Core Viewpoint - The provincial finance department successfully issued the fifth batch of government bonds amounting to 12.594 billion yuan, with an average bidding multiple of 22.58 times and an average interest rate of 1.86% [1] Summary by Relevant Sections Bond Issuance Details - The recent bond issuance includes new bonds of 6.411 billion yuan and refinancing bonds of 6.183 billion yuan, aimed at funding 172 public welfare projects, supplementing government fund finances, and repaying existing debts [1] - Cumulatively, the province has issued government bonds totaling 108.171 billion yuan from January to July this year [1] Financial Strategy and Market Response - The provincial finance department is implementing a more proactive fiscal policy and has deepened local bond issuance reforms [1] - The department has organized the issuance of 4.766 billion yuan in follow-up bonds, marking the first such issuance nationwide this year, which increased the original bond issuance from March to 12.987 billion yuan [1] - This strategy aims to optimize the scale and repayment structure of bonds, effectively alleviating the negative impact of low interest rates on both primary and secondary markets, receiving widespread market acclaim [1] Future Plans - The provincial finance department plans to strengthen collaboration with financial institutions to promote continuous market-making for follow-up bond issuances on the exchange, enhancing the overall trading volume of Shanxi bonds and facilitating a smooth bond issuance and trading cycle [1]

Core Viewpoint - The successful issuance of government bonds by the Shanxi Provincial Finance Department reflects a proactive fiscal policy aimed at funding public projects and managing debt effectively [1] Group 1: Bond Issuance Details - The Shanxi Provincial Finance Department issued a total of 12.594 billion yuan in government bonds, with maturities of 7, 10, 15, 20, and 30 years [1] - The average bid-to-cover ratio was 22.58 times, and the average interest rate was 1.86% [1] - This issuance included 6.411 billion yuan in new bonds and 6.183 billion yuan in refinancing bonds, primarily for 172 public welfare projects, supplementing government fund resources, and repaying existing debts [1] Group 2: Cumulative Issuance and Future Plans - From January to July, Shanxi has cumulatively issued government bonds totaling 108.171 billion yuan [1] - The Finance Department has implemented a more proactive fiscal policy and deepened local bond issuance reforms [1] - Future plans include strengthening collaboration with financial institutions to enhance the trading volume of Shanxi bonds and improve the bond issuance and trading cycle [1]

Core Insights - Hunan Province issued a 7-year special local bond with a scale of 8.82434 billion, an issuance rate of 1.7400%, and a marginal multiple of 27.96 times, exceeding the expected multiple of 2.08 [1] - Hunan Province issued a 5-year land reserve special local bond with a scale of 5.03000 billion, an issuance rate of 1.6700%, and a marginal multiple of 1.11 times, below the expected multiple of 2.21 [1] - Hunan Province issued a 20-year special local bond with a scale of 1.51900 billion, an issuance rate of 2.1100%, and a marginal multiple of 11.65 times, below the expected multiple of 2.32 [1]

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Group 1 - Guangdong issued 10-year special local bonds with a scale of 30.621 billion, an issuance rate of 1.7500%, and a marginal multiple of 3.51 times, exceeding the expected multiple of 1.73 [1] - Guangdong issued 20-year special local bonds with a scale of 45.7627 billion, an issuance rate of 2.0300%, and a marginal multiple of 1.33 times, below the expected multiple of 1.98 [1]

Group 1 - The auction yield for the 6-month U.S. Treasury bill as of May 27 was 4.16%, an increase from the previous yield of 4.14% [1]

Core Insights - The auction yield for the 6-week U.S. Treasury bill as of May 20 was 4.235%, slightly down from the previous yield of 4.25% [1] Summary by Category - **Auction Results** - The winning yield for the 6-week Treasury bill auction was recorded at 4.235% [1] - This represents a minor decrease from the prior auction yield of 4.25% [1]

Core Viewpoint - The auction yield for U.S. Treasury bonds as of May 15 is reported at 4.22%, slightly down from the previous value of 4.225% [1] Group 1 - The current yield indicates a marginal decrease, reflecting slight changes in market conditions [1]

Group 1 - The winning bid rate for U.S. Treasury auctions as of May 8 is 4.225%, slightly up from the previous rate of 4.24% [1]