关于2025年到期续作特别国债（一期和二期）发行工作有关事宜的通知

Key Points - The Ministry of Finance plans to issue two tranches of special government bonds maturing in 2025, referred to as the first and second tranches [2] - 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 [3] - The coupon rate for both tranches will be determined based on the average yield of similar maturity government bonds in the five working days prior to issuance [3] - Interest payments for both tranches will commence on December 12, 2025, with semi-annual payments on June 12 and December 12 each year [3] - The issuance date is set for December 12, 2025, and the bonds will be offered to domestic banks [4][5] - The bonds will be listed for trading starting December 12, 2025, and can be transferred between the interbank bond market and the securities exchange market [6] - The Ministry of Finance will notify the Central Government Securities Depository and Clearing Co., Ltd. upon receipt of the issuance funds to establish the debt rights [7]