Group 1 - The Government Debt Management offered 10% of the nominal value sold in the auction on July 18 at the price of accepted bids [1] Group 2 - The additional issuance for the RIKS 29 0917 series is 160,000,000 [2] - The total outstanding nominal value for the RIKB 27 0415 series is 115,586,000,000 and for the RIKS 29 0917 series is 78,275,000,000 [2]

Core Viewpoint - Eurozone countries are set to issue more short-term bonds as the appeal of long-term debt diminishes [1] Group 1 - The shift towards short-term bonds indicates a changing investor sentiment regarding long-term debt instruments [1] - This trend may reflect concerns over interest rate fluctuations and economic uncertainty within the Eurozone [1] - Increased issuance of short-term bonds could lead to a more volatile debt market as investors seek liquidity [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The China - Latin America and the Caribbean Community (CELAC) cooperation has entered a new stage, with deepening political mutual trust and expanding economic and trade cooperation. The issuance of panda bonds is an important direction for financial cooperation between the two sides, but attention should be paid to the sovereign credit risks in Latin America and the construction of a new sovereign credit rating system [1][2][6][10]. 3. Summary by Relevant Catalogs 3.1 China - Latin America Cooperation Enters a New Stage - On May 13, 2025, the Fourth Ministerial Meeting of the China - CELAC Forum was held in Beijing. On May 14, a seminar on China - Latin America panda bonds was held, with representatives from China and Brazil participating [1]. - Latin America is rich in resources and strategically important. In 2024, the bilateral trade volume between China and Latin America reached $500 billion. By the end of 2023, China's direct investment stock in Latin America was $600.8 billion. China has 5 free - trade partners in Latin America, and the free - trade dividends are constantly emerging [2]. - China's political relations with Latin American countries have been upgraded. China has proposed initiatives that are increasingly recognized by Latin American countries, and more than 20 countries have signed Belt and Road cooperation memorandums with China [4]. 3.2 Promising Prospect of China - Latin America Panda Bond Cooperation - In 2024, 44 entities issued 109 panda bonds with a total issuance scale of 194.8 billion yuan, a year - on - year increase of 26.1%. The proportion of overseas investors increased significantly to nearly 50% [6]. - In November 2024, the first panda bond issued by a Latin American entity was successfully issued, setting a benchmark for more Latin American issuers [6][7]. - Chinese rating agencies play an important role in bridging information asymmetry between overseas issuers and domestic investors. However, they need to innovate rating methods due to the limitations of local ratings and geopolitical changes [9]. 3.3 Attention to Sovereign Credit Risks in Latin America - Sovereign credit risk is an important factor affecting Latin American entities' issuance of panda bonds. The deepening of China - Latin America political mutual trust and cooperation helps improve the sovereign credit strength of Latin American economies in RMB terms [10]. - In 2025, Latin American economic growth is expected to slow from 2.4% in 2024 to 2.0%. Different countries face various challenges: Brazil has fiscal problems; Mexico is affected by the US economy; Argentina has high inflation and debt; Chile is at risk of relying on single - resource exports; and Colombia has fiscal and political uncertainties [11].

Group 1 - The Ministry of Finance of China issued 91-day bonds with a scale of 30 billion yuan and an issuance rate of 1.2069% [1] - The marginal rate for the 91-day bonds was 1.2392%, with an expected rate of 1.2200% and a bid-to-cover ratio of 3.44 times [1] - The Ministry also issued 182-day bonds with a scale of 60 billion yuan and an issuance rate of 1.2654% [1] Group 2 - The marginal rate for the 182-day bonds was 1.3223%, with an expected rate of 1.3200% and a bid-to-cover ratio of 2.29 times [1] - The marginal bid-to-cover ratio for the 182-day bonds was 1.67 times [1]

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]