Core Insights - Dalian issued 10-year general local bonds with a scale of 5.91405 billion, an issuance rate of 1.7100%, and a marginal multiple of 1.16 times, with an expected multiple of 1.75 [1] - Dalian also issued 20-year ordinary special local bonds with a scale of 723 million, an issuance rate of 2.0400%, and a marginal multiple of 3.53 times, with an expected multiple of 2.02 [1] Summary by Category - **Bond Issuance** - Dalian's 10-year general local bonds totaled 5.91405 billion with a rate of 1.7100% and a marginal multiple of 1.16 times [1] - The expected multiple for the 10-year bonds was 1.75 [1] - **Special Bonds** - The 20-year ordinary special local bonds issued by Dalian amounted to 723 million with a rate of 2.0400% and a marginal multiple of 3.53 times [1] - The expected multiple for the 20-year bonds was 2.02 [1]

Group 1 - Zhejiang Province plans to issue refinancing special bonds and special bonds totaling 921.779 billion yuan on July 21 [1] - The issuance includes land reserve special bonds amounting to 198.83 billion yuan [1]

Group 1 - The Ministry of Finance of China issued a 91-day bond with a scale of 30 billion yuan and an issuance rate of 1.2110%, with a marginal rate of 1.2473% and an expected rate of 1.2800%, achieving a bid-to-cover ratio of 3.28 times and a marginal ratio of 1.48 times [1] - A 20-year bond was issued with a scale of 40 billion yuan and an issuance rate of 1.9200%, slightly above the expected rate of 1.9100%, with a bid-to-cover ratio of 4.03 times and a marginal ratio of 2.50 times [1] - The Ministry also issued a 30-year bond with a scale of 83 billion yuan and an issuance rate of 1.9000%, exceeding the expected rate of 1.8800%, with a bid-to-cover ratio of 3.15 times and a marginal ratio of 6.60 times [1]

Core Viewpoint - Jilin Province issued a 7-year general local government bond with a scale of 3.7083 billion yuan and an issuance interest rate of 1.6500% [1] Group 1 - The bond issuance had a marginal multiple of 1.94 times, exceeding the expected multiple of 1.68 [1]

Group 1 - Inner Mongolia issued 15-year special local bonds with a scale of 155 billion yuan and an issuance interest rate of 1.97% [1] - The marginal multiple for the 15-year bonds was 3.17 times, with an expected multiple of 1.96 [1] - Inner Mongolia also issued 20-year special local bonds for rail transit with a scale of 10 billion yuan and an issuance interest rate of 2.03% [1] Group 2 - The marginal multiple for the 20-year rail transit bonds was 10.33 times, with an expected multiple of 2.03 [1]

Group 1 - Japan issued 4.3 trillion yen in 3-month treasury bills [1] - The price of the treasury bills was set at 99.8938 [1] - The yield on these treasury bills is 0.4264% [1]

Group 1 - The core viewpoint of the news is the enthusiastic market response to the issuance of technology innovation bonds, with significant participation from various institutions and a diverse range of issuers [1][2]. - As of June 7, 2023, a total of 147 institutions have issued technology innovation bonds exceeding 374.8 billion yuan, with 39 financial institutions contributing 223.9 billion yuan and 108 non-financial enterprises issuing 150.998 billion yuan [1]. - The China Interbank Market Dealers Association supported 73 non-financial enterprises in issuing 97.72 billion yuan, accounting for 65% of the total issuance by non-financial enterprises [1]. Group 2 - The issuance structure is diverse, with 95% of the supported private enterprises being represented by 17 companies, including notable firms like iFlytek and Heng'an International [1][2]. - The majority of the bonds have medium to long-term maturities, with 60% of the bonds having a maturity of over one year, and a total of 83.6 billion yuan in bonds with maturities exceeding 10 years [2]. - The initiative has attracted a wide range of investors, including banks, wealth management firms, funds, and brokerages, enhancing confidence in the issuance of medium to long-term technology innovation bonds [2]. Group 3 - The Association is promoting a risk-sharing mechanism to support technology enterprises, with tools like credit risk mitigation certificates being created by commercial banks [2]. - The supported enterprises span 21 provinces and regions, including Hong Kong, with the top five regions for issuance being Beijing, Shanghai, Shandong, Jiangsu, and Zhejiang [2]. - The first month saw private equity firms like Junlian Capital and Dongfang Fuhai registering 4.8 billion yuan, indicating an optimization in the structure of issuing entities [2][3].

Group 1 - The company plans to issue corporate debt financing tools not exceeding 4 billion yuan to meet operational funding needs and optimize debt structure [1] - The issuance will include medium-term notes up to 2.5 billion yuan and ultra-short-term financing bonds up to 1.5 billion yuan [1]

Group 1 - The Ministry of Finance of China issued 28-day bonds with a scale of 20 billion yuan and an issuance rate of 1.1351% [1] - The marginal rate for the 28-day bonds was 1.1873%, with an expected rate of 1.3000% and a bid-to-cover ratio of 3.89 times [1] - The Ministry also issued 63-day bonds with a scale of 20 billion yuan and an issuance rate of 1.2018% [1] Group 2 - The marginal rate for the 63-day bonds was 1.2541%, with an expected rate of 1.3300% and a bid-to-cover ratio of 3.68 times [1] - The marginal bid-to-cover ratio for the 63-day bonds was 2.24 times [1]

Core Viewpoint - The Ministry of Finance announced the issuance of 57 government bonds in the third quarter of 2025, including 18 key term bonds, 22 short-term discount bonds, 6 savings bonds, and 11 ultra-long-term bonds [1][8]. Group 1: Key Term Bonds - In July, 4 bonds will be renewed and 2 will be newly issued, while 6 bonds will be issued in both August and September, with 2 being new issues each month [1][2]. - The key term bonds include various maturities, with the first issuance scheduled for July 4 and subsequent issuances on July 11, July 24, August 1, August 6, August 8, August 14, August 20, August 22, September 5, September 10, September 12, September 19, and September 26 [2]. Group 2: Short-term Discount Bonds - A total of 7 short-term discount bonds will be issued in July, including 1 each for 28 days and 63 days, 3 for 91 days, and 2 for 182 days [4][5]. - In August, another 7 short-term bonds will be issued, and 8 will be issued in September, with similar maturity structures [4][5]. Group 3: Savings Bonds - In July, 3-year and 5-year electronic savings bonds will be issued, while in August, 3-year and 5-year certificate savings bonds will be issued [6]. - In September, the issuance will return to 3-year and 5-year electronic savings bonds [6]. Group 4: Ultra-long-term Bonds - A total of 11 ultra-long-term bonds will be issued, with new issues for 20-year and 30-year bonds in July, and renewals for 30-year bonds [7]. - In August, there will be renewals for 50-year, 30-year, and 20-year bonds, along with a new 20-year bond [7].