Core Insights - Zhejiang Province has successfully issued its first batch of special bonds for the acquisition of existing residential properties, totaling 552.67 billion yuan, with 16.53 billion yuan specifically allocated for this purpose, representing only 3% of the total issuance [1][2][3] - The issuance of these bonds is seen as an innovative approach with significant policy implications, potentially increasing the allocation of special bonds in this sector in the future [1][6] - The issuance is characterized by a diverse range of maturities, with long-term bonds (20-30 years) accounting for 31% of the total, which helps alleviate maturity mismatch pressures [3][4] Special Bonds Issuance Details - The first batch of special bonds for existing housing amounts to 16.53 billion yuan, supporting eight affordable housing projects across Huzhou, Wenzhou, and Jiaxing [2][3] - The bonds issued include various maturities, with 8 bonds covering terms from 3 to 30 years, and the average financing per project is approximately 2 billion yuan [2][3] - Huzhou is the primary focus, receiving nearly 90% of the total financing for four selected projects [2][3] Market Impact and Trends - The special bonds represent only 0.1% of the national new special bond issuance, indicating a limited impact on the overall market supply [3][6] - The innovative approach of using special bonds to acquire existing residential properties provides a potential solution for inventory issues in lower-tier cities, where the sales-to-inventory ratio has reached 30.5 months [3][6] - The issuance of these bonds is expected to accelerate, with projections indicating that the second quarter of 2025 may see a peak in local bond issuance [6][7] Investor Interest and Bond Characteristics - The bonds have an AAA rating and are backed by provincial government credit, attracting institutional investors such as banks and insurance companies [4][5] - The weighted average issuance spread for Zhejiang's special bonds is approximately 8 basis points, lower than the national average, indicating a cost advantage [5] - The diverse maturity structure of the bonds meets different investor needs and provides new ideas for special bond issuance [3][4]

湖南发行7年期一般债地方债，规模141.9981亿元，发行利率1.6800%，边际倍数1.32倍，倍数预期 1.69。 ...

河北发行10年期一般债地方债，规模83.9200亿元，发行利率1.7500%，边际倍数1.05倍，倍数预期 1.92。 ...

Group 1 - Shaanxi issued 10-year general local bonds with a scale of 8.7 billion yuan and an issuance rate of 1.79%, with a marginal multiple of 1.29 times, compared to an expected multiple of 1.92 [1] - Shaanxi issued 15-year other special local bonds with a scale of 1.47 billion yuan and an issuance rate of 2.07%, with a marginal multiple of 7.14 times, compared to an expected multiple of 2.14 [1] - Shaanxi issued 20-year other special local bonds with a scale of 17.4 billion yuan and an issuance rate of 2.12%, with a marginal multiple of 6.63 times, compared to an expected multiple of 1.90 [1] - Shaanxi issued 7-year general local bonds with a scale of 90.994 billion yuan and an issuance rate of 1.67%, with a marginal multiple of 1.97 times, compared to an expected multiple of 2.04 [1]

Core Insights - Jiangsu Province issued various local government bonds with different maturities and interest rates, indicating active participation in the bond market [1] Summary by Category 1-Year General Bonds - Issued amount: 73.1 billion - Issuance interest rate: 1.50% - Bid-to-cover ratio: 14.48 times, with an expected ratio of 1.50 [1] 10-Year General Bonds - Issued amount: 114.9 billion - Issuance interest rate: 1.76% - Bid-to-cover ratio: 4.12 times, with an expected ratio of 2.51 [1] 7-Year Other Special Bonds - Issued amount: 300 billion - Issuance interest rate: 1.67% - Bid-to-cover ratio: 5.67 times, with an expected ratio of 3.10 [1] 15-Year Other Special Bonds - Issued amount: 300 billion - Issuance interest rate: 1.92% - Bid-to-cover ratio: 2.66 times, with an expected ratio of 1.94 [1] 20-Year Other Special Bonds - Issued amount: 251 billion - Issuance interest rate: 2.03% - Bid-to-cover ratio: 2.93 times, with an expected ratio of 2.05 [1]

Core Viewpoint - Henan Province has issued a 15-year special local government bond for rural development with a total scale of 6.156 billion yuan and an issuance interest rate of 2.0400% [1] Summary by Relevant Categories Bond Issuance Details - The bond has a total issuance scale of 6.156 billion yuan [1] - The interest rate for the bond is set at 2.0400% [1] - The marginal multiple for the bond issuance is 1.90 times, with an expected multiple of 1.95 [1]

Group 1 - Ningbo issued 5-year general local bonds with a scale of 11.0000 billion yuan and an issuance interest rate of 1.6200% [1] - The marginal multiple for the 5-year bonds was 7.46 times, with an expected multiple of 1.62 [1] - Ningbo also issued 20-year other special local bonds with a scale of 35.7500 billion yuan and an issuance interest rate of 2.0300% [1] Group 2 - The marginal multiple for the 20-year bonds was 2.12 times, with an expected multiple of 2.39 [1]

Core Points - Ningbo issued a 15-year special local government bond with a scale of 0.180 billion [1] - The issuance interest rate is set at 1.910 percent [1] - The marginal multiple of the bond issuance reached 5.00 times, with an expected multiple of 2.34 [1]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints The report mainly focuses on the issuance progress and details of local government bonds, including new - issued bonds, refinancing bonds, and special bonds. It provides data on planned and actual issuances, net supplies, and regional issuance statistics [2][7][8]. 3. Summary by Directory 3.1 Local Bond Actual Issuance and Forecast Issuance - 5/12 - 5/18 local bond net supply was 1711 billion yuan; 5/19 - 5/25 local bond forecast net supply is 1426 billion yuan [14][15] - Comparison of planned and actual issuances in April and May shows differences in new - issued bonds, new general bonds, new special bonds, and refinancing bonds [16][18] 3.2 Local Bond Net Supply - As of May 18, the issuance progress of new general bonds was 40.24%, and that of new special bonds was 30.40% [26] - As of May 18, the cumulative scale of refinancing bonds minus local bond maturities for the year is presented in a chart [28] 3.3 Special Bond Issuance Details - As of May 18, the fourth - round special refinancing bonds totaled 40126.17 billion yuan, with 16240.92 billion yuan in 2025 and 251.48 billion yuan to be newly disclosed next week. The top three regions in terms of disclosure scale are Jiangsu, Sichuan, and Shandong [8] - As of May 18, the special new special bonds in 2025 totaled 1568.14 billion yuan, and 13473.27 billion yuan since 2023. The top three regions in terms of disclosure scale are Jiangsu, Hubei, and Xinjiang [8] 3.4 Local Bond Investment and Trading - Charts show the primary - secondary spread of local bonds and the secondary spread by region, with data from different time points [37][40] 3.5 New Special Bond Investment Directions The report mentions the monthly statistics of project investment directions, with the latest month's statistics considering only issued new bonds [42]

Group 1 - Sichuan issued a 30-year general special local bond with a scale of 115.41 billion and an issuance interest rate of 2.11% [1] - The marginal multiple for the 30-year general special local bond was 9.97 times, with an expected multiple of 2.04 [1] - Sichuan also issued a 30-year other special local bond with a scale of 135.56 billion and the same issuance interest rate of 2.11% [1] Group 2 - The marginal multiple for the 30-year other special local bond was 6.95 times, with an expected multiple of 2.04 [1]