2025年8月地方债发行情况分析：地方债发行量环比减少，特殊再融资债重启发行

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In August 2025, the issuance volume and net financing of local government bonds decreased both month-on-month and year-on-year. The issuance of new special bonds and refinancing bonds decreased month-on-month, and the issuance of special refinancing bonds resumed. From January to August, the issuance of new special bonds accounted for 74.2% of the annual quota, with a faster progress than the same period last year. The issuance progress of refinancing special bonds for replacing hidden debts exceeded 95.9%. The weighted average issuance interest rate and spread of local government bonds increased month-on-month, and the issuance term was generally shortened. The funds raised by new special bonds were mainly invested in infrastructure and land reserves [2]. Summary by Relevant Catalogs Overall Issuance Situation 1. Issuance Scale - In August 2025, the issuance volume of local government bonds was 976.6 billion yuan, a month-on-month decrease of 235.9 billion yuan and a year-on-year decrease of 222 billion yuan. The net financing was 480.1 billion yuan, a month-on-month decrease of 332.3 billion yuan and a year-on-year decrease of 339.2 billion yuan. The issuance of new special bonds decreased both month-on-month and year-on-year, while the issuance of refinancing bonds decreased month-on-month and increased year-on-year. Guizhou Province issued a 3.3-billion-yuan special refinancing bond in August, the first issuance this year. From January to August, the issuance of new special bonds was 3.3 trillion yuan, a year-on-year increase of 692.7 billion yuan, accounting for 74.2% of the annual quota; the issuance of new general bonds was 620.8 billion yuan, a year-on-year increase of 108.4 billion yuan; and the issuance of refinancing bonds was 3.8 trillion yuan, a year-on-year increase of 1.5 trillion yuan [5]. - In August, 5 provinces and planned单列 cities issued refinancing special bonds for replacing existing hidden debts, with a total issuance scale of about 51.5 billion yuan, accounting for 5.3% of the total issuance of local government bonds in that month. From January to August, 33 provinces and cities issued over 1.91833 trillion yuan of refinancing special bonds for replacing hidden debts, exceeding 95.9% of the annual quota [6]. 2. Issuance Interest Rate - In August, the weighted average issuance interest rate of local government bonds increased by 19.23 bps month-on-month to 2.04%, and the issuance interest rates of all maturities increased. Specifically, the issuance interest rates of 1-year, 2-year, 3-year, 5-year, 7-year, 10-year, 15-year, 20-year, and 30-year local government bonds increased by 2.45 bps, 13.31 bps, 7.96 bps, 15.72 bps, 14.64 bps, 18.86 bps, 27.63 bps, 27.43 bps, and 18.95 bps respectively [16]. 3. Issuance Spread - In August, the weighted average issuance spread of local government bonds increased by 9.88 bps month-on-month to 20.48 bps, and the issuance spreads of all maturities widened. The issuance spreads of Shandong and Jilin provinces were relatively high, at 28.56 bps and 27.33 bps respectively [19]. 4. Issuance Term - In August, the weighted average issuance term of local government bonds was 14.38 years, 0.17 years shorter than the previous month. The weighted average issuance terms of new special bonds and new general bonds increased by 1.14 years and 1.11 years respectively to 18.53 years and 9.93 years, while the weighted average issuance term of refinancing bonds decreased by 1.75 years to 10.35 years [23]. - In terms of the term structure, in August, the issuance proportions of 7-year and 30-year local government bonds decreased by 6.96 pct and 0.99 pct respectively compared with the previous month; the issuance proportions of 2-year, 3-year, 5-year, and 15-year local government bonds increased by 0.61 pct, 0.91 pct, 3.69 pct, and 2.24 pct respectively [24]. 5. Use of Raised Funds - The raised funds of new special bonds were mainly invested in infrastructure and land reserves. In August, the funds invested in "municipal and industrial park infrastructure", "land reserves", and "transportation infrastructure" accounted for a total of 37.32%, a month-on-month increase of 7.6 pct. The proportions of funds invested in "municipal and industrial park infrastructure" and "land reserves" increased by 5.2 pct and 2.4 pct respectively. From January to August, the top three fields in terms of investment scale were "municipal and industrial park infrastructure", "transportation infrastructure", and "land reserves", with a total issuance of 1.38 trillion yuan, accounting for 42.16% [29]. - In August, 19 provinces and cities issued special new special bonds (without disclosing the "one plan and two books"), with a total issuance scale of 19.9964 billion yuan. The weighted average issuance term of special new special bonds was 19.26 years, 2.57 years longer than other new special bonds. The funds were used for government investment projects, project construction, and existing government investment projects. In addition, 3 special bonds for government investment funds were issued by Shanghai, Ningbo, and Shaanxi, with a scale of 5 billion yuan each [33]. Regional Issuance Situation - In August, 32 provinces and cities (including planned单列 cities and the Xinjiang Production and Construction Corps) issued local government bonds. Anhui, Zhejiang, Hebei, and Hunan had an issuance scale of over 60 billion yuan, accounting for 30.4% of the total issuance in that month. From January to August, 37 provinces and cities issued about 7.68 trillion yuan of local government bonds. Jiangsu, Sichuan, Shandong, and Guangdong had an issuance scale of over 400 billion yuan, accounting for 25.7% of the total issuance during the same period [37].