【立方债市通】河南发布城市更新行动计划/河南两县级平台拟首次发债/亏损城投有哪些特征？

Group 1: Urban Renewal and Government Bonds - The Henan Provincial Government has issued a three-year action plan (2025-2027) for urban renewal, emphasizing the expansion of local government special bonds to support related projects [1] - The plan encourages cities to issue local government special bonds for eligible urban renewal projects while prohibiting illegal debt financing [1] Group 2: Fiscal Adjustments and Debt Issuance - Multiple provinces have adjusted their budgets to increase debt limits and expenditures following the Ministry of Finance's issuance of annual borrowing quotas [2] - As of June 10, at least ten provinces, including Guangdong and Zhejiang, have increased their borrowing capacity to support growth and structural adjustments [2] Group 3: Bond Issuance Activities - Henan Province completed the issuance of 220.64 billion yuan in refinancing bonds, with a 7-year general bond at an interest rate of 1.66% and a 30-year special bond at 2.07% [4] - Gansu Province plans to issue 54.97 billion yuan in special new bonds for various government investment projects [6] - The Shangqiu Development Investment Group is set to issue 29.62 billion yuan in corporate bonds, with a credit rating of AA+ [7] - The Shangqiu Development Investment Group also plans to issue 14 billion yuan in short-term corporate bonds, with a similar credit rating [9] - The Shangqiu Development Investment Group has issued 5 billion yuan in short-term financing bonds at an interest rate of 1.90% [10] Group 4: National Debt Issuance - The Ministry of Finance plans to issue 550 billion yuan in discount treasury bonds with a term of 182 days [11] - A new round of savings treasury bonds was launched, with a total issuance of 500 billion yuan, despite a decrease in interest rates [12] Group 5: Municipal Investment Companies and Financial Health - A report identified characteristics of loss-making municipal investment companies, with the number of such companies increasing from 69 to 115 between 2022 and 2024, reflecting a 166.7% rise [17] - The total loss amount for these companies increased from 30.51 billion yuan to 56.52 billion yuan, marking an 85.2% increase [17] - Loss-making companies are primarily involved in urban operation businesses and are concentrated in western regions, with a significant portion rated AA [17][18]