Core Viewpoint - The issuance of local government bonds in June has exceeded 860 billion yuan, with new special bonds accounting for over 50% of the total, indicating a significant acceleration in the issuance speed of local bonds [1][2]. Group 1: Local Bond Issuance Overview - The total planned issuance of local bonds in June has reached 861.2 billion yuan, with the proportions of new general bonds, refinancing general bonds, new special bonds, and refinancing special bonds being 8.62% (74.2 billion yuan), 13.51% (116.4 billion yuan), 50.39% (434 billion yuan), and 21.35% (183.9 billion yuan) respectively [1]. - Six provinces (municipalities) have planned to issue over 50 billion yuan in bonds this month, with Beijing leading at 123.2 billion yuan, followed by Zhejiang (95.8 billion yuan) and Yunnan (68.8 billion yuan) [1]. Group 2: Special Bond Issuance Details - In June, 12 provinces have new special bonds accounting for over half of their local bond issuance, with Zhejiang, Fujian, and Guangdong having over 85% of their new special bonds [2]. - The top ten provinces for new special bond issuance are: Zhejiang (86.6 billion yuan), Beijing (66.1 billion yuan), Fujian (45.7 billion yuan), Shandong (31.8 billion yuan), Hubei (30 billion yuan), Guangdong (30 billion yuan), Anhui (24.8 billion yuan), Chongqing (20 billion yuan), Sichuan (17.1 billion yuan), and Gansu (14.8 billion yuan) [2]. Group 3: Market Expectations and Future Trends - The acceleration in special bond issuance aligns with market expectations, as the issuance speed has been generally slow compared to previous years [2]. - The issuance pace of new special bonds is expected to increase in the second and third quarters of 2025, as local governments finalize their project lists and implement self-review guidelines [2].

Group 1 - Tianjin issued a 7-year special local government bond for housing renovation with a scale of 2.6 billion yuan and an issuance interest rate of 1.68% [1] - The marginal multiple for the 7-year bond was 1.85 times, with an expected multiple of 2.03 [1] - Tianjin also issued a 15-year special local government bond for healthcare with a scale of 1.2 billion yuan and an issuance interest rate of 1.91% [1] Group 2 - The marginal multiple for the 15-year healthcare bond was 1.00 times, with an expected multiple of 2.17 [1]

黑龙江发行10年期一般债地方债，规模86.7249亿元，发行利率1.7300%，边际倍数1.66倍，倍数预期 2.09。 ...

河南发行7年期一般债地方债，规模130.5821亿元，发行利率1.6800%，边际倍数1.75倍，倍数预期 1.88。 ...

浙江发行首批存量房专项债 未来或迎规模扩容 金十数据6月3日讯，近日，浙江省成功发行了首批存量房专项债，引起市场关注。根据浙江省财政厅发 布的《2025年浙江省政府专项债券（十三至二十期）信息披露文件》，此次专项债券的发行规模为 552.67亿元，其中16.53亿元专项用于收购存量商品房。 业内人士称，此次专项债中用于收购存量商品 房的部分仅占总规模的3%，但这一举措具有显著的创新性和重要的政策导向作用。随着相关项目运作 模式的不断完善，未来可能会进一步提高专项债券在该领域的配置比例。 展望未来，市场机构认为， 二季度可能会成为地方债集中发行的高峰期，需警惕在"自审自发"等政策推动下，地方债发行速度加快 可能带来的超预期影响。 （第一财经） ...

Core Insights - Zhejiang Province has successfully issued its first batch of special bonds for the acquisition of existing residential properties, totaling 552.67 billion yuan, with 16.53 billion yuan specifically allocated for this purpose, representing only 3% of the total issuance [1][2][3] - The issuance of these bonds is seen as an innovative approach with significant policy implications, potentially increasing the allocation of special bonds in this sector in the future [1][6] - The issuance is characterized by a diverse range of maturities, with long-term bonds (20-30 years) accounting for 31% of the total, which helps alleviate maturity mismatch pressures [3][4] Special Bonds Issuance Details - The first batch of special bonds for existing housing amounts to 16.53 billion yuan, supporting eight affordable housing projects across Huzhou, Wenzhou, and Jiaxing [2][3] - The bonds issued include various maturities, with 8 bonds covering terms from 3 to 30 years, and the average financing per project is approximately 2 billion yuan [2][3] - Huzhou is the primary focus, receiving nearly 90% of the total financing for four selected projects [2][3] Market Impact and Trends - The special bonds represent only 0.1% of the national new special bond issuance, indicating a limited impact on the overall market supply [3][6] - The innovative approach of using special bonds to acquire existing residential properties provides a potential solution for inventory issues in lower-tier cities, where the sales-to-inventory ratio has reached 30.5 months [3][6] - The issuance of these bonds is expected to accelerate, with projections indicating that the second quarter of 2025 may see a peak in local bond issuance [6][7] Investor Interest and Bond Characteristics - The bonds have an AAA rating and are backed by provincial government credit, attracting institutional investors such as banks and insurance companies [4][5] - The weighted average issuance spread for Zhejiang's special bonds is approximately 8 basis points, lower than the national average, indicating a cost advantage [5] - The diverse maturity structure of the bonds meets different investor needs and provides new ideas for special bond issuance [3][4]

湖南发行7年期一般债地方债，规模141.9981亿元，发行利率1.6800%，边际倍数1.32倍，倍数预期 1.69。 ...

河北发行10年期一般债地方债，规模83.9200亿元，发行利率1.7500%，边际倍数1.05倍，倍数预期 1.92。 ...

Group 1 - Shaanxi issued 10-year general local bonds with a scale of 8.7 billion yuan and an issuance rate of 1.79%, with a marginal multiple of 1.29 times, compared to an expected multiple of 1.92 [1] - Shaanxi issued 15-year other special local bonds with a scale of 1.47 billion yuan and an issuance rate of 2.07%, with a marginal multiple of 7.14 times, compared to an expected multiple of 2.14 [1] - Shaanxi issued 20-year other special local bonds with a scale of 17.4 billion yuan and an issuance rate of 2.12%, with a marginal multiple of 6.63 times, compared to an expected multiple of 1.90 [1] - Shaanxi issued 7-year general local bonds with a scale of 90.994 billion yuan and an issuance rate of 1.67%, with a marginal multiple of 1.97 times, compared to an expected multiple of 2.04 [1]

Core Insights - Jiangsu Province issued various local government bonds with different maturities and interest rates, indicating active participation in the bond market [1] Summary by Category 1-Year General Bonds - Issued amount: 73.1 billion - Issuance interest rate: 1.50% - Bid-to-cover ratio: 14.48 times, with an expected ratio of 1.50 [1] 10-Year General Bonds - Issued amount: 114.9 billion - Issuance interest rate: 1.76% - Bid-to-cover ratio: 4.12 times, with an expected ratio of 2.51 [1] 7-Year Other Special Bonds - Issued amount: 300 billion - Issuance interest rate: 1.67% - Bid-to-cover ratio: 5.67 times, with an expected ratio of 3.10 [1] 15-Year Other Special Bonds - Issued amount: 300 billion - Issuance interest rate: 1.92% - Bid-to-cover ratio: 2.66 times, with an expected ratio of 1.94 [1] 20-Year Other Special Bonds - Issued amount: 251 billion - Issuance interest rate: 2.03% - Bid-to-cover ratio: 2.93 times, with an expected ratio of 2.05 [1]