云南发行30年期普通专项地方债，规模200.0000亿元，发行利率2.0800%，边际倍数16.47倍，倍数预期 2.04。 云南发行10年期普通专项地方债，规模177.0000亿元，发行利率1.8000%，边际倍数2.54倍，倍数预期 1.76； 云南发行7年期普通专项地方债，规模150.0000亿元，发行利率1.6900%，边际倍数11.53倍，倍数预期 1.65； ...

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]

Core Viewpoint - Zhejiang Province has issued various special local bonds with different maturities and interest rates, indicating strong demand and investor confidence in the region's financial instruments [1] Summary by Category Bond Issuance Details - Zhejiang issued 10-year special local bonds with a scale of 30.98 billion, an interest rate of 1.70%, and a bid-to-cover ratio of 5.82, exceeding the expected ratio of 1.71 [1] - The province also issued 15-year special local bonds amounting to 22.25 billion at an interest rate of 1.86%, with a bid-to-cover ratio of 3.66, compared to an expected ratio of 1.89 [1] - For 20-year special local bonds, Zhejiang raised 148.77 billion at an interest rate of 2.01%, achieving a bid-to-cover ratio of 4.34, higher than the expected 2.04 [1] - Additionally, 30-year special local bonds were issued with a scale of 25.64 billion at an interest rate of 1.95%, resulting in a bid-to-cover ratio of 3.21, against an expected ratio of 1.99 [1]

Group 1 - Gansu issued 20-year special local bonds with a total scale of 14.665 billion, at an issuance rate of 2.1300%, with a marginal multiple of 2.07, compared to an expected multiple of 2.03 [1] - Gansu issued another set of 20-year special local bonds with a total scale of 37.2347 billion, also at an issuance rate of 2.1300%, with a marginal multiple of 1.67, against an expected multiple of 2.06 [1] - Gansu issued 7-year special bonds for housing renovation with a total scale of 22.4728 billion, at an issuance rate of 1.7700%, with a marginal multiple of 1.10, compared to an expected multiple of 1.87 [1]