政府债周报（02/22）：2026年特殊再融资债披露发行近7000亿-20260225

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The report provides a comprehensive analysis of local government bond issuance, including actual and planned issuance, net supply, and special bond issuance progress [1][5][6] Summaries by Directory 1. Local Bond Actual and Forecasted Issuance - Actual vs. Pre - issuance Disclosure: Not elaborated in detail in the given text - Comparison of Planned and Actual Issuance: In February 2026, the country planned to issue 8589 billion yuan of local bonds, an increase of 2953 billion yuan compared to the same period in 2025, with actual issuance of 11582 billion yuan. In March 2026, the planned issuance is 9120 billion yuan, a decrease of 697 billion yuan compared to the same period in 2025 [8] 2. Local Bond Net Supply - New Bond Issuance Progress: As of February 15, the issuance progress of new general bonds was 24.74%, and that of new special bonds was 13.94% [30] - Refinancing Bond Net Supply: As of February 15, the cumulative scale of refinancing bonds minus local bond maturities for the year is presented in a graph [31] 3. Special Bond Issuance Details - Special Refinancing Bond Issuance Statistics: As of February 15, the fifth - batch second - round special refinancing bonds totaled 20000.00 billion yuan, and the fifth - batch third - round totaled 6773.85 billion yuan, with an additional 934.00 billion yuan newly disclosed next week. The top three regions in the fifth - batch third - round disclosure scale are Jiangsu (800.00 billion yuan), Zhejiang (564.00 billion yuan), and Hunan (516.00 billion yuan) [7] - Special New Special Bond Issuance Statistics: As of February 15, the total disclosed amount of special new special bonds in 2026 was 946.06 billion yuan, and since 2023, it has been 25546.72 billion yuan. The top three regions in the total disclosure scale are Jiangsu (2440.35 billion yuan), Hubei (1377.69 billion yuan), and Henan (1325.34 billion yuan). In 2026, the top three regions are Zhejiang (117.00 billion yuan), Guangdong (109.60 billion yuan), and Hunan (103.00 billion yuan) [7] 4. Local Bond Investment and Trading - Primary - Secondary Spread: The primary and secondary spreads of local bonds are presented in graphs, showing the spreads and their changes at different maturities [44] - Regional Secondary Spread: The regional secondary spreads of local bonds are presented in a graph [45] - New Special Bond Investment Direction: The monthly investment direction statistics of new special bonds are presented in a graph, with the latest month's statistics only considering issued new bonds [46]