yuan, with the proportions of new general bonds, refinancing general bonds, new special bonds, and refinancing special bonds being 8.62% (74.2 billion yuan), 13.51% (116.4 billion yuan), 50.39% (434 billion yuan), and 21.35% (183.9 billion yuan) respectively [1]. - Six provinces (municipalities) have planned to issue over 50 billion yuan in bonds this month, with Beijing leading at 123.2 billion yuan, followed by Zhejiang (95.8 billion yuan) and Yunnan (68.8 billion yuan) [1]. Group 2: Special Bond Issuance Details - In June, 12 provinces have new special bonds accounting for over half of their local bond issuance, with Zhejiang, Fujian, and Guangdong having over 85% of their new special bonds [2]. - The top ten provinces for new special bond issuance are: Zhejiang (86.6 billion yuan), Beijing (66.1 billion yuan), Fujian (45.7 billion yuan), Shandong (31.8 billion yuan), Hubei (30 billion yuan), Guangdong (30 billion yuan), Anhui (24.8 billion yuan), Chongqing (20 billion yuan), Sichuan (17.1 billion yuan), and Gansu (14.8 billion yuan) [2]. Group 3: Market Expectations and Future Trends - The acceleration in special bond issuance aligns with market expectations, as the issuance speed has been generally slow compared to previous years [2]. - The issuance pace of new special bonds is expected to increase in the second and third quarters of 2025, as local governments finalize their project lists and implement self-review guidelines [2].