2月26日消息，财政部拟发行2026年记账式贴现（十三期）国债。本期国债为期限182天的贴现债。本期 国债竞争性招标面值总额450亿元，不进行甲类成员追加投标。本期国债发行价格通过竞争性招标确 定，以低于票面金额的价格贴现发行。本期国债自2026年3月5日开始计息，于2026年9月3日（节假日顺 延）按面值偿还。招标时间为2026年3月4日上午10:35至11:35。 ...

美国财政部发行690亿美元2年期国债，中标收益率为3.455%，略高于美东时间下午1点投标截止时的发 行前交易水平为3.454%，不过仍为2022年8月以来最低。短端对这一结果反应平淡，该期限收益率日内 仍上升逾2个基点，2s10s利差趋平约1.5个基点。 一级交易商获配比例为9.8%，高于此前，间接投标人获配比例降至55.9%，而直接投标人获配比例升至 34.2%，为纪录最高水平之一。 投标倍数为2.63倍，而前六次均值为2.63倍。 责任编辑：丁文武 美国财政部发行690亿美元2年期国债，中标收益率为3.455%，略高于美东时间下午1点投标截止时的发 行前交易水平为3.454%，不过仍为2022年8月以来最低。短端对这一结果反应平淡，该期限收益率日内 仍上升逾2个基点，2s10s利差趋平约1.5个基点。 一级交易商获配比例为9.8%，高于此前，间接投标人获配比例降至55.9%，而直接投标人获配比例升至 34.2%，为纪录最高水平之一。 投标倍数为2.63倍，而前六次均值为2.63倍。 责任编辑：丁文武 ...

交易商获配比例为17.6%，上次为6.2%； 责任编辑：丁文武 投标倍数为2.36倍，上次为2.86倍； 交易商获配比例为17.6%，上次为6.2%； 直接投标人获配27.2%，上次为29.1%； 间接投标人获配55.2%，上次为64.7%； 发行日：2026年3月2日；到期日：2046年2月15日。 美国财政部发行160亿美元20年期国债，中标收益率报4.664%。 上次发行报4.846%； 投标倍数为2.36倍，上次为2.86倍； 美国财政部发行160亿美元20年期国债，中标收益率报4.664%。 上次发行报4.846%； 责任编辑：丁文武 直接投标人获配27.2%，上次为29.1%； 间接投标人获配55.2%，上次为64.7%； 发行日：2026年3月2日；到期日：2046年2月15日。 ...

近日，久期财经正式公布2025年度中资离岸债券市场"金久期"奖评选结果，青岛城投集团凭借卓越的境外债券发行表现与市场影响力，荣获"2025年杰出发 行人"奖项。"金久期"奖项评选是中资离岸债券市场最具影响力和公信力的评选活动之一，是中资离岸债券市场的标杆活动，旨在表彰过去一年在中资离岸 债券市场中表现卓越的机构及个人。该奖项是对集团跨境融资能力、市场信誉及国际影响力的高度认可，也向全球资本市场展现了青岛国有企业的扎实信用 基础与发展潜能，为区域内企业拓展国际融资渠道提供了优秀范例。 青岛城投集团荣获2025年度"金久期"杰出发行人奖 本次获奖，主要源于集团于2025年4月1日成功定价发行的3年期7.5亿美元高级无抵押债券。该笔发行实现多项突破：创2023年以来全国地方可比国企单笔境 外债券最大发行规模；峰值订单规模达22.85亿美元，超额认购倍数达3.05倍，刷新集团境外发债记录；最终定价5.40%，较初始指引收窄50个基点，发行成 本优于同期市场同类债券，充分体现了投资者对集团信用资质的高度认可。经过久期财经为期三个月的综合评审，集团凭借此次发行的突出表现脱颖而出。 此次境外债券的成功发行，得益于集团前瞻性 ...

Core Viewpoint - The recent issuance of the "Management Measures for Bond Issuance of State-owned Enterprises" by the Municipal State-owned Assets Supervision and Administration Commission aims to standardize bond issuance management for state-owned enterprises, enhancing their core competitiveness through bond financing [1] Group 1 - The bond issuance includes various types such as corporate bonds, company bonds, non-financial corporate debt financing instruments, and financial bonds, which have become a significant funding source for state-owned enterprises [1] - The management measures encourage state-owned enterprises to utilize major capital market reforms by issuing specialized bonds like green bonds, technology innovation bonds, and rural revitalization bonds, aligning with national and local development strategies [1] - The measures establish a comprehensive bond issuance management system, with the Municipal State-owned Assets Supervision and Administration Commission responsible for reviewing annual bond issuance plans and enhancing debt risk control [1] Group 2 - The principle of serving the main business of enterprises is emphasized in bond issuance, with the Municipal State-owned Assets Supervision and Administration Commission reviewing bond issuance plans based on the optimization of state-owned economic layout and risk prevention [2] - State-owned enterprises are required to reasonably determine the types and terms of bonds to be issued, balancing financing structure and fund safety, while gradually increasing the proportion of medium- and long-term bond issuance to avoid issues like short-term debt financing long-term investments [2]

地方政府债券是地区财政经济平稳发展的"压舱石"之一，掌握好发行节奏，精准匹配各地区实际资金需 求，是充分发挥债券资金"防风险、促发展"作用的关键。 为做好2026年债券发行工作，省财政厅推出多项举措。根据全国债券市场情况，辽宁省首先统筹考虑全 省偿债规模、债务利率水平等因素，编制了全年发行计划，努力实现各年度间到期偿债规模均衡分布。 发行工作启动之前，相关人员密切联系发行场所，分析资金流动性，研判利率走势，了解投资者偏好等 因素，为低利率发行奠定基础。在此基础上，辽宁省主动对接97家承销团成员，了解金融机构承销意 愿，积极宣传辽宁省振兴发展举措成果，提振市场对辽宁经济发展的信心。 据王春雷介绍，本批债券的募集资金，将主要用于存量政府投资项目，对辽宁省扎实有力增加投资能起 到积极作用，"通过科学谋划使用，相关资金能有效减轻政府债务本息支付压力，对进一步优化全省政 府债务期限结构、合理拉长债券期限、有效防范和化解地方政府债务风险，都将产生实际性支持"。 唐佳丽 近日，辽宁省通过中央国债登记结算有限责任公司成功发行2026年辽宁首批地方政府债券，实现"开门 红"。 记者从省财政厅了解到，本批共计发行债券255.7亿 ...

本报讯 记者唐佳丽报道 近日，我省通过中央国债登记结算有限责任公司成功发行2026年辽宁首批地方 政府债券，实现"开门红"。 记者从省财政厅了解到，本批共计发行债券255.7亿元，加权平均利率2.35%。其中，10年期债券85.7亿 元、利率2.02%；30年期债券170亿元、利率2.51%，均以较低价格发行。平均年限23.3年，比上年拉长 6.1年。全场最高投标倍数达30倍，承销团成员参与度达91.7%。省财政厅债务办处长王春雷表示："这 些数据体现了我省财政运行保障能力持续增强，市场方面的积极表现说明市场对我省发展信心很足。" 我省成功发行今年首批地方政府债券 共计255.7亿元，募集资金主要用于存量政府投资项目 地方政府债券是地区财政经济平稳发展的"压舱石"之一，掌握好发行节奏，精准匹配各地区实际资金需 求，是充分发挥债券资金"防风险、促发展"作用的关键。 为做好2026年债券发行工作，省财政厅推出多项举措。根据全国债券市场情况，我省首先统筹考虑全省 偿债规模、债务利率水平等因素，编制了全年发行计划，努力实现各年度间到期偿债规模均衡分布。 责编：曹思洋 审核：刘立纲 发行工作启动之前，相关人员密切联系发 ...

Primary Market - A total of 7 offshore bonds were issued this week (January 19-23, 2026), including 2 RMB bonds, 2 USD bonds, 1 HKD bond, and 2 AUD bonds [2] - The largest single issuance in the offshore RMB bond market was 1.092 billion RMB with a maximum coupon rate of 3.15%, issued by Ganzhou Urban Investment Holding Group [2] - In the USD bond market, the largest single issuance was 300 million USD by Panzhihua Panxi Technology City Development Co., with the highest coupon rate of 9.75% issued by Ruian Real Estate Co. [2] Secondary Market Overview - The yield on Chinese USD bonds slightly increased this week, with the Markit iBoxx Chinese USD Bond Composite Index rising by 0.11 to 252.07 [3] - The investment-grade USD bond index increased by 0.1% to 244.95, while the high-yield USD bond index rose by 0.21% to 243.79 [3] - The real estate USD bond index increased by 0.26% to 180.79, and the city investment USD bond index rose by 0.07% to 154.74 [3] Benchmark Spread - As of January 23, the spread between the 10-year benchmark government bonds of China and the U.S. widened to 240.9 basis points, an increase of 2.1 basis points from the previous week [4] Rating Changes - Moody's withdrew the "Ca" corporate family rating for Hailong Holdings Co., Ltd. at the company's request on January 19 [6] - Fitch downgraded the long-term foreign currency issuer ratings of Wanda Commercial Properties (Hong Kong) Co., Ltd. to "RD" on January 19 [6] Defaults and Extensions - Vanke successfully passed a bond extension plan for 1.1 billion RMB with a high approval rate of 92.11% on January 21, marking its first successful extension since facing difficulties in late 2025 [7] Domestic News - In December 2025, over 10 trillion RMB worth of debt financing instruments were issued in the interbank market, with a total of 11,531 instruments issued throughout the year amounting to 10.09 trillion RMB [8] - Since the launch of the green foreign debt pilot in Shandong, approximately 330 million RMB in cross-border financing has been achieved, involving key green sectors [9] - The panda bond market reached a record issuance of 163.31 billion RMB in 2025, a year-on-year increase of 15.6%, with a total outstanding amount of 318.78 billion RMB [10] Overseas News - The Bank of Japan maintained its benchmark interest rate at 0.75% on January 23, to assess the impact of last month's rate hike on the economy [11] Offshore Debt Alerts - Vanke withdrew its application for the listing of the Huaxia Wanwei Warehousing Logistics Closed-End Infrastructure Securities Investment Fund on January 23 [12] - Luoyang Molybdenum Co. plans to issue 1.2 billion USD zero-coupon convertible bonds with a conversion premium of 28.7% [13] - Hongyi Culture extended the maturity date of its 60 million HKD convertible bonds to April 21, 2028 [14]

Core Viewpoint - Changjiang Industrial Group successfully issued the first technology innovation corporate bond in Hubei Province for 2026, marking a significant milestone in the region's financial landscape [1] Group 1: Bond Issuance Details - The bond has a face interest rate of 1.90%, setting a record for the lowest rate for bonds of the same maturity issued nationwide this year [1] - The total issuance size of the bond is 1.865 billion yuan, making it the largest credit bond issued by Changjiang Industrial Group since 2016 [1] - The bond has a maturity period of 5 years and received a subscription multiple of 3.5 times [1] Group 2: Fund Utilization - Over 70% of the raised funds will be specifically used to replace equity in technology innovation sectors and fund contributions [1] - The key technology innovation areas covered include high-end equipment manufacturing, new energy, semiconductors, biomedicine, new materials, and next-generation information technology [1] Group 3: Market Impact and Future Plans - This bond issuance is the second market-making bond successfully issued by the group on the Shanghai Stock Exchange, attracting numerous investors and effectively reducing issuance costs [1] - Changjiang Industrial Group plans to continue focusing on technology innovation and industrial development needs to contribute to the high-quality development of Hubei's technology innovation industry [1]

Group 1 - The core point of the article is that the interbank bond market in China issued a total of 8,285 billion yuan in debt financing instruments in December 2025, with a total of 11,531 instruments issued throughout the year amounting to 10.09 trillion yuan [1][2]. Group 2 - In December 2025, the breakdown of the debt financing instruments issued includes: 2,978 billion yuan in super short-term financing, 627 billion yuan in short-term financing, 3,573 billion yuan in medium-term notes, 423 billion yuan in targeted debt financing instruments, and 634 billion yuan in asset-backed notes [1][3]. - The total number of debt financing instruments issued in December 2025 was 866 [1][2]. - The issuance of debt financing instruments throughout 2025 was 11,531, indicating a robust market activity [1][2]. Group 3 - The issuance of innovative products in December 2025 included 448 billion yuan in green debt financing instruments, 66 billion yuan in rural revitalization notes, 145 billion yuan in asset-backed commercial papers, 54 billion yuan in sustainable development-linked bonds, and 1,345 billion yuan in science and technology innovation notes [6]. - The cumulative issuance of panda bonds reached 8,587 billion yuan by the end of December 2025, with 1,563 billion yuan issued in that year [8]. Group 4 - The custody statistics for debt financing instruments show that the custody volume for super short-term financing bonds was 14,802 billion yuan, short-term financing bonds at 5,213 billion yuan, medium-term notes at 131,665 billion yuan, targeted debt financing instruments at 19,336 billion yuan, and asset-backed notes at 7,074 billion yuan [10]. - The custody volume for innovative products included 3,188 billion yuan in panda bonds, 11,475 billion yuan in science and technology innovation notes, 158 billion yuan in sustainable development-linked bonds, 5,854 billion yuan in green debt financing instruments, 1,237 billion yuan in rural revitalization notes, and 1,053 billion yuan in asset-backed commercial papers [12].