天津发行10年期一般债地方债，规模38.8000亿元，发行利率1.8300%，边际倍数1.67倍，倍数预期 1.79。 ...

Group 1 - Jiangsu issued 7-year general local bonds with a total scale of 50.63 billion, at an issuance rate of 1.66%, with a marginal multiple of 4.87 times, exceeding the expected multiple of 1.68 [1] - Jiangsu also issued another 7-year general local bonds with a total scale of 268.69 billion, maintaining the same issuance rate of 1.66%, and a marginal multiple of 4.82 times, again surpassing the expected multiple of 1.68 [1] - Additionally, Jiangsu issued 3-year ordinary special local bonds with a scale of 57.68 billion, at an issuance rate of 1.54%, achieving a marginal multiple of 7.58 times, higher than the expected multiple of 1.56 [1]

内蒙古发行10年期一般债地方债，规模250.9531亿元，发行利率1.8900%，边际倍数2.37倍，倍数预期 1.79。 ...

Overall Issuance Situation - In March 2025, the issuance volume of local government bonds was 978.8 billion yuan, a decrease of 326.9 billion yuan month-on-month but an increase of 349.4 billion yuan year-on-year. The net financing amount was 879.2 billion yuan, down 393.6 billion yuan month-on-month but up 594.4 billion yuan year-on-year [3][5]. - The issuance of new special bonds remained high, with a total of 363.5 billion yuan issued in March, a year-on-year increase of 132.7 billion yuan but a slight month-on-month decrease of 28.5 billion yuan. The issuance of refinancing bonds reached 541.3 billion yuan, a year-on-year increase of 178.2 billion yuan [3][5]. Issuance Rates - The weighted average issuance rate of local government bonds rose by 16.77 basis points to 2.09% in March 2025. The issuance rates for various maturities also increased, with the 3-year, 5-year, 7-year, 10-year, 15-year, 20-year, and 30-year bonds rising by 13.72 bps, 16.08 bps, 18.22 bps, 18.12 bps, 24.02 bps, 16.38 bps, and 17.21 bps respectively [15][18]. Issuance Spread - The increase in local government bond rates exceeded that of national treasury yields, leading to a widening of the issuance spreads across all maturities. The spreads for 3-year, 5-year, 7-year, 10-year, 15-year, 20-year, and 30-year bonds increased by 2.89 bps, 7.69 bps, 3.11 bps, 6.46 bps, 9.28 bps, 4.59 bps, and 2.65 bps respectively. Hebei and Henan had relatively high issuance spreads of 24.60 bps and 23.48 bps respectively [15][17]. Issuance Maturity - The average issuance maturity of local government bonds in March was 17.33 years, a slight decrease of 0.22 years from the previous month. The average maturities for new general bonds and new special bonds increased by 0.04 years and 1.99 years to 8.65 years and 19.37 years respectively, while the average maturity for refinancing bonds decreased by 1.61 years to 17.16 years [18][20]. Fund Utilization - The primary focus of the funds raised through new special bonds in March was on infrastructure projects, with 62.25% of the funds allocated to "municipal and industrial park infrastructure," "transportation infrastructure," and "public services," reflecting a 14.11 percentage point increase from the previous month. The amounts allocated to these areas were 95.1 billion yuan, 90.4 billion yuan, and 40.8 billion yuan respectively [23][26].

Group 1 - Dalian issued a 5-year special local bond with a scale of 0.4500 billion, an issuance rate of 1.5500%, and a marginal multiple of 2.22, exceeding the expected multiple of 1.57 [1] - Dalian issued a 10-year municipal infrastructure special local bond with a scale of 1.2110 billion, an issuance rate of 1.8600%, and a marginal multiple of 1.80, surpassing the expected multiple of 1.73 [1] - Dalian issued a 15-year special local bond with a scale of 0.9483 billion, an issuance rate of 2.0600%, and a marginal multiple of 4.03, significantly higher than the expected multiple of 1.92 [1] - Dalian issued a 20-year special local bond with a scale of 27.6095 billion, an issuance rate of 2.1200%, and a marginal multiple of 2.88, above the expected multiple of 2.12 [1] - Dalian issued a 30-year special local bond with a scale of 0.1238 billion, an issuance rate of 2.1300%, and a marginal multiple of 1.54, lower than the expected multiple of 2.08 [1]

3月为传统信贷大月，信贷投放强度季节性回升。央行数据显示，3月新增人民币贷款3.64万亿元，环比 多增2.63万亿元，同比多增5500亿元，带动月末贷款余额增速较上月末小幅反弹0.1个百分点，表现超出 预期。一季度人民币贷款增加9.78万亿元，同比多增3200亿元。 民银研究认为，这主要因为企业生产经营景气度向好、春季基建等项目集中开工复工、房地产成交活跃 度提升以及提振消费政策发力，使得企业和居民融资需求均出现积极变化，共同推动信贷增速回升。 企业贷款不仅是信贷增长的主力军，也是经济发展的"压舱石"。有关数据显示，3月企（事）业单位贷 款增加2.84万亿元，同比多增5000亿元。其中，短期贷款增加1.44万亿元，同比多增4600亿元，是核心 支撑项；中长期贷款增加1.58万亿元，同比少增200亿元，降幅显著收窄。 本报记者 谭志娟 北京报道 4月13日，中国人民银行发布3月金融统计数据报告。3月信贷和社融数据均超预期，其中社融数据更是 创历史同期新高。 《中国经营报》记者注意到，3月金融数据出现两个积极的信号：本月贷款增速时隔2年重回上行，居民 和企业信贷均好于去年同期；同时，狭义货币（M1）增速转为上行， ...

Group 1 - The issuance of local bonds is expected to accelerate in the second quarter, but the impact may be relatively limited. The first quarter saw a slower pace of new bond issuance compared to 2023, but the progress of replacement bonds was faster. As of April 3, 2025, the cumulative issuance of new general and special bonds accounted for 34.9% and 21.8% of the annual quota, respectively [10][14][25]. - In the second quarter, the issuance of local bonds may speed up, with a focus on 10-year and longer-term bonds. The demand for stable growth and policy guidance is likely to lead to a significant increase in the issuance of new special bonds, while the replacement of hidden debt bonds is expected to be nearly complete [19][27]. Group 2 - Banks remain the main players in local bond allocation, with a recent increase in the willingness of broad-based funds to allocate. Since the implementation of the debt policy in October 2023, the interest and allocation willingness of broad-based funds towards local bonds have significantly increased, with the investment share rising from 5.44% in October 2023 to 8.54% in February 2025 [3][19]. - Local bonds currently exhibit both allocation value and trading value, making them a timely investment. The liquidity of local bonds is notably weaker than that of government bonds, and their market performance tends to lag behind. However, the current price-performance ratio of local bonds is high, providing both allocation and trading opportunities [3][19][27].