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]

摘要 2025年3月，地方债发行量和净融资额环比减少、同比增加。其中，新增专项债发行规模维持高位，同比增加、环比减少；用于置换存量隐债 的再融资专项债持续发行，占当月地方债发行总额的39.1%，带动再融资债发行同比大幅增加。 从发行利率看，3月地方债各期限发行利率全线上行，加权平均发行利率上行至2.09%，上行幅度超过同期限国债，各期限发行利差全面走阔； 河北和河南地方债发行利差水平相对较高。 一 总体发行情况 （一）发行规模 2025年3月，地方债发行量和净融资额环比减少、同比增加。具体来看，3月共发行地方债9788亿元，环比减少3269亿元，同比增加3494亿元； 当月净融资8792亿元，环比减少3936亿元，同比增加5944亿元。 3月新增专项债发行规模维持高位，同比大幅增长，环比小幅减少。分券种来看，3月新增专项债发行量3635亿元，环比小幅减少285亿元，同 比增加1327亿元；新增一般债发行量740亿元，环比减少305亿元，同比增加385亿元；再融资债发行量5413亿元，环比减少2817亿元，同比增 加1782亿元。 从发行期限看，3月地方债发行期限整体较上月缩短0.22年，其中，新增一般债和新增 ...