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]

Core Points - The Henan Provincial Finance Department announced the issuance of general and special bonds totaling 17.94749 billion yuan, with a bidding date set for August 6 [1][2] Group 1: Bond Details - The issuance includes the 2025 Henan Provincial Government General Bond (Seventh Phase) with a scale of 14.29449 billion yuan and a 7-year term, with interest paid annually [2] - The 2025 Henan Provincial Government Special Bond (Forty-Fourth Phase) has a scale of 3.653 billion yuan and a 10-year term, with interest paid semi-annually [2] - The funds raised from the general bonds will be used to repay part of the principal of the 2020 Henan Provincial Government General Bond (Fifth Phase) [2] - The special bonds will be used to repay part of the principal of the 2020 Henan Provincial Government Refinancing Special Bond (Second Phase) and the 2020 Henan Provincial Government Special Bond (Twenty-Seventh Phase) [2]

Group 1 - Hunan issued a 5-year general special local bond with a scale of 200 billion yuan and an issuance interest rate of 1.6900%, with a marginal multiple of 13.13 times, exceeding the expected multiple of 1.66 [1] - Hunan also issued a 7-year general special local bond with a scale of 238 billion yuan and an issuance interest rate of 1.7400%, with a marginal multiple of 1.11 times, below the expected multiple of 1.76 [1]

Core Viewpoint - The U.S. Treasury's refinancing plan is expected to have a more profound impact on the bond market than the Federal Reserve's meetings, with a quarterly refinancing bond issuance set at $125 billion, aligning with expectations [1] Group 1: Refinancing Plan Details - The Treasury plans to issue over $1 trillion in bonds this quarter, partly to replenish the Treasury General Account (TGA) at the Federal Reserve [1] - The Treasury Secretary has indicated a reluctance to pursue long-term borrowing, suggesting an increase in short-term bond issuance [1] Group 2: Market Implications - Analysts warn that a surge in short-term debt could undermine the effectiveness of the Federal Reserve's monetary policy [1] - The upcoming second part of the refinancing announcement will provide detailed information on the debt maturity structure to meet borrowing needs [1]

Group 1: Fiscal Performance Overview - In the first half of 2025, the national general public budget revenue was 11.56 trillion yuan, a year-on-year decrease of 0.3%, while public expenditure reached 14.13 trillion yuan, an increase of 3.4% year-on-year [1][4] - Tax revenue, seen as an economic "barometer," has gradually rebounded since the second quarter, with three consecutive months of year-on-year growth [1][4] - The issuance of various government bonds remained robust, with national debt issuance reaching a historical high of 7.88 trillion yuan, a year-on-year increase of 35.28% [1][10] Group 2: Tax Revenue Insights - Tax revenue for the first half of the year was 9.29 trillion yuan, down 1.2% year-on-year, but the decline narrowed by 0.8 percentage points compared to the first quarter [4] - Local public finance revenue increased by 1.6% year-on-year, with 27 out of 31 provinces reporting growth [4] - Notable growth in tax revenue was observed in sectors such as equipment manufacturing and modern services, with specific increases of 32.2% in railway and aerospace equipment and 13.8% in scientific research services [5] Group 3: Government Spending and Support Measures - Public fiscal expenditure focused on social security, education, and health, with significant year-on-year growth in these areas, while traditional infrastructure spending saw a decline [7] - The central government has accelerated transfer payments to local governments, reaching 9.29 trillion yuan, which is 89.8% of the annual budget [7] - The Ministry of Finance plans to introduce measures to boost consumption and enhance the consumption environment in key cities [8]

Group 1 - Jiangsu issued 20-year general special local bonds with a scale of 28.932 billion yuan and an issuance interest rate of 2.04%, with a marginal multiple of 3.97 times, compared to an expected multiple of 2.40 [1] - Jiangsu issued 30-year general special local bonds with a scale of 5.251 billion yuan and an issuance interest rate of 2.03%, with a marginal multiple of 2.79 times, compared to an expected multiple of 4.95 [1]

Group 1 - The Ministry of Finance of China issued a 1-year bond with a scale of 124 billion, an issuance rate of 1.3300%, and a marginal rate of 1.3600%, with a bid-to-cover ratio of 2.53 times [1] - The Ministry of Finance of China issued a 5-year bond with a scale of 108 billion, an issuance rate of 1.5500%, and a marginal rate of 1.5700%, with a bid-to-cover ratio of 3.44 times [1] - The Ministry of Finance of China issued a 30-year bond with a scale of 83 billion, an issuance rate of 1.9724%, with a bid-to-cover ratio of 3.26 times [1] Group 2 - The marginal bid-to-cover ratio for the 1-year bond was 1.64 times, while for the 5-year bond it was 6.90 times, and for the 30-year bond it was 6.11 times [1] - The expected issuance rate for the 30-year bond was 1.9600%, indicating a slight increase in the actual issuance rate [1]

Group 1 - Sichuan issued 10-year general local bonds with a scale of 8.35498 billion, an issuance rate of 1.7400%, and a marginal multiple of 2.62 times, exceeding the expected multiple of 1.75 [1] - Sichuan also issued 10-year ordinary special local bonds with a scale of 1.09302 billion, an issuance rate of 1.7500%, and a marginal multiple of 2.33 times, matching the expected multiple of 1.75 [1]

Group 1 - Hebei issued 10-year general local bonds with a scale of 19.79 billion yuan and an issuance rate of 1.71% [1] - The marginal multiple for the general local bonds was 1.02 times, with an expected multiple of 1.74 [1] - Hebei also issued 10-year ordinary special local bonds with a scale of 4.7 billion yuan and an issuance rate of 1.74% [1] Group 2 - The marginal multiple for the ordinary special local bonds was 6.00 times, with an expected multiple of 1.74 [1]

Core Insights - Yunnan has issued various special local bonds with different maturities and scales, indicating active financing efforts in infrastructure projects [1] Group 1: Bond Issuance Details - Yunnan issued a 30-year special local bond for toll roads with a scale of 2.00 billion and an interest rate of 2.05%, achieving a marginal multiple of 1.82, with an expected multiple of 2.00 [1] - A 7-year special local bond for urban renovation was issued with a scale of 1.10 billion and an interest rate of 1.64%, achieving a marginal multiple of 2.73, with an expected multiple of 1.65 [1] - A 10-year special local bond was issued with a scale of 17.04 billion and an interest rate of 1.70%, achieving a marginal multiple of 2.10, with an expected multiple of 1.74 [1] - Another 30-year special local bond was issued with a scale of 15.01 billion and an interest rate of 2.03%, achieving a marginal multiple of 1.64, with an expected multiple of 1.99 [1] - A 7-year special local bond was issued with a scale of 65.70 billion and an interest rate of 1.64%, achieving a marginal multiple of 2.00, with an expected multiple of 1.65 [1]