政府债周报（6、15）：新增专项债发行进度36.62%-20250617

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report mainly focuses on the issuance progress and details of local government bonds, including actual and forecasted issuance amounts, net supply, and the issuance of special bonds. It also analyzes the investment and trading aspects of local government bonds, such as one - two - level spreads and the investment directions of new special bonds. [2][6][7] Summary by Directory 1. Local Bond Actual Issuance and Forecasted Issuance - Actual Issuance and Pre - issuance Disclosure: From June 9th to June 15th, local bonds were actually issued at 1077.86 billion yuan, with 83.72 billion yuan in new bonds (13.00 billion yuan in new general bonds and 70.72 billion yuan in new special bonds) and 994.14 billion yuan in refinancing bonds. From June 16th to June 22nd, the forecasted issuance of local bonds is 2617.53 billion yuan, including 697.22 billion yuan in new bonds (272.45 billion yuan in new general bonds and 424.77 billion yuan in new special bonds) and 1920.31 billion yuan in refinancing bonds. [2][6][7] - Comparison between Planned and Actual Issuance: The report presents the planned and actual issuance of local bonds in May and June, as well as the comparison of planned and actual issuance in different regions from November 2024 to June 2025. [17][19][22] 2. Local Bond Net Supply - New Bond Issuance Progress: As of June 15th, the issuance progress of new general bonds is 45.12%, and that of new special bonds is 36.62%. [28] - Refinancing Bond Net Supply: The report shows the cumulative scale of refinancing bonds minus local bond maturities as of June 15th. [28] 3. Special Bond Issuance Details - Special Refinancing Bond Issuance Statistics: As of June 15th, the fourth - round special refinancing bonds have a total disclosed amount of 41163.10 billion yuan, with 17277.85 billion yuan disclosed in 2025 and an additional 527.00 billion yuan to be disclosed next week. The top three regions in terms of the fourth - round disclosed scale are Jiangsu (5647.00 billion yuan), Shandong (2360.72 billion yuan), and Sichuan (2351.21 billion yuan). [8] - Special New Special Bond Issuance Statistics: As of June 15th, the special new special bonds in 2025 have a total disclosed amount of 2606.84 billion yuan, and since 2023, the total disclosed amount is 14511.97 billion yuan. The top three regions in terms of the total disclosed scale are Jiangsu (2102.35 billion yuan), Hubei (1068.56 billion yuan), and Xinjiang (910.20 billion yuan). [8] 4. Local Bond Investment and Trading - One - Two - Level Spreads: The report provides the one - level and two - level spreads of local bonds, showing the spread changes in different terms. [37] - Regional Two - Level Spreads: It presents the two - level spreads of local bonds in different regions from April 25th, 2025, to June 13th, 2025. [40] 5. New Special Bond Investment Directions - Monthly Statistics of Project Investment Directions: The report shows the investment directions of new special bonds, with the latest month's statistics only considering the issued new bonds. [42]