Group 1 - Sichuan issued 7-year general local bonds with a scale of 6.81889 billion, an issuance rate of 1.6300%, and a marginal multiple of 1.79 times, exceeding the expected multiple of 1.71 [1] - Sichuan issued 30-year ordinary special local bonds with a scale of 16.379 billion, an issuance rate of 2.0400%, and a marginal multiple of 6.00 times, surpassing the expected multiple of 1.94 [1] - Sichuan issued 30-year other special local bonds with a scale of 3.619 billion, an issuance rate of 2.0400%, and a marginal multiple of 7.22 times, also exceeding the expected multiple of 1.94 [1]

Group 1 - Guizhou issued a 15-year special local government bond for urban renovation with a scale of 3.208 billion and an issuance rate of 1.9500%, achieving a marginal multiple of 2.78 times against an expected multiple of 1.94 [1] - Guizhou issued a 30-year special local government bond with a scale of 4.000 billion and an issuance rate of 2.0400%, achieving a remarkable marginal multiple of 47.25 times against an expected multiple of 1.99 [1] - Guizhou issued a 7-year general local government bond with a scale of 89.3999 billion and an issuance rate of 1.6300%, achieving a marginal multiple of 1.20 times against an expected multiple of 1.64 [1]

Group 1 - Guizhou issued a 15-year special local bond for affordable housing with a scale of 448.20 million and an issuance interest rate of 1.95% [1] - The marginal multiple for the 15-year bond was 1.04 times, with an expected multiple of 1.98 [1] - Guizhou also issued a 20-year special local bond for affordable housing with a scale of 231.00 million and an issuance interest rate of 2.04% [1] Group 2 - The marginal multiple for the 20-year bond was 5.25 times, with an expected multiple of 2.01 [1]

Group 1 - The Ministry of Finance reported that from January to April 2025, a total of 14,927 billion yuan in new local government bonds were issued nationwide, including 3,023 billion yuan in general bonds and 11,904 billion yuan in special bonds [1] - The total refinancing bonds issued nationwide amounted to 20,427 billion yuan, with 2,486 billion yuan in general bonds and 17,941 billion yuan in special bonds [1] - The overall issuance of local government bonds reached 35,354 billion yuan, comprising 5,509 billion yuan in general bonds and 29,845 billion yuan in special bonds [1]

Group 1 - Liaoning issued 7-year general local bonds with a scale of 112.545 billion yuan and an issuance rate of 1.6700%, with a marginal multiple of 2.11 times, exceeding the expected multiple of 1.70 [1] - Liaoning also issued 30-year ordinary special local bonds with a scale of 50.200 billion yuan and an issuance rate of 2.1200%, achieving a marginal multiple of 9.51 times, surpassing the expected multiple of 2.06 [1]

Group 1 - Xinjiang issued a 15-year special local bond for toll roads with a scale of 2.00 billion and an issuance interest rate of 2.07% [1] - The marginal multiple for the 15-year bond was 1.17 times, with an expected multiple of 1.99 [1] - Xinjiang also issued a 20-year special local bond with a scale of 6.80 billion and an issuance interest rate of 2.13% [1] Group 2 - The marginal multiple for the 20-year bond was 43.50 times, with an expected multiple of 2.09 [1] - Additionally, a 30-year special local bond was issued with a scale of 2.90 billion and an issuance interest rate of 2.12% [1] - The marginal multiple for the 30-year bond was 3.53 times, with an expected multiple of 2.05 [1]

Group 1 - Guizhou issued 10-year general local bonds with a scale of 8.41084 billion, an issuance rate of 1.7800%, and a marginal multiple of 1.53 times, with an expected multiple of 1.78 [1] - Guizhou issued 30-year ordinary special local bonds with a scale of 3.66544 billion, an issuance rate of 2.1200%, and a marginal multiple of 7.90 times, with an expected multiple of 2.10 [1]

山西发行20年期其他专项地方债，规模26.6500亿元，发行利率2.1100%，边际倍数1.16倍，倍数预期 2.05； 山西发行30年期其他专项地方债，规模3.2100亿元，发行利率2.1200%，边际倍数3.12倍，倍数预期 2.02； 山西发行10年期一般债地方债，规模51.4000亿元，发行利率1.7800%，边际倍数1.44倍，倍数预期 1.79。 ...

Core Viewpoint - Sichuan Province has successfully issued local government bonds with a total scale of 216.8009 billion yuan, indicating strong demand and favorable interest rates [1] Group 1: Bond Issuance Details - Sichuan issued 7-year general local government bonds with a scale of 213.7309 billion yuan and an issuance interest rate of 1.7000%, achieving a marginal multiple of 8.54 times against a forecast of 1.68 [1] - Additionally, Sichuan issued 5-year ordinary special local government bonds with a scale of 3.0700 billion yuan and an issuance interest rate of 1.5700%, resulting in a marginal multiple of 4.04 times compared to a forecast of 1.60 [1]

Core Points - Shandong issued 10-year general local bonds with a scale of 18.9486 billion yuan and an issuance rate of 1.7800% [1] - The marginal multiple for the general local bonds was 1.18 times, with an expected multiple of 1.76 [1] - Shandong also issued 10-year ordinary special local bonds with a scale of 8.75109 billion yuan and an issuance rate of 1.8200% [1] - The marginal multiple for the ordinary special local bonds was 1.58 times, with an expected multiple of 1.73 [1]