地方政府债与城投行业监测周报2025年第14期：财政部隐债问责通报案例首涉PPP项目，河南发布国企境外债管理办法意见稿-20250427

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 Ministry of Finance's implicit debt accountability notification cases involve PPP projects for the first time, and Henan has issued a draft of the management measures for state - owned enterprise overseas bonds [3][5]. - The number and scale of cases in the fifth implicit debt accountability notification have decreased, indicating that local illegal debt - raising and debt - resolving behaviors have converged under high - pressure supervision. The case involving PPP projects serves as a warning to all parties involved [5][8]. - The issuance of the "Interim Measures for the Management of Overseas Bonds of State - owned Enterprises in Henan Province (Draft for Comment)" is of positive significance for standardizing cross - border financing of urban investment enterprises, preventing local debt risks, and has a demonstration effect for other provinces [5][10]. Summary by Directory 1. News Review - Ministry of Finance's fifth notification of implicit debt accountability cases involving PPP projects for the first time: The Ministry of Finance released a notification of six typical implicit debt accountability cases from 2019 - 2022, including five cases of new implicit debt and one case of false debt resolution. The number and scale of cases have decreased compared with previous notifications, and it's the first time to involve PPP projects. This reflects the convergence of local illegal behaviors under supervision and warns all parties involved in PPP projects [5][7][8]. - Henan's issuance of management measures for state - owned enterprise overseas bonds: On April 14, Henan issued the "Interim Measures for the Management of Overseas Bonds of State - owned Enterprises in Henan Province (Draft for Comment)", which is divided into five parts. As of April 20, the outstanding balance of urban investment enterprise overseas bonds in Henan is about 24 billion yuan. The measures are of positive significance for standardizing cross - border financing, preventing risks, and have a demonstration effect [10]. - 27 urban investment enterprises prepaid bond principal and interest this week: 27 urban investment enterprises prepaid the principal and interest of 29 bonds, with a total scale of 6.041 billion yuan, an increase of 2.512 billion yuan from last week. The prepaid enterprises are mainly in the eastern region, and the main rating is AA [12]. 2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - Local government bonds: This week, the issuance scale and net financing of local government bonds decreased, the issuance interest rate increased, and the spread widened. The outstanding balance of local government bonds reached 50.24 trillion yuan, and the debt replacement progress reached 77%. 48 local bonds were issued, with a scale of 200.617 billion yuan. The weighted average issuance interest rate was 2.00%, and the weighted average spread was 19.58BP. The issuance was mainly in 30 - year terms, and Hubei had the largest issuance scale [14]. - Urban investment bonds: The issuance scale and net financing of urban investment bonds increased this week. 234 urban investment bonds were issued, with a scale of 155.969 billion yuan. The average issuance interest rate was 2.43%, and the spread was 94.62BP. The issuance was mainly private placement bonds and 5 - year terms, and the issuer's main rating was AA +. Five overseas urban investment bonds were issued, with a total scale of 5.287 billion yuan [18][19]. 3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - Fund situation: The central bank carried out 808 billion yuan of reverse repurchase operations this week, with a net investment of 233.8 billion yuan. Short - term capital interest rates mostly increased [24]. - Urban investment rating adjustment and credit events: There was no credit rating adjustment of urban investment enterprises this week, and no urban investment credit risk events occurred [24]. - Local government bond trading: The spot trading volume of local government bonds was 489.61 billion yuan, a decrease of 10.51% from the previous value. The maturity yields mostly decreased, with an average decrease of 2.75BP [24]. - Urban investment bond trading: The trading volume of urban investment bonds was 313.394 billion yuan, an increase of 13.72% from the previous value. The maturity yields mostly increased, with an average increase of 0.55BP. The spreads of 1 - year, 3 - year, and 5 - year AA + urban investment bonds narrowed by 2.48BP, 4.76BP, and 3.57BP respectively. There were 15 abnormal transactions of 14 bonds of 14 urban investment entities [24][25]. 4. Important Announcements of Urban Investment Enterprises - 66 urban investment enterprises issued announcements on changes in senior management, legal representatives, directors, supervisors, etc., changes in controlling shareholders and actual controllers, equity/asset transfers, changes in the use of raised funds, and name changes this week [28].