500亿元，秒光

Core Viewpoint - The issuance of electronic savings bonds in China has seen high demand despite a decrease in interest rates, indicating strong investor interest in government-backed securities as a safer investment option compared to traditional savings accounts [1][7]. Group 1: Issuance Details - The third and fourth phases of electronic savings bonds were issued on June 10, 2025, with a total issuance period from June 10 to June 19, 2025 [5]. - The maximum issuance amount for both phases is 500 billion yuan, with the third phase having a 3-year term and an interest rate of 1.63%, while the fourth phase has a 5-year term and an interest rate of 1.7% [7]. - Both interest rates represent a decrease of 30 basis points compared to the previous issuance [7]. Group 2: Market Demand - The initial sale of the bonds saw them sold out within minutes, reflecting a strong market demand [1]. - The initial distribution ratios for major banks were 19.13% for Industrial and Commercial Bank of China, 9.22% for Bank of China, and 4.10% for China Merchants Bank [1]. - Despite the decline in interest rates, the savings bonds remain attractive due to their backing by national credit, making them a preferred choice for investors looking for diversified asset allocation [7]. Group 3: Comparison with Traditional Savings - Current deposit rates for 3-year and 5-year fixed deposits from major banks are only 1.25% and 1.30%, respectively, which are lower than the rates offered by the savings bonds [7]. - The high interest in savings bonds is attributed to their perceived safety and the ongoing low-interest-rate environment, which may lead to further reductions in bond issuance rates in the future [7].