Core Viewpoint - The Icelandic Treasury is set to issue nine new government bond series as part of the settlement of the ÍL Fund, which was formerly known as the Housing Financing Fund [1] Summary by Categories Government Bond Issuance - The nominal amounts for the new bond series are as follows: - RIKS 29 0917: 67,000,000,000 kr. - RIKS 34 1016: 60,353,539,382 kr. - RIKS 36 0815: 59,000,000,000 kr. - RIKS 39 1115: 49,000,000,000 kr. - RIKS 41 0815: 50,000,000,000 kr. - RIKS 44 1017: 50,313,049,596 kr. - RIKS 47 1115: 48,000,000,000 kr. - RIKS 50 0915: 47,000,000,000 kr. - RIKB 32 1015: 56,000,000,000 kr. [1] Terms and Conditions - The government bonds will adhere to the "General terms and conditions for Icelandic Government bonds" and specific terms for each bond series, available on the Government Debt Management website [1] - The issuance process for these bonds may deviate from the standard procedures outlined in Article 3 of the General terms and conditions for Icelandic Government bonds, dated June 5, 2025 [1]

Group 1 - The central bank released April financial data showing that new RMB loans in April were 280 billion yuan, a decrease of 450 billion yuan year-on-year, influenced by hidden debt replacement and seasonal overdrafts [1][2] - The social financing scale increased by 1.16 trillion yuan in April, significantly up by 1.22 trillion yuan year-on-year, with the end-of-month social financing stock growing by 8.7% year-on-year [1][3] - M2 money supply grew by 8% year-on-year at the end of April, which is 1 percentage point higher than the previous month, indicating enhanced financial support for the real economy [1][3] Group 2 - The acceleration in government bond issuance is the primary driver for the increase in social financing growth, with net financing from government bonds exceeding 500 billion yuan in the first four months, up by approximately 360 billion yuan year-on-year [3] - In April, the issuance of special government bonds and refinancing bonds for replacing hidden debts contributed to a net financing of about 970 billion yuan, raising social financing growth by approximately 0.3 percentage points [3] - The reduction in bond yields in April encouraged enterprises to increase bond financing, thereby lowering overall financing costs [3] Group 3 - A reserve requirement ratio cut of 0.5 percentage points was implemented, expected to release about 1 trillion yuan in long-term liquidity, enhancing credit supply capabilities in specific sectors like automotive finance and financial leasing [4] - Analysts anticipate that monetary policy will remain "appropriately loose" in the second half of the year, with expectations for continued interest rate cuts and an increase in new loans and social financing [4]

今年更大规模的政府债券在一季度提速发行后，新增地方政府专项债券(以下简称"专项债券")和国债仍 留有较大规模的待发行额度。根据财政部最新安排，2025年首期超长期特别国债和中央金融机构注资特 别国债(以下合称"两类特别国债")都将在4月24日招标发行。面对国内外形势的新变化，受访专家认 为，两类特别国债"开闸"后，政府债券将继续保持较大供给力度，在二季度进一步加快发行速度。 仍有较大可用额度 今年一季度，以国债、地方政府债券为主的政府债券发行规模明显高于近5年同期水平。据证券时报记 者统计，一季度国债累计发行规模超3.3万亿元，地方政府债券累计发行规模超2.8万亿元。 "今年中央财政靠前发力，可能为后续超长期特别国债和支持银行补充资本金的特别国债发行腾挪空 间。"华西证券（002926）首席经济学家刘郁指出，一季度国债发行进度快于往年同期，但在中央加杠 杆背景下，国债剩余额度仍高于去年同期。 从地方政府债券发行情况看，年初以来地方化债工作进展积极。用于置换存量隐性债务的置换债券在一 季度集中发行，累积发行规模达1.34万亿元，约占当季地方政府债券发行规模的47%。 东方金诚研究发展部执行总监冯琳对证券时报记者 ...