Group 1 - Inner Mongolia issued a 10-year general local government bond with a scale of 6.88784 billion [1] - The issuance interest rate is set at 1.7500% [1] - The marginal multiple was recorded at 1.93 times, with an expected multiple of 1.99 [1]

Group 1 - Shandong Guohui Investment Holding Group successfully issued a 3-year senior unsecured guaranteed bond under Reg S rules, attracting significant market attention and positive response [1][3] - The bond, guaranteed by Shandong Guohui, has a total issuance size of $110 million, with a fixed interest rate of 4.6%, down from an initial guidance of 5.3% [3] - Proceeds from the bond issuance will primarily be used to refinance offshore debts maturing in August 2025 and January 2026, optimizing the company's debt structure and reducing financing costs [3] Group 2 - The bond issuance was supported by various financial institutions, with Minyin Capital acting as the lead global coordinator and joint bookrunner, alongside other notable firms such as Zhongcheng International Securities and CITIC Construction Investment International [4] - The bond includes a change of control put option, allowing investors to sell the bond back to the issuer at 101% of its price under specific conditions [3] - The bond will be listed on the MOX Australian Exchange, with a minimum denomination of $200,000 and increments of $1,000, governed by UK law [3]

Core Viewpoint - The European Union plans to issue up to €70 billion in euro-denominated bonds in the second half of 2025 [1] Group 1 - The issuance of bonds is part of the EU's strategy to finance various projects and initiatives [1] - The planned bond issuance reflects the EU's ongoing efforts to strengthen its financial position and support economic recovery [1] - This move is expected to have implications for the European bond market and investor sentiment [1]

Core Points - The European Union plans to issue up to €70 billion in EU bonds in the second half of 2025 [1] Group 1 - The issuance of EU bonds is part of the EU's broader financial strategy to support various initiatives [1] - The planned bond issuance reflects the EU's commitment to enhancing its financial stability and funding capabilities [1] - This move is expected to have significant implications for the European financial markets and investor sentiment [1]

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。 ...

中国财政部今日发行国债，交易员称，20年期特别国债加权平均中标利率为1.8727%；较前次同期限国 债发行利率下行约12个基点，为彭博自2024年有纪录以来新低。 ...

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]

黑龙江发行10年期一般债地方债，规模137.2604亿元，发行利率1.6900%，边际倍数1.73倍，倍数预期 1.72。 ...

Core Viewpoint - Japan plans to reduce the issuance scale of ultra-long bonds by 10%, while increasing the issuance of 2-year Japanese government bonds, 1-year, and 6-month discount treasury bills, each by 600 billion yen [1] Group 1 - Japan's reduction in ultra-long bond issuance indicates a shift in its debt management strategy [1] - The increase in short-term debt instruments suggests a focus on liquidity and immediate financing needs [1] - The specific increase of 600 billion yen in each of the short-term instruments highlights a significant adjustment in the government's funding approach [1]

Group 1 - The Ministry of Finance of China issued 91-day bonds with a scale of 40 billion yuan and an issuance rate of 1.2917% [1] - The marginal rate for the 91-day bonds was 1.3199%, with an expected rate of 1.3500% and a bid-to-cover ratio of 3.85 times [1] - The Ministry also issued 5-year bonds with a scale of 170 billion yuan and an issuance rate of 1.4290% [1] Group 2 - The marginal rate for the 5-year bonds was 1.4652%, with an expected rate of 1.4700% and a bid-to-cover ratio of 3.90 times [1] - The marginal bid-to-cover ratio for the 5-year bonds was significantly higher at 5.84 times [1]