Group 1 - The U.S. Treasury auctioned four-week and eight-week Treasury bills with a high yield of 4.060% and 4.470% respectively [1] - The bid-to-cover ratio for the four-week bills was 3.15, while for the eight-week bills it was 2.70, indicating demand levels [1] - The auction activity was conducted a day earlier than usual due to the market closure on Thursday [1]

Core Viewpoint - The U.S. Treasury auctioned $23 billion of five-year Treasury Inflation-Protected Securities (TIPS) with a winning yield of 1.650%, down from 1.702% on April 17 [1] Summary by Category - **Auction Details** - The auction involved $23 billion of five-year TIPS [1] - The winning yield was 1.650%, a decrease from the previous auction's yield of 1.702% [1] - The bid-to-cover ratio was 2.53, an increase from the prior ratio of 2.28 [1]

美国财政部拍卖三个月期国债，得标利率4.240%（6月9日为4.250%），投标倍数2.99（前次为2.69）。 拍卖六个月期国债，得标利率4.155%（6月9日为4.150%），投标倍数2.73（前次为2.74）。 ...

Group 1 - The issuance of refinancing special bonds by local governments has reached nearly 2 trillion yuan, with several provinces completing their annual issuance tasks ahead of schedule [1][3] - Experts believe that the early issuance of refinancing special bonds highlights a clear direction of proactive fiscal policy, providing more fiscal space for local economic stability [2][6] - As of June 11, the total issuance of refinancing special bonds by local governments has reached 19,281.24 billion yuan, with additional plans from Shandong, Yunnan, and Beijing bringing the total to 20,300 billion yuan [3][7] Group 2 - Jiangsu Province leads in issuance with 2,781.42 billion yuan, followed by Shandong, Beijing, Yunnan, and others, all exceeding 1,000 billion yuan [4][5] - The majority of the refinancing special bonds issued this year are long-term, with 73.21% of the 224 bonds having a maturity of at least 10 years [6] - The interest rates for refinancing special bonds are generally low, with 30-year bonds ranging from 1.90% to 2.35% [6] Group 3 - The National People's Congress has approved an increase of 60,000 billion yuan in local government debt limits to replace hidden debts, with 20,000 billion yuan allocated annually from 2024 to 2026 [7][8] - The government work report emphasizes the need to balance debt resolution with development quality and fiscal sustainability [8] - The shift in local debt management from risk prevention to a dual focus on risk prevention and development promotion is noted as a significant change in strategy [8]

Group 1 - The U.S. Treasury auctioned a four-month Treasury bill with a winning yield of 4.220%, an increase from the previous rate of 4.205% reported on June 4 [1] - The bid-to-cover ratio was 2.96, which is lower than the previous auction's ratio of 3.13, indicating a decrease in demand for the securities [1]

Core Viewpoint - Henan Province has successfully issued local government bonds with varying maturities, indicating strong demand and favorable interest rates in the current market environment [1] Group 1: Bond Issuance Details - Henan issued 7-year general local government bonds with a total scale of 11.28886 billion, at an interest rate of 1.66%, achieving a marginal multiple of 1.63 times against a forecast of 1.68 times [1] - Additionally, Henan issued 30-year ordinary special local government bonds with a total scale of 10.775 billion, at an interest rate of 2.07%, achieving a marginal multiple of 3.01 times against a forecast of 2.04 times [1]

美国财政部拍卖六周期国债，得标利率4.195%（6月3日为4.225%），投标倍数3.32（前次报3.44）。 ...

Core Viewpoint - The Chinese Ministry of Finance has increased support for economic provinces through special bonds, allocating debt limits to regions with well-prepared projects and high investment efficiency [1][3]. Group 1: Debt Allocation and Growth - In 2025, Zhejiang Province received a new local government debt limit of 378.8 billion yuan, including 55.9 billion yuan for Ningbo, marking an increase of 69.1 billion yuan or approximately 22.3% compared to 2024 [2][3]. - The new debt limit for Zhejiang accounts for about 7.3% of the national total new local government debt (5.2 trillion yuan), which is higher than the province's GDP share of 6.7% in 2024 [3]. - The new debt limit is primarily composed of special bonds, with 34.63 billion yuan allocated for special projects and 3.25 billion yuan for general debt [2][5]. Group 2: Debt Issuance and Management - As of April, Zhejiang had issued approximately 68.6 billion yuan in new special bonds to support 849 public welfare projects [5]. - The second batch of new debt limits for Zhejiang is 165.8 billion yuan, with 138.4 billion yuan for provincial use and 27.4 billion yuan for Ningbo [5][10]. - The allocation of new debt limits to cities and counties will be based on debt risk, financial capacity, and project funding needs [6]. Group 3: Economic Indicators - As of the first quarter of 2025, Zhejiang's GDP reached 2.23 trillion yuan, with a growth rate of 6.0% [7]. - Fixed asset investment growth was recorded at 2.0%, while total import and export volume was 1.2932 trillion yuan [7]. - The local government's debt balance at the end of 2024 was approximately 2.7281 trillion yuan, remaining within the limit of about 2.9462 trillion yuan [11].

Core Points - The U.S. Treasury auctioned a four-month Treasury bill with a winning yield of 4.205%, slightly down from the previous auction yield of 4.220% [1] - The bid-to-cover ratio for this auction was 3.13, indicating a decrease from the prior auction's ratio of 3.36, suggesting a lower demand for the securities [1]

Core Insights - The U.S. Treasury auctioned six-month Treasury bills with a winning yield of 4.225%, slightly down from 4.235% on May 27 [1] - The bid-to-cover ratio was 3.44, indicating strong demand compared to the previous auction's ratio of 3.00 [1] Summary by Category - **Auction Results** - Winning yield for six-month Treasury bills was 4.225% [1] - Previous auction yield was 4.235% on May 27 [1] - **Demand Indicators** - Bid-to-cover ratio was 3.44, showing increased demand [1] - Previous bid-to-cover ratio was 3.00 [1]