北京发行3年期其他专项地方债，规模176.2800亿元，发行利率1.4500%，边际倍数1.59倍，倍数预期 1.45。 ...

Group 1 - Henan issued 7-year general local bonds with a scale of 18 billion yuan and an issuance interest rate of 1.63% [1] - The marginal multiple for the 7-year bonds was 2.33 times, with an expected multiple of 2.32 [1] - Henan also issued 15-year rural special local bonds with a scale of 7.45 billion yuan and an issuance interest rate of 1.93% [1] Group 2 - The marginal multiple for the 15-year rural bonds was 40 times, with an expected multiple of 2.30 [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - From June 23 - June 29, local government bonds are expected to be issued worth 5856.5 billion yuan, including 4583.2 billion yuan in new bonds (515.2 billion yuan in new general bonds and 4068.0 billion yuan in new special bonds) and 1273.2 billion yuan in refinancing bonds (586.8 billion yuan in refinancing general bonds and 686.4 billion yuan in refinancing special bonds) [2][6]. - From June 16 - June 22, local government bonds were actually issued worth 2617.5 billion yuan, including 697.2 billion yuan in new bonds (272.5 billion yuan in new general bonds and 424.8 billion yuan in new special bonds) and 1920.3 billion yuan in refinancing bonds (630.5 billion yuan in refinancing general bonds and 1289.8 billion yuan in refinancing special bonds) [2][7]. Summary by Related Catalogs Local Bond Actual Issuance and Forecast Issuance - The net supply of local government bonds from June 16 - June 22 was 1243 billion yuan, and the forecasted net supply from June 23 - June 29 is 5044 billion yuan [15]. - Comparisons of planned and actual issuances of local government bonds in June, July, and recent months are presented, including details of new bonds, new general bonds, new special bonds, and refinancing bonds [17][19][23]. Local Bond Net Supply - As of June 22, the issuance progress of new general bonds was 48.53%, and that of new special bonds was 37.56% [28]. - The cumulative scale of the difference between refinancing bonds and local government bond maturities as of June 22 is shown [28]. Special Bond Issuance Details - As of June 22, a total of 41653.80 billion yuan of the fourth - round special refinancing bonds has been disclosed, with 17768.55 billion yuan disclosed in 2025 and an additional 490.70 billion yuan to be disclosed next week. The top three regions in terms of disclosed scale are Jiangsu, Shandong, and Sichuan [8]. - As of June 22, a total of 4071.42 billion yuan of special new special bonds has been disclosed in 2025, and 15976.56 billion yuan has been disclosed since 2023. The top three regions in terms of disclosed scale are Jiangsu, Hubei, and Xinjiang [8]. Local Bond Investment and Trading - The first - and second - level spreads of local government bonds are presented, including changes over time and differences among different regions [39][42]. New Special Bond Investment Directions - The investment directions of new special bonds are presented, with the latest monthly statistics only considering issued new bonds [44].

陕西发行7年期一般债地方债，规模45.1613亿元，发行利率1.6300%，边际倍数1.08倍，倍数预期1.65。 ...

Core Insights - Shaanxi Province issued various local government bonds with different maturities and interest rates, indicating a strong demand for these financial instruments [1] Summary by Category 10-Year General Bonds - Issued amount: 21.5 billion yuan - Issuance interest rate: 1.74% - Bid-to-cover ratio: 41.5 times, with an expected ratio of 1.72 [1] 5-Year Special Bonds for Housing Renovation - Issued amount: 1 billion yuan - Issuance interest rate: 1.56% - Bid-to-cover ratio: 2.2 times, with an expected ratio of 1.58 [1] 15-Year Other Special Bonds - Issued amount: 8.3 billion yuan - Issuance interest rate: 1.94% - Bid-to-cover ratio: 2.0 times, with an expected ratio of 1.90 [1] 20-Year Other Special Bonds - Issued amount: 13.41 billion yuan - Issuance interest rate: 1.97% - Bid-to-cover ratio: 1.26 times, with an expected ratio of 1.99 [1] 30-Year Special Bonds for Rail Transit - Issued amount: 35.25 billion yuan - Issuance interest rate: 2.02% - Bid-to-cover ratio: 3.15 times, with an expected ratio of 1.98 [1]

Core Viewpoint - Inner Mongolia issued a 10-year general local government bond with a scale of 16.12912 billion yuan and an issuance interest rate of 1.7700% [1] Group 1 - The bond issuance had a marginal multiple of 4.19 times, exceeding the expected multiple of 1.77 [1]

Overall Issuance Situation - In May 2025, the issuance volume of local government bonds reached 779.4 billion yuan, an increase of 86.2 billion yuan month-on-month but a decrease of 124.2 billion yuan year-on-year [5][6] - The net financing amount for May was 554.6 billion yuan, up by 26.5 billion yuan from the previous month but down by 80.3 billion yuan compared to the same month last year [5][6] - The issuance of new special bonds was significant, totaling 443.2 billion yuan, which is a month-on-month increase of 213 billion yuan and a year-on-year increase of 4.8 billion yuan [5][6] Issuance Rates - The weighted average issuance rate for local government bonds in May decreased to 1.87%, down by 5.08 basis points from the previous month [15][17] - The issuance rates for various maturities showed a downward trend, with the 1-year, 2-year, and 3-year rates decreasing by 0.53, 13.00, and 4.02 basis points respectively [15][17] Issuance Spread - The issuance spread of local government bonds narrowed compared to national treasury yields, with most maturities experiencing a decrease in spread [17][19] - The highest spreads were observed in Guangxi and Inner Mongolia, at 21.24 and 19.94 basis points respectively [17][19] Issuance Maturity - The average issuance maturity for local government bonds in May was 14.16 years, which is a reduction of 1.39 years from the previous month [20][23] - The average maturities for new general bonds, new special bonds, and refinancing bonds were shortened by 1.27 years, 1.49 years, and 3.77 years respectively [20][23] Fund Utilization - The primary focus for the utilization of newly issued special bonds remains in infrastructure, with 52.39% of the funds directed towards municipal and industrial park infrastructure, transportation infrastructure, and public services [23][26] - In May, the funds allocated to municipal and industrial park infrastructure decreased by 4.7 percentage points compared to the previous month [23][26] Regional Issuance - A total of 27 provinces and municipalities issued local government bonds in May, with Jiangsu, Sichuan, and Zhejiang leading in issuance scale [2][28] - Cumulatively, from January to May, Jiangsu, Shandong, Sichuan, and Guangdong had the highest issuance volumes, collectively accounting for 32.0% of the total issuance [2][28]

Core Viewpoint - Hubei Province issued a 7-year general local government bond with a scale of 5.9239 billion yuan and an issuance interest rate of 1.6300% [1] Summary by Categories Bond Issuance Details - The scale of the bond issuance is 5.9239 billion yuan [1] - The interest rate for the bond is set at 1.6300% [1] - The marginal multiple achieved during the issuance was 1.81 times, while the expected multiple was 2.34 times [1]

Core Viewpoint - Chongqing issued a 7-year general local government bond with a scale of 5.21406 billion yuan and an issuance interest rate of 1.6300% [1] Summary by Categories Bond Issuance Details - The bond issuance scale is 5.21406 billion yuan [1] - The issuance interest rate is set at 1.6300% [1] - The marginal multiple achieved during the issuance was 1.82 times, with an expected multiple of 2.05 [1]

Group 1 - Chongqing issued a 10-year special local bond with a scale of 63 billion yuan [1] - The issuance interest rate is set at 1.69% [1] - The marginal multiple of the bond issuance is 1.13 times, with an expected multiple of 2.00 [1]