云南出台办法规范政府债券招标发行兑付管理

Core Viewpoint - The Yunnan Provincial Finance Department has released the "Yunnan Provincial Government Bond Bidding Issuance and Payment Management Measures," which aims to standardize the management of government bond bidding issuance and payment in Yunnan Province, effective from January 30, 2026 [1] Group 1: Issuance and Listing - The measures apply to government bonds issued by the Yunnan Provincial Government through public bidding, excluding those issued via directed underwriting [1] - The Yunnan Provincial Finance Department will handle the issuance, interest payments, and principal repayments of the bonds [1] - Key dates defined include the bidding date, payment date, listing date, and repayment date, which are specified in the bond issuance documents [1] Group 2: Bidding Process - The bonds will be issued through a public bidding process, with the Finance Department selecting a credit rating agency based on competitive principles [2] - The bidding parameters will be determined based on bond type, market conditions, and national treasury yields, as outlined in the issuance documents [2] - The bidding process will be conducted via an electronic bidding system, with a distribution period for successful bidders to sell the bonds to eligible investors [2] Group 3: Repayment and Interest Payment - The Finance Department will announce repayment and interest payment details at least five working days before the due date [3] - Funds for repayment will be transferred to the National Debt Registration Company two working days before the payment date [3] - Penalties for late payments by underwriters or the Finance Department are specified, with interest calculated based on the bond's coupon rate or reference yield [3]