债券利息收入增值税新规落地在即 政策性金融债密集发行

Core Viewpoint - The issuance of financial bonds by policy banks in China is intensifying ahead of new tax regulations on bond interest income, with significant implications for financing costs and market dynamics [2][3]. Group 1: Financial Bond Issuance - China Agricultural Development Bank plans to issue up to 150 billion yuan in various fixed-rate bonds, while China Export-Import Bank will issue bonds totaling up to 90 billion yuan [1]. - The number of financial bonds issued on a single day has reached the highest level since 2002, indicating a strategic move by these banks to capitalize on the current regulatory environment [2]. Group 2: Tax Regulation Impact - New tax regulations will impose a value-added tax on interest income from newly issued bonds starting August 8, 2025, while existing bonds will remain exempt until maturity [2]. - Analysts suggest that the upcoming tax changes will likely increase financing costs for financial institutions and incentivize investors to purchase bonds issued before the new regulations take effect [2][3]. Group 3: Market Dynamics and Predictions - The demand for older bonds is expected to rise, potentially leading to a decrease in their yields, while new bonds may face upward pressure on yields due to the new tax implications [3]. - The central bank is anticipated to optimize the bond market structure and institutional arrangements to enhance market functionality [3][4].