Group 1 - Shandong issued 10-year special local bonds with a scale of 12.26 billion yuan and an issuance interest rate of 1.70% with a marginal multiple of 1.22 times, compared to an expected multiple of 1.73 [1] - Shandong issued 15-year special local bonds with a scale of 76.42 billion yuan and an issuance interest rate of 2.00% with a marginal multiple of 1.10 times, compared to an expected multiple of 1.96 [1] - Shandong issued 30-year special local bonds with a scale of 70.50 billion yuan and an issuance interest rate of 2.06% with a marginal multiple of 12.26 times, compared to an expected multiple of 2.03 [1]

Core Points - Liaoning issued a 10-year general local government bond with a scale of 15.96698 billion yuan and an issuance rate of 1.7800%, with a marginal multiple of 3.09 times, exceeding the expected multiple of 1.76 [1] - The province also issued a 10-year medical special local government bond with a scale of 105 million yuan and an issuance rate of 1.8000%, achieving a marginal multiple of 2.00 times, matching the expected multiple of 1.76 [1] - Additionally, a 15-year other special local government bond was issued with a scale of 740 million yuan and an issuance rate of 2.0300%, resulting in a marginal multiple of 1.25 times, below the expected multiple of 1.98 [1] - A 20-year other special local government bond was issued with a scale of 865 million yuan and an issuance rate of 2.0800%, with a marginal multiple of 1.05 times, lower than the expected multiple of 2.08 [1] - Lastly, a 30-year other special local government bond was issued with a scale of 500 million yuan and an issuance rate of 2.0800%, achieving a marginal multiple of 1.29 times, slightly below the expected multiple of 2.05 [1]

湖南发行7年期一般债地方债，规模94.4929亿元，发行利率1.6500%，边际倍数1.37倍，倍数预期1.66。 ...

Group 1 - Yunnan issued 10-year general local bonds with a scale of 18.12126 billion, an issuance rate of 1.7900%, and a marginal multiple of 1.17 times, with an expected multiple of 1.75 [1] - Yunnan issued 10-year ordinary special local bonds with a scale of 7.85493 billion, an issuance rate of 1.8200%, and a marginal multiple of 1.61 times, with an expected multiple of 1.75 [1] - Yunnan issued 5-year ordinary special local bonds with a scale of 5.52230 billion, an issuance rate of 1.6100%, and a marginal multiple of 2.53 times, with an expected multiple of 2.28 [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The report analyzes the primary and secondary market conditions of local government bonds in the week of June 8, 2025, including net financing, issuance terms, issuance spreads, secondary spreads, trading volume, and turnover rate. It also presents the issuance plans for the second quarter of 2025 and the allocation of raised funds for new special bonds [1]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance Situation - **Net Financing**: This week, local government bonds issued a total of 10.96 billion yuan, with a net financing of 5.05 billion yuan. The issuance of new general bonds was 0.87 billion yuan, new special bonds 0.73 billion yuan, refinancing general bonds 6.01 billion yuan, and refinancing special bonds 3.35 billion yuan. Next week, the planned issuance is 10.78 billion yuan, with a net repayment of 4.3 billion yuan [1][3]. - **Issuance Terms**: This week, the 7 - year local government bonds had the highest issuance proportion (37%), and the proportion of 10 - year and above bonds was 57%, a decrease from last week. The issuance proportion of 15 - year bonds decreased significantly, by about 15 percentage points [1]. - **Debt - Resolution - Related Local Government Bonds**: This week, special refinancing bonds issued a total of 2.77 billion yuan. In 2025, 33 regions have disclosed plans to issue special bonds for replacing implicit debts, totaling 168.35 billion yuan. Among them, Jiangsu, Shandong, Sichuan, and Hubei plan to issue 25.11 billion yuan, 10.6 billion yuan, 9.84 billion yuan, and 8.08 billion yuan respectively [2]. - **Issuance Spreads**: This week, the weighted average issuance spread of local government bonds was 10.1bp, wider than last week. The 30 - year local government bonds had the highest weighted average issuance spread, reaching 21.4bp. Except for the 7 - year, 15 - year, and 30 - year bonds, the spreads of other terms widened [1]. - **Allocation of Raised Funds**: As of the end of this week, the main allocation directions of raised funds for new special bonds in 2025 are cold - chain logistics, municipal and industrial park infrastructure construction (32%), transportation infrastructure (21%), social undertakings (12%), and affordable housing projects (12%). The proportion of land reserve allocation increased by 7.7% compared to 2024 [2]. - **Issuance Plan**: As of the end of this week, 36 regions have disclosed the local government bond issuance plan for the second quarter of 2025. Considering the actual issuance scale in April and May, the total planned issuance for the second quarter is 2.35 trillion yuan, with 880.6 billion yuan planned for June. The planned issuance of new bonds and refinancing bonds in the second quarter is 1286.8 billion yuan and 1066.5 billion yuan respectively [3]. 3.2 Secondary Market Situation - **Secondary Spreads**: This week, the 15 - year and 30 - year local government bonds had advantageous secondary spreads, with the 1 - year bonds having a relatively large widening amplitude. The 15 - year and 30 - year secondary spreads were 21.5bp and 20.6bp respectively. From the historical quantile of the past three years, the 30 - year secondary spread was at a high quantile of 90%. Regionally, local government bonds over 20 - year in all types of regions had higher secondary spreads, and 10 - 15 - year bonds in medium - level regions also had relatively higher spreads [4][5]. - **Trading Volume and Turnover Rate**: This week, both the trading volume and turnover rate of local government bonds decreased. Sichuan, Shandong, and Shanxi had higher turnover rates. The trading volume this week was 355.4 billion yuan, and the turnover rate was 0.70%. The trading volumes of Sichuan, Shandong, and Guangdong were 39.1 billion yuan, 37.3 billion yuan, and 28 billion yuan respectively, and the turnover rates of Sichuan, Shandong, and Shanxi were all higher than 1.1% [5].

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） ...