11月20日，河南省财政厅决定发行2025年河南省政府一般债券（十三至十四期）、专项债券（九十二至一百零四期）、再融资专项债券（二十三期）。 本次拟发行总额为737.5865亿元，品种为记账式固定利率附息债券，其中：7年期新增一般债券计划发行47.788亿元；5年期、7年期、10年期、15年期、20 年期、30年期新增专项债券分别计划发行33.4065亿元、26.455亿元、31.2945亿元、75.527亿元、2.61亿元、408.0772亿元；10年期再融资一般债券计划发 行55.7924亿元；20年期、30年期再融资专项债券分别计划发行30亿元、26.6359亿元。 | 招标时间 | 债券全称 | 期限 | 计划发行额度 | | --- | --- | --- | --- | | | | | (亿元) | | | 2025年河南省政府一般债券(十三期) 2025年河南省政府再融资一般债券(七期) 2025年河南省政府一般债券(十四期) 2025年河南省城乡发展专项债券(二十一期) 2025年河南省城乡发展专项债券(二十二期) | 7年 10年 15 年 | 47.788 55.7924 5. 31 55 ...

Core Points - The city successfully issued the sixth batch of government bonds for 2025, totaling 9.3777 billion yuan, which includes 7.4777 billion yuan in new special bonds and 1.9 billion yuan in refinancing bonds [1][4] Group 1: Bond Issuance Details - The bond issuance included various types of bonds with different terms and interest rates, such as: - Special bonds with a total of 21.36 billion yuan for 20 years at a rate of 2.34% - Special bonds totaling 7 billion yuan for 20 years at a rate of 2.34% - Special bonds of 9.95 billion yuan for 15 years at a rate of 2.24% - Special bonds of 20.02 billion yuan for 15 years at a rate of 2.24% - Special bonds of 16.447 billion yuan for 15 years at a rate of 2.24% - General refinancing bonds of 1.4 billion yuan for 10 years at a rate of 1.86% - Special refinancing bonds of 500 million yuan for 15 years at a rate of 2.29% [3] - The bonds received a AAA credit rating, with a competitive bidding process resulting in a subscription multiple of 15.52 times [3] Group 2: Overall Bond Issuance Performance - The successful issuance of this batch of bonds marks the completion of the city's government bond issuance task for the year, with a total of 60.77682 billion yuan issued throughout the year, including 48.8 billion yuan in new bonds and 11.97682 billion yuan in refinancing bonds [4] - The city’s finance bureau plans to enhance bond fund management and expedite the spending of bond funds to support infrastructure development and investment growth [4]

Core Viewpoint - Local governments in China have significantly increased their borrowing to stabilize the economy and mitigate risks, with a record issuance of local government bonds reaching approximately 9.1 trillion yuan in the first ten months of the year, marking a year-on-year increase of about 23% [2][6]. Group 1: Bond Issuance and Utilization - Approximately 60% of the funds raised through local government bonds are allocated for repaying old debts, while around 40% are directed towards major project construction [6][7]. - In the first ten months, the issuance of new local government bonds totaled about 4.7 trillion yuan, reflecting a year-on-year growth of approximately 2%, while refinancing bonds amounted to 4.4 trillion yuan, showing a significant year-on-year increase of about 58% [6][7]. - The rapid growth in local government bond issuance is primarily driven by the increase in refinancing bonds, which are used to repay existing debts and optimize the debt structure [7]. Group 2: Special Bonds and Project Funding - Local governments issued approximately 1.25 trillion yuan in special new bonds specifically aimed at resolving existing hidden debts and settling overdue payments to enterprises, which contributes to the overall debt repayment strategy [7][8]. - The total scale of "borrowing new to repay old" is approximately 5.65 trillion yuan, accounting for about 62% of the total bond issuance in the first ten months [7]. - Among the newly issued special bonds, about 27% is allocated for municipal and industrial park infrastructure, 18% for transportation infrastructure, and 16% for land reserves, with additional allocations for social projects such as healthcare and education [8]. Group 3: Debt Management and Risk Control - The overall risk of local government debt is considered manageable, with the total debt balance as of September 2025 being 53.7 trillion yuan, well within the approved debt limit of 57.9 trillion yuan [9]. - In the first three quarters, local governments repaid approximately 23.9 billion yuan in principal and paid 11.2 billion yuan in interest on their bonds [9].

为了稳投资、防风险，地方政府依法举债规模继续创新高，但发行接近尾声，举债增速逐步回落。 根据财政部及机构数据，今年前三季度全国发行地方政府债券合计约8.54万亿元，同比增长约27%。 目前地方政府合法借钱渠道基本来自发行地方政府债券，为了稳经济，今年更加积极的财政政策靠前发 力，地方政府发债进度明显快于去年。这也体现在今年前三季度地方发债借钱规模创新高，且保持两位 数增速。 今年以来地方借钱规模并不小。 财政部数据显示，今年前8个月地方政府广义财政收入（即地方一般公共预算本级收入和地方政府性基 金预算本级收入之和）约10.75万亿元，而前8个月地方借钱规模约7.7万亿元，占广义财政收入比重约 72%。上述广义财政收入并未包含中央对地方转移支付及举债收入等。 那么，地方举借的8.5万亿元究竟花在哪里了？综合官方以及机构数据分析显示，答案是约六成资金用 于偿还旧债，近四成资金则用于投向重大项目建设。 根据财政部及机构数据，今年前三季度地方政府发行的8.54万亿元政府债券中，地方政府再融资债券发 行约4.19万亿元，同比增长约69%。新增地方政府债券发行约4.35万亿元，同比增长约3%。 所谓地方政府再融资债券，简 ...

（文章来源：第一财经） 财政部数据显示，2025年8月，全国发行新增债券5715亿元，其中一般债券825亿元、专项债券4890亿 元。全国发行再融资债券4086亿元，其中一般债券2231亿元、专项债券1855亿元。合计，全国发行地方 政府债券9801亿元，其中一般债券3056亿元、专项债券6745亿元。 ...

9月18日，山西省财政厅通过财政部政府债券发行系统成功发行今年第八批政府债券204.51亿元，期限包含10年、15年、20年、30年期， 全场平均发行利率2.3%，平均投标倍数24.83倍。至此，山西省今年已累计发行政府债券1525.27亿元，其中新增债券发行861.9亿元，发 行进度完成财政部下达我省新增债券额度的96%。 今年以来，山西省财政厅认真贯彻财政部和省委省政府有关要求，落实更加积极的财政政策，坚持化债和发展两条腿走路，推动山西省 经济发展和债务管理良性循环。 本批债券全部为新增专项债券，其中122.76亿元用于补充政府性基金财力和存量政府投资项目，切实增强财政统筹能力，腾挪空间提升 发展动能；81.75亿元用于保障全省260个公益性项目建设落地，高质量完成十四五规划目标任务。 下一步，山西省财政厅在提升地方债发行质效的同时，进一步强化预算约束，严格规范资金合规使用，督促项目单位加快支出进度，实 现地方政府债券"发得优、用得好、见效快"，为山西省经济行稳致远提供坚实的财力支撑。 来源｜山西财政微信公众号 | 发行日期 | 债券代码 | 债券简称 | 债券类型 | 友行规模 | 发行期限 | 農面村 ...

Key Points - In July, the total issuance of new bonds reached 703.2 billion yuan, consisting of 86.3 billion yuan in general bonds and 616.9 billion yuan in special bonds [1] - The total issuance of refinancing bonds amounted to 510.3 billion yuan, with 258.6 billion yuan in general bonds and 251.7 billion yuan in special bonds [1] - Overall, the issuance of local government bonds totaled 1,213.5 billion yuan, including 344.9 billion yuan in general bonds and 868.6 billion yuan in special bonds [1]

Group 1 - The Shanxi provincial government is issuing 750 million yuan in government bonds aimed at individual and small institutional investors, with a minimum subscription of 100 yuan, highlighting the bonds as a safe and attractive investment option due to their high yield and limited availability [1][3][7] - The bonds are categorized into general bonds for non-revenue public welfare projects and special bonds for revenue-generating public welfare projects, with repayment sourced from the government's general public budget or specific project revenues [2][4] - This marks the fifth year of issuing local government bonds through commercial bank counters, with a total issuance of 1.76 billion yuan from 2021 to 2024, indicating strong investor interest [3] Group 2 - The bonds will be issued on August 25, with a maturity of five years, and will pay interest annually, with the principal repaid on August 29, 2030, providing a stable income stream for investors [3][4] - Eight banks are authorized to facilitate the purchase of these bonds, making it accessible for ordinary investors, with nearly 1,800 bank outlets available for transactions [5][6] - The bonds are backed by government credit, rated AAA by third-party agencies, ensuring high safety and low risk, appealing to investors seeking secure investment options [7][8]

Core Viewpoint - Guangdong Province will issue offshore RMB local government bonds in Macau with a total scale of 2.5 billion RMB, marking the fifth consecutive year since 2021 for such issuances [1] Group 1: Bond Issuance Details - The bond issuance is supported by the Ministry of Finance and the Guangdong Provincial Government [1] - The issuance will include thematic bonds for the Hengqin Guangdong-Macao Deep Cooperation Zone, green bonds, and for the first time, special bonds supporting the 15th National Games projects and blue bonds [1] - All bonds will be issued to professional investors [1]

Group 1 - The Guangdong Provincial Government plans to issue offshore RMB local government bonds in the Macao Special Administrative Region in 2025 [1] - The total scale of the bond issuance is set to not exceed 2.5 billion yuan [1] - The maturity period for the bonds will not exceed 10 years [1]