地方政府债与城投行业监测周报2022年第9期：第二批2万亿债务置换额度已完成六成山东淄博落地区县级非标置换专项贷款-2025-03-31

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The high-pressure situation of implicit debt supervision remains unchanged, emphasizing the prevention of "risks from risk disposal." The second batch of 2 trillion debt replacement quota has reached 60%. Zibo, Shandong, has implemented a county-level non-standard replacement "special loan" [3][6][15]. - In 2024, the scale of local government bonds issued for debt resolution reached 3.38 trillion yuan, a nearly 1-fold increase year-on-year, the highest in recent years. It is recommended to dynamically adjust the debt resolution rhythm in 2025, implement it earlier, and relieve local pressure in a timely manner [6][7]. - After the debt replacement funds are in place, it is necessary to manage the funds, improve the supervision and early warning system, and enhance the actual efficiency of the replacement funds [6][8]. - It is advisable to study the feasibility of using local government bonds to replace government arrears to enterprises on the basis of comprehensively sorting out the arrears, clarifying the responsible entities, and formulating repayment plans [6][9]. Summary by Directory 1. News Review - Fiscal Policy Report: In 2024, 3.2 trillion yuan of local debt quota was allocated for debt resolution, and the actual issuance scale was 3.38 trillion yuan. It is recommended to adjust the debt resolution rhythm in 2025. The fiscal department should strengthen management and prevent policy implementation deviations. Support local governments in repaying arrears to enterprises [6][7]. - Non - standard Debt Replacement in Zibo: Linzi Jiuhai Financial Holding Co., Ltd. in Zibo, Shandong, obtained a 30 - million - yuan fixed - asset loan from the Bank of China to replace financial leasing business. The repayment period was extended to 10 years, optimizing the debt structure [6][10]. - Early Redemption of Bonds: 25 urban investment enterprises redeemed bond principal and interest in advance, involving 25 bonds with a total scale of 3723 million yuan, a decrease of 2044 million yuan from last week [13]. - Cancellation of Bond Issuance: 4 urban investment bonds were cancelled, with a planned issuance scale of 1800 million yuan. As of March 23, 2025, 45 urban investment bonds had been postponed or cancelled, with a total scale of 28.453 billion yuan [14]. 2. Issuance of Local Government Bonds and Urban Investment Bonds - Local Government Bonds: The issuance scale and net financing increased. The second batch of 2 trillion implicit debt replacement quota reached 60%. The issuance scale rose 81.15% to 157.067 billion yuan, and the net financing increased 162.69% to 131.755 billion yuan. The weighted average issuance term was 16.32 years, and the weighted average issuance interest rate rose to 2.18% [6][15]. - Urban Investment Bonds: The issuance scale and net financing increased, while the issuance interest rate decreased and the spread narrowed. The issuance scale rose 18.07% to 173.861 billion yuan, and the net financing turned positive, increasing by 77476 million yuan to 37632 million yuan. The overall issuance interest rate was 2.64%, and the issuance spread was 97.90BP [6][16]. 3. Trading of Local Government Bonds and Urban Investment Bonds - Funds: The central bank conducted 1411.7 billion yuan of reverse repurchases, with a net investment of 37.85 billion yuan. Short - term fund rates mostly increased [21]. - Credit Rating and Events: No urban investment enterprises had their credit ratings adjusted, and no urban investment credit risk events occurred [21]. - Local Government Bonds: The spot trading volume decreased 12.31% to 554.985 billion yuan, and the maturity yields generally increased by an average of 3.37BP [23]. - Urban Investment Bonds: The spot trading volume increased 7.44% to 413.818 billion yuan, and the maturity yields generally decreased by an average of 4.27BP. The spreads of 1 - year, 3 - year, and 5 - year AA + urban investment bonds narrowed [23]. - Abnormal Trading of Urban Investment Bonds: 20 bonds of 19 urban investment entities had 24 abnormal trades. Shandong had the most abnormal trades [23]. 4. Important Announcements of Urban Investment Enterprises - 49 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders, actual controllers, equity/asset transfers, name changes, and external guarantees [28].