Core Viewpoint - Sichuan Province has successfully issued local government bonds with a total scale of 216.8009 billion yuan, indicating strong demand and favorable interest rates [1] Group 1: Bond Issuance Details - Sichuan issued 7-year general local government bonds with a scale of 213.7309 billion yuan and an issuance interest rate of 1.7000%, achieving a marginal multiple of 8.54 times against a forecast of 1.68 [1] - Additionally, Sichuan issued 5-year ordinary special local government bonds with a scale of 3.0700 billion yuan and an issuance interest rate of 1.5700%, resulting in a marginal multiple of 4.04 times compared to a forecast of 1.60 [1]

美国财政部拍卖三个月期国债，得标利率4.3%（5月5日为4.220%），投标倍数2.51（前次为2.74）。 拍卖六个月期国债，得标利率4.105%（5月5日为4.090%），投标倍数3.26（前次为3.52）。 ...

山东发行10年期普通专项地方债，规模87.5109亿元，发行利率1.8200%，边际倍数1.58倍，倍数预期 1.73。 山东发行10年期一般债地方债，规模189.4860亿元，发行利率1.7800%，边际倍数1.18倍，倍数预期 1.76； ...

美国财政部拍卖四周期国债，得标利率4.225%（5月1日报4.240%），投标倍数2.82（前次为2.74）。 拍卖八周期国债，得标利率4.225%（5月1日报4.220%），投标倍数2.98（前次为3.28）。 ...

江西发行10年期高质发展专项地方债，规模0.4542亿元，发行利率1.8300%，边际倍数3.89倍，倍数预 期1.76； 江西发行15年期高质发展专项地方债，规模1.8080亿元，发行利率1.8500%，边际倍数1.16倍，倍数预 期1.96； 江西发行20年期高质发展专项地方债，规模2.5672亿元，发行利率1.9700%，边际倍数1.36倍，倍数预 期2.05。 江西发行5年期棚改专项地方债，规模6.5927亿元，发行利率1.5800%，边际倍数1.85倍，倍数预期 1.63； 江西发行7年期棚改专项地方债，规模10.6901亿元，发行利率1.6400%，边际倍数1.51倍，倍数预期 1.69； ...

福建发行30年期高质发展专项地方债，规模8.7100亿元，发行利率2.0500%，边际倍数1.10倍，倍数预 期2.00。 福建发行5年期土储专项地方债，规模149.6432亿元，发行利率1.5800%，边际倍数1.31倍，倍数预期 1.61； ...

2025年3月，在利雅得金融市场，中国发行的三年期美元债震撼全球，其4.284%的利率仅比同期美债高出1个基点，创下非美国家与美国国债之间最小利差 的历史记录。随着国际媒体热议"中国信用超越美国"的话题，背后却隐藏着一场精心布局的地缘经济试探。 当国际评级机构依旧根据传统模型测算信用利差时，中国通过4.284%的三年期美元债利率，向世界投下了一枚巨大的震撼弹。这个数据看似微小，实则在 金融市场上完成了一次精密的"地层勘探"，为未来的发展奠定基础。事实上，这种信用利差压缩的背后，是中国在基础设施领域取得的显著成就，比如中石 化承建的2000兆瓦电站，提前128天竣工；中国铁建打造的红海港口，吞吐量超设计标准40%。 然而，仔细观察397.3亿美元的认购资金流向，可以发现，68%的资金来自新加坡和东京的美元离岸池，表明美元体系在中东的深度渗透。相比之下，中东 本土的投资者仅贡献了8%。沙特央行2024年报告显示，尽管人民币储备已略有增长，从2.1%提升至3.7%，但美元资产仍占其外汇储备的62%。 与此同时，中国标准在中东大地上逐步深入。中国在吉赞经济城的建设实践，凭借高效的工程建设力和"中式速度"，已成为了中国 ...

Core Viewpoint - Zhejiang Province has issued various special local bonds with different maturities and interest rates, indicating strong demand and investor confidence in the region's financial instruments [1] Summary by Category Bond Issuance Details - Zhejiang issued 10-year special local bonds with a scale of 30.98 billion, an interest rate of 1.70%, and a bid-to-cover ratio of 5.82, exceeding the expected ratio of 1.71 [1] - The province also issued 15-year special local bonds amounting to 22.25 billion at an interest rate of 1.86%, with a bid-to-cover ratio of 3.66, compared to an expected ratio of 1.89 [1] - For 20-year special local bonds, Zhejiang raised 148.77 billion at an interest rate of 2.01%, achieving a bid-to-cover ratio of 4.34, higher than the expected 2.04 [1] - Additionally, 30-year special local bonds were issued with a scale of 25.64 billion at an interest rate of 1.95%, resulting in a bid-to-cover ratio of 3.21, against an expected ratio of 1.99 [1]

Group 1 - Tianjin issued a 7-year municipal infrastructure special local bond with a scale of 0.4 billion and an issuance rate of 1.80% [1] - Tianjin issued a 10-year water service special local bond with a scale of 0.4 billion and an issuance rate of 1.86% [1] - Tianjin issued a 5-year general local bond with a scale of 102.5 billion and an issuance rate of 1.59% [1] Group 2 - Tianjin issued a 5-year ordinary special local bond with a scale of 15.34 billion and an issuance rate of 1.59% [1] - Tianjin issued a 10-year ordinary special local bond with a scale of 39 billion and an issuance rate of 1.85% [1] Group 3 - The marginal multiples for the bonds issued include 1.00 for the 7-year bond, 3.00 for the 10-year water service bond, 1.35 for the 5-year general bond, 1.07 for the 5-year ordinary special bond, and 2.00 for the 10-year ordinary special bond [1] - The expected multiples for the bonds are 1.68 for the 7-year bond, 1.72 for the 10-year water service bond, 1.60 for the 5-year general bond, 1.60 for the 5-year ordinary special bond, and 1.75 for the 10-year ordinary special bond [1]

甘肃发行7年期棚改专项地方债，规模22.4728亿元，发行利率1.7700%，边际倍数1.10倍，倍数预期 1.87。 甘肃发行20年期其他专项地方债，规模14.6650亿元，发行利率2.1300%，边际倍数2.07倍，倍数预期 2.03； 甘肃发行20年期其他专项地方债，规模37.2347亿元，发行利率2.1300%，边际倍数1.67倍，倍数预期 2.06； ...