年内新增专项债券发行突破6500亿元 二季度发行节奏有望加快

Group 1 - The central government has set a new local government special bond limit of 39 billion yuan for this year, an increase of 10 billion yuan from the previous year, aimed at supporting local governments in addressing key areas and filling gaps [1] - As of April 18, 2023, a total of 170 new special bonds have been issued by various regions, amounting to approximately 654.37 billion yuan, with the first quarter alone accounting for 634.12 billion yuan [1] - The issuance of special bonds is expected to accelerate in the second quarter to meet project funding needs and support economic growth and investment plans [2] Group 2 - The issuance, allocation, and utilization of special bonds in China have shown significant achievements, establishing a long-term mechanism for issuance, distribution, project evaluation, risk warning, and information disclosure [2] - The characteristics of special bond issuance in the second quarter are expected to include a stronger emphasis on the applicability of project lists, continuous expansion of issuance scale, and a focus on matching the physical workload generated by the bonds with their effectiveness [2]