Group 1 - Guangdong issued 10-year general local bonds with a total scale of 18.96442 billion, at an issuance rate of 1.7500%, with a marginal multiple of 3.65 times, exceeding the expected multiple of 1.72 [1] - Guangdong issued another 10-year general local bonds with a total scale of 7.34279 billion, also at an issuance rate of 1.7500%, achieving a marginal multiple of 5.63 times, again surpassing the expected multiple of 1.72 [1] - Guangdong issued 20-year ordinary special local bonds with a total scale of 7.64973 billion, at an issuance rate of 2.0300%, with a marginal multiple of 1.16 times, below the expected multiple of 2.00 [1] - Guangdong issued an additional 20-year ordinary special local bond with a total scale of 892.32 million, at an issuance rate of 2.0300%, achieving a marginal multiple of 1.22 times, slightly below the expected multiple of 1.99 [1]

Core Insights - Zhejiang Province has successfully issued its first batch of special bonds for the acquisition of existing residential properties, totaling 552.67 billion yuan, with 16.53 billion yuan specifically allocated for this purpose, representing only 3% of the total issuance [1][2][3] - The issuance of these bonds is seen as an innovative approach with significant policy implications, potentially increasing the allocation of special bonds in this sector in the future [1][6] - The issuance is characterized by a diverse range of maturities, with long-term bonds (20-30 years) accounting for 31% of the total, which helps alleviate maturity mismatch pressures [3][4] Special Bonds Issuance Details - The first batch of special bonds for existing housing amounts to 16.53 billion yuan, supporting eight affordable housing projects across Huzhou, Wenzhou, and Jiaxing [2][3] - The bonds issued include various maturities, with 8 bonds covering terms from 3 to 30 years, and the average financing per project is approximately 2 billion yuan [2][3] - Huzhou is the primary focus, receiving nearly 90% of the total financing for four selected projects [2][3] Market Impact and Trends - The special bonds represent only 0.1% of the national new special bond issuance, indicating a limited impact on the overall market supply [3][6] - The innovative approach of using special bonds to acquire existing residential properties provides a potential solution for inventory issues in lower-tier cities, where the sales-to-inventory ratio has reached 30.5 months [3][6] - The issuance of these bonds is expected to accelerate, with projections indicating that the second quarter of 2025 may see a peak in local bond issuance [6][7] Investor Interest and Bond Characteristics - The bonds have an AAA rating and are backed by provincial government credit, attracting institutional investors such as banks and insurance companies [4][5] - The weighted average issuance spread for Zhejiang's special bonds is approximately 8 basis points, lower than the national average, indicating a cost advantage [5] - The diverse maturity structure of the bonds meets different investor needs and provides new ideas for special bond issuance [3][4]

大连发行5年期其他专项地方债，规模0.4500亿元，发行利率1.5500%，边际倍数2.22倍，倍数预期 1.57； 大连发行10年期市政基建专项地方债，规模1.2110亿元，发行利率1.8600%，边际倍数1.80倍，倍数预 期1.73； 大连发行30年期其他专项地方债，规模0.1238亿元，发行利率2.1300%，边际倍数1.54倍，倍数预期 2.08。 大连发行15年期其他专项地方债，规模0.9483亿元，发行利率2.0600%，边际倍数4.03倍，倍数预期 1.92； 大连发行20年期其他专项地方债，规模27.6095亿元，发行利率2.1200%，边际倍数2.88倍，倍数预期 2.12； ...