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]

欧盟计划在2025年下半年发行高达700亿欧元的欧盟债券。 ...

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。 ...

日本计划将超长债券发售规模削减10%，将增加发售两年期日本公债、一年期和六个月期贴现国库券， 各增加6,000亿日元。 ...

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]

Group 1 - Beijing issued 3-year general local bonds with a scale of 7.2 billion yuan and an issuance rate of 1.48%, with a marginal multiple of 3.49 times, exceeding the expected multiple of 1.49 [1] - Beijing issued 5-year general local bonds with a scale of 33.155 billion yuan and an issuance rate of 1.59%, with a marginal multiple of 3.83 times, exceeding the expected multiple of 1.60 [1] - Beijing issued 7-year general local bonds with a scale of 114.9181 billion yuan and an issuance rate of 1.64%, with a marginal multiple of 1.79 times, slightly above the expected multiple of 1.65 [1] - Beijing issued 1-year ordinary special local bonds with a scale of 7.7201 billion yuan and an issuance rate of 1.46%, achieving a high marginal multiple of 6.94 times, significantly above the expected multiple of 1.47 [1]

Group 1 - The issuance of local government special bonds for acquiring idle land is accelerating, with a total issuance scale exceeding 100 billion yuan, reaching 108.35 billion yuan as of June 11, involving 442 projects and 24 special bonds [1] - The proportion of funds used for "land reserves" in the newly issued special bonds this year is 7.75%, indicating a significant focus on land acquisition [1] - The issuance of land reserve special bonds is seen as a crucial financial tool for local governments to revitalize idle land and mitigate land-related risks, contributing positively to the real estate market [1][2] Group 2 - The Ministry of Finance allowed the use of special bonds for land reserves to address the issue of idle undeveloped land across various regions, supporting local governments in recovering eligible idle land [2] - The issuance mechanism for land reserve special bonds has been continuously optimized, with recent notifications clarifying the requirements and processes for issuing these bonds [2] - Provinces like Hunan have successfully issued land reserve special bonds, with a scale of 94.15 billion yuan, marking a significant step in revitalizing idle assets and optimizing land resource allocation [2] Group 3 - Gansu Province has also initiated the issuance of land reserve special bonds, with a scale of 27.54 billion yuan aimed at recovering idle land and new land reserve projects [3] - Major provinces such as Beijing, Guangdong, Sichuan, and Hunan have taken the lead in reissuing land reserve special bonds, with expectations for other provinces to follow suit [3] - The anticipated increase in the issuance scale of land reserve special bonds is expected to accelerate inventory reduction in the real estate market and stabilize market expectations [3]

Group 1 - The Ministry of Finance of China issued 91-day bonds with a scale of 40 billion yuan and an issuance rate of 1.3159% [1] - The marginal rate for the 91-day bonds was 1.3522%, with an expected rate of 1.3900% and a bid-to-cover ratio of 3.43 times [1] - The Ministry also issued 182-day bonds with a scale of 55 billion yuan and an issuance rate of 1.3629% [1] Group 2 - The marginal rate for the 182-day bonds was 1.4036%, with an expected rate of 1.4000% and a bid-to-cover ratio of 2.61 times [1] - The marginal bid-to-cover ratio for the 182-day bonds was 1.59 times [1]