财政部有关负责人表示，2017年、2022年和2024年上述部分特别国债到期时，财政部向有关银行定 向发行特别国债偿还。对于2025年12月12日即将到期的7500亿元特别国债，财政部将延续以前年度做 法，继续采取滚动发行的方式，向有关银行等额定向发行2025年到期续作特别国债，所筹资金用于偿还 当月到期本金。 记者12月10日从财政部了解到，财政部将于12月12日开展2025年到期续作特别国债发行。此次到期 续作的7500亿元特别国债将在全国银行间债券市场面向有关银行定向发行，期限品种包括10年期4000亿 元、15年期3500亿元。 2007年，经国务院同意和全国人大常委会批准，财政部发行了1.55万亿元特别国债，作为中国投资 有限责任公司的资本金来源。期限主要为10年、15年，2017年起陆续到期。 据介绍，此次发行过程不涉及社会投资者，个人投资者不能购买。"2025年到期续作特别国债是原 特别国债的等额滚动发行，仍与原有资产负债相对应，不增加财政赤字。"这位负责人说。（记者申 铖、刘开雄） 【纠错】 【责任编辑:刘阳】 ...

Group 1 - The company, Zhaojin Mining (01818), has been approved to publicly issue perpetual corporate bonds with a total face value of up to RMB 2 billion aimed at professional investors [1] - The first phase of the bond issuance will be up to RMB 1.5 billion, consisting of two varieties: one with a basic term of 2 years and the other with a basic term of 3 years [1] - The issuer has the right to exercise a renewal option at the end of the basic term and at the end of each cycle, extending the term by one cycle if exercised; if not exercised, the bonds will be fully redeemed at maturity [1] Group 2 - On December 9, 2025, the issuer and the lead underwriter conducted a rate inquiry among professional institutional investors for the bond's coupon rate [1] - Based on the inquiry results, the coupon rate for the second variety of the bond was finalized at 2.20% [1]

12月10日，中华人民共和国财政部在香港特别行政区，面向机构投资者招标发行2025年第六期70亿元人 民币国债，受到投资者广泛欢迎，认购倍数5.22倍。其中，2年期20亿元，发行利率1.43%；3年期30亿 元，发行利率1.45%；5年期20亿元，发行利率1.65%。 12月10日，中华人民共和国财政部在香港特别行政区，面向机构投资者招标发行2025年第六期70亿元人 民币国债，受到投资者广泛欢迎，认购倍数5.22倍。其中，2年期20亿元，发行利率1.43%；3年期30亿 元，发行利率1.45%；5年期20亿元，发行利率1.65%。 ...

12月9日，上交所发布关于北京中关村延庆园投资发展有限公司2025年面向专业投资者非公开发行公司 债券（第一期）挂牌的公告。 依据《上海证券交易所非公开发行公司债券挂牌规则》等规定，上交所同意北京中关村延庆园投资发展 有限公司2025年面向专业投资者非公开发行公司债券（第一期）于2025年12月10日起在上交所挂牌，并 采取点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25延园01"，证券代码 为"280902"。 来源：市场资讯 ...

12月9日，上交所发布关于北京国有资本运营管理有限公司2025年面向专业投资者公开发行公司债券 （第四期）上市的公告。 依据《上海证券交易所公司债券上市规则》等规定，上交所同意北京国有资本运营管理有限公司2025年 面向专业投资者公开发行公司债券（第四期）于2025年12月10日起在上交所上市，并采取匹配成交、点 击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25国管07"，证券代码 为"244339"。根据中国结算规则，可参与质押式回购。 来源：市场资讯 ...

12月9日，上交所发布关于南京溧水产业投资控股集团有限公司2025年面向专业投资者公开发行可续期 公司债券（第一期）（品种二）上市的公告。 来源：市场资讯 依据《上海证券交易所公司债券上市规则》等规定，上交所同意南京溧水产业投资控股集团有限公司 2025年面向专业投资者公开发行可续期公司债券（第一期）（品种二）于2025年12月10日起在上交所上 市，并采取匹配成交、点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25溧 投Y2"，证券代码为"244331"。根据中国结算规则，可参与质押式回购。 ...

Core Insights - Russia officially issued state bonds denominated in RMB on December 2, marking a significant financial event in Sino-Russian relations and a rare fissure in the dollar-dominated financial system [1][3] Group 1: Reasons for the Shift - The timing of this decision is clear: Russia has been excluded from the dollar system and is now reliant on the RMB due to sanctions imposed by the US and Europe following the Ukraine conflict, which included freezing foreign exchange and banning dollar settlements [3] - The international acceptance of the ruble has sharply declined, while the euro is also becoming increasingly difficult to use, leaving the RMB as the only major currency available for global transactions without US interference [3] Group 2: Financial Dynamics - Russia has accumulated a significant amount of RMB as it sells more commodities to China than it buys, leading to a situation where Chinese funds are becoming a crucial pillar of Russia's national finances, previously dominated by the dollar [5] - During Putin's visit to India on December 4, a key agenda was to promote the use of RMB for purchasing Russian energy, indicating a trend towards RMB becoming a regional energy currency [7] Group 3: Global Implications - The world is surprised not only by Russia's actions but also by China's willingness to embrace this shift, as there is a growing need for a second currency option amid the visible issues with the dollar, such as high deficits and frequent sanctions [8] - China is not provoking but is steadily making the RMB more usable, with an increasing number of countries borrowing in RMB, more energy transactions being settled in RMB, and more central banks holding RMB assets, indicating a real establishment of a parallel financial system [8] - The issuance of RMB-denominated bonds by Russia signals that the dollar system is facing competition that could replace some of its functions, particularly in key areas like energy, trade, and debt [8]

Core Viewpoint - Russia's Ministry of Finance has announced the issuance of its first sovereign bonds denominated in RMB, amounting to 400 billion rubles, marking a significant shift in global financial dynamics and a strategic move towards de-dollarization [1][3][9] Group 1: Issuance Details - The bonds will be issued in three maturities: 3 years, 5 years, and 10 years, with the issuance expected to begin in early December [1] - The total amount of 400 billion rubles is approximately 30 billion yuan, making it a substantial issuance in the context of emerging market RMB bonds [1] Group 2: Reasons for Choosing RMB - The decision to issue bonds in RMB is largely a response to unprecedented financial sanctions imposed by the West following the Ukraine conflict, which have severely restricted Russia's access to traditional currencies like USD and EUR [3][5] - Over 95% of trade between China and Russia is already settled in RMB, with bilateral trade reaching a record high of 220 billion USD in 2023, primarily driven by energy exports [3][5] Group 3: Strategic Implications - This issuance represents a significant endorsement of the RMB as a reliable international currency, potentially encouraging other emerging markets to follow suit, thereby enhancing the RMB's status in the global monetary system [7][9] - The move is seen as a demonstration of deepening Sino-Russian cooperation, extending beyond trade to financial integration, which could have broader implications for global multipolarity and resistance to unilateral sanctions [9][10] Group 4: Market Reception - There is strong demand for RMB-denominated bonds from domestic Chinese institutional investors and interest from other emerging market countries looking to mitigate USD risks [9] - Despite Western downgrades of Russia's sovereign credit rating, its debt repayment capacity remains robust due to stable income from energy exports [9]

Core Viewpoint - Argentina's Minister of Economy, Luis Caputo, confirmed the country's return to the international debt market by issuing dollar-denominated bonds, with a nominal interest rate of 6.5% for a four-year term, aimed at raising funds to partially repay debts maturing in January 2024 [1] Group 1: Debt Issuance Details - The bond issuance is scheduled for December 10, marking Argentina's first attempt to seek foreign currency in the international debt market since January 2018 [1] - The funds raised will be used to repay existing debts rather than to incur new debt, although some analysts expressed regret over this strategy of issuing new debt to repay old debt [1] Group 2: Economic Context - Argentina is one of the Latin American countries with a high ratio of public debt to GDP and is the largest debtor to the IMF [1] - As of the end of the second quarter of this year, Argentina's total external debt reached a record high of $305.04 billion [1]

依据《上海证券交易所非公开发行公司债券挂牌规则》等规定，上交所同意郑州高新产业投资集团有限 公司2025年面向专业投资者非公开发行科技创新公司债券（第一期）于2025年12月8日起在上交所挂 牌，并采取点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25郑产K1"，证 券代码为"280880"。 12月5日，上交所发布关于郑州高新产业投资集团有限公司2025年面向专业投资者非公开发行科技创新 公司债券（第一期）挂牌的公告。 来源：市场资讯 ...