财政部拟于12月12日发行2025年到期续作特别国债（一期）、（二期）

Core Viewpoint - The Ministry of Finance plans to issue two tranches of special government bonds maturing in 2025, with a total issuance of 750 billion yuan, aimed at financing government projects and managing public debt [1] Group 1: Bond Details - The first tranche is a 10-year fixed-rate bond with a face value of 400 billion yuan, while the second tranche is a 15-year fixed-rate bond with a face value of 350 billion yuan [1] - Both tranches will have their coupon rates determined by the average yield of similar maturity government bonds in the five working days prior to issuance, rounded to two decimal places [1] - Interest for both tranches will start accruing on December 12, 2025, with semi-annual interest payments on June 12 and December 12 each year [1] Group 2: Repayment Schedule - The first tranche will repay principal and pay the final interest on December 12, 2035, while the second tranche will do so on December 12, 2040 [1] - The issuance date for both tranches is set for December 12, 2025 [1] Group 3: Issuance Method - The bonds will be issued through a targeted approach to relevant domestic banks, with the People's Bank of China conducting open market operations with these banks [1]