超长期特别国债本周启动发行

Core Viewpoint - The issuance of ultra-long-term special government bonds aims to support major national strategies and enhance security capabilities in key areas, contributing to both current investment and long-term high-quality development [1][3]. Issuance Plan - The ultra-long-term special government bonds will be issued from May 17 to mid-November, with 7 bonds for 20-year, 12 for 30-year, and 3 for 50-year maturities [2]. - This issuance cycle is longer than previous special bonds, which typically had shorter maturities, with the longest being 30 years [2]. - The issuance will likely follow a pattern of smaller, more frequent offerings to avoid market pressure from concentrated issuance [2][4]. Funding Purpose - The proceeds from the ultra-long-term special bonds will be specifically allocated to support major national strategies and enhance security capabilities in critical areas such as technological innovation, urban-rural integration, and food and energy security [3]. - This approach marks a shift from previous bond issuances that focused on bank capital replenishment or pandemic response [3]. Government Bond Strategy - The timely launch of ultra-long-term special bonds coincides with an acceleration in the issuance and utilization of special bonds, which is expected to secure funding for major projects [4]. - The government aims to enhance the coordination of various funding sources to improve overall efficiency in project financing [5]. Market Impact - The increase in government bond supply is anticipated to affect market liquidity, with expectations of accelerated issuance in the second quarter and a potential peak in the third quarter [5]. - The central bank may consider adjusting monetary policy tools to maintain stable market interest rates in response to the fiscal bond issuance [5].