本次拟发行总额为737.5865亿元，品种为记账式固定利率附息债券，其中：7年期新增一般债券计划发行47.788亿元；5年期、7年期、10年期、15年期、20 年期、30年期新增专项债券分别计划发行33.4065亿元、26.455亿元、31.2945亿元、75.527亿元、2.61亿元、408.0772亿元；10年期再融资一般债券计划发 行55.7924亿元；20年期、30年期再融资专项债券分别计划发行30亿元、26.6359亿元。其中，多项资金将用于高校项目。 记者获悉，11月20日，河南省财政厅决定发行2025年河南省政府一般债券（十三至十四期）、专项债券（九十二至一百零四期）、再融资专项债券（二十 三期）。 | 招标时间 | 债券全称 | 期限 | 计划发行额度 | | --- | --- | --- | --- | | | | | (亿元) | | | 2025年河南省政府一般债券(十三期) | 7年 | 47.788 | | | 2025年河南省政府再融资一般债券(七期) | 10年 | 55. 7924 | | | -2025年河南省政府一股债券(十四期) | | | | | 2025年河南省政府 ...

我省成功发行第十批政府债券184.83亿元 原标题： 11月20日，山西省财政厅通过中央国债登记结算有限公司北京总部成功发行政府债券184.83亿元，期限 包含5年、7年、10年期，全场平均发行利率1.89%，平均投标倍数24.83倍。本批政府债券全部为再融资 债券，严格用于偿还到期政府债券。至此，我省今年已累计发行政府债券1733.83亿元，其中新增债券 发行885.64亿元，再融资债券发行848.1951亿元。（记者任志霞） ...

11月20日，河南省财政厅决定发行2025年河南省政府一般债券（十三至十四期）、专项债券（九十二至一百零四期）、再融资专项债券（二十三期）。 本次拟发行总额为737.5865亿元，品种为记账式固定利率附息债券，其中：7年期新增一般债券计划发行47.788亿元；5年期、7年期、10年期、15年期、20 年期、30年期新增专项债券分别计划发行33.4065亿元、26.455亿元、31.2945亿元、75.527亿元、2.61亿元、408.0772亿元；10年期再融资一般债券计划发 行55.7924亿元；20年期、30年期再融资专项债券分别计划发行30亿元、26.6359亿元。 | 招标时间 | 债券全称 | 期限 | 计划发行额度 | | --- | --- | --- | --- | | | | | (亿元) | | | 2025年河南省政府一般债券(十三期) 2025年河南省政府再融资一般债券(七期) 2025年河南省政府一般债券(十四期) 2025年河南省城乡发展专项债券(二十一期) 2025年河南省城乡发展专项债券(二十二期) | 7年 10年 15 年 | 47.788 55.7924 5. 31 55 ...

Core Points - The Cambodian government announced a significant fiscal plan to issue government bonds totaling 21 trillion riels (approximately $5.2 billion) by 2026 to fund investment expenditures and maintain budget stability [1] - The Deputy Prime Minister and Minister of Finance, Aun Pornmoniroth, emphasized the need for domestic and international borrowing plans to sustain economic growth amid changing global conditions [1] - The government also plans to borrow 2.25 billion Special Drawing Rights (approximately $3.1 billion) from international financial institutions and development partners, an increase of 230 million Special Drawing Rights compared to 2025 [1] - The increase in borrowing is driven by the rising demand for public investment to stimulate economic growth and the necessity for favorable loan terms [1] - Despite the new borrowing plans, the current and medium-term public debt situation is expected to remain "sustainable" and "low-risk" [1] - The government is committed to enhancing project management and implementation efficiency while maintaining fiscal stability [1][2] Summary by Categories Fiscal Strategy - The Cambodian government aims to issue 21 trillion riels (approximately $5.2 billion) in government bonds to finance investment expenditures and ensure budget balance [1] - The fiscal management law draft reflects the government's commitment to prudent debt management and strategic investments in productive sectors to support sustainable growth [2] Borrowing Plans - The government plans to borrow 2.25 billion Special Drawing Rights (approximately $3.1 billion) from international financial institutions, marking an increase from the previous year [1] - The increase in borrowing is based on the need for public investment to stimulate economic growth and the importance of obtaining favorable loan conditions [1] Debt Management - The Cambodian government assures that the public debt situation will remain sustainable and low-risk despite the new borrowing initiatives [1] - There is a commitment to improve project management and maintain fiscal stability [1][2]

为了稳经济、防风险，地方政府依法举债规模继续创新高。 新增地方政府债券中，除了部分用于偿还旧债外，主要还是用于重大公益性项目建设以稳投资、补短 板、稳经济。根据企业预警通数据，今年前10个月地方政府发行了约1.25万亿元特殊新增专项债券，这 笔资金特殊之处正是用于化解地方政府存量隐性债务、清理政府拖欠企业账款，简言之就是偿还旧债。 因此，今年前10个月，地方政府"借新还旧"实际规模是再融资债券规模加上特殊新增专项债券规模，合 计约5.65万亿元，占前10个月地方政府债券发行总额比重约62%。 地方政府新增债券中，以新增专项债券为主。根据上述公开数据，今年前10个月地方政府发行新增专项 债券约3.97万亿元，占年初确定的全年额度（4.4万亿元）比重约90%。其中除去前述1.25万亿元特殊新 增专项债外，剩余的2.72万亿元资金则主要用于重大项目建设。 根据企业预警通数据，今年前10个月用于项目建设的新增专项债券中，约27%用于市政和产业园基础设 施，约18%用于交通基础设施，约16%用于土地储备，约12%用于保障性安居工程，约11%用于医疗卫 生、文化旅游、教育等社会事业，约6%用于农林水利等。 从今年月度地方 ...

Core Viewpoint - Local governments in China have significantly increased their borrowing to stabilize the economy and mitigate risks, with a record issuance of local government bonds reaching approximately 9.1 trillion yuan in the first ten months of the year, marking a year-on-year increase of about 23% [2][6]. Group 1: Bond Issuance and Utilization - Approximately 60% of the funds raised through local government bonds are allocated for repaying old debts, while around 40% are directed towards major project construction [6][7]. - In the first ten months, the issuance of new local government bonds totaled about 4.7 trillion yuan, reflecting a year-on-year growth of approximately 2%, while refinancing bonds amounted to 4.4 trillion yuan, showing a significant year-on-year increase of about 58% [6][7]. - The rapid growth in local government bond issuance is primarily driven by the increase in refinancing bonds, which are used to repay existing debts and optimize the debt structure [7]. Group 2: Special Bonds and Project Funding - Local governments issued approximately 1.25 trillion yuan in special new bonds specifically aimed at resolving existing hidden debts and settling overdue payments to enterprises, which contributes to the overall debt repayment strategy [7][8]. - The total scale of "borrowing new to repay old" is approximately 5.65 trillion yuan, accounting for about 62% of the total bond issuance in the first ten months [7]. - Among the newly issued special bonds, about 27% is allocated for municipal and industrial park infrastructure, 18% for transportation infrastructure, and 16% for land reserves, with additional allocations for social projects such as healthcare and education [8]. Group 3: Debt Management and Risk Control - The overall risk of local government debt is considered manageable, with the total debt balance as of September 2025 being 53.7 trillion yuan, well within the approved debt limit of 57.9 trillion yuan [9]. - In the first three quarters, local governments repaid approximately 23.9 billion yuan in principal and paid 11.2 billion yuan in interest on their bonds [9].

Core Points - Jiangxi Province successfully issued its tenth batch of government bonds with a total scale of 63.2 billion yuan [1] - The newly issued special bonds are primarily directed towards 619 ongoing projects in areas such as land reserve projects, shantytown renovation, infrastructure for industrial parks, agriculture, forestry, water conservancy, and social undertakings [1] - The bonds have varying maturities of 5, 7, 10, 15, 20, and 30 years, with a weighted average interest rate of 2.01% [1]

Core Viewpoint - Shanxi Province successfully issued government bonds totaling 2.373 billion yuan through the Beijing Stock Exchange, marking a significant achievement in its financing efforts [1] Group 1: Bond Issuance Details - The bonds have varying maturities of 5, 10, 15, and 20 years [1] - The average issuance interest rate for these bonds is 2.02% [1] - The average bid-to-cover ratio for the issuance was 23.51 times, indicating strong demand [1] Group 2: Cumulative Bond Issuance - Shanxi Province has cumulatively issued government bonds amounting to 154.9 billion yuan this year [1] - This includes 88.564 billion yuan in new bond issuances and 66.336 billion yuan in refinancing bonds [1]

Core Insights - Shanxi Province successfully issued the ninth batch of government bonds amounting to 2.373 billion yuan with an average issuance interest rate of 2.02% [1] - The issuance included bonds with maturities of 5, 10, 15, and 20 years, achieving an average bid-to-cover ratio of 23.51 times [1] - Year-to-date, Shanxi Province has issued a total of 154.9 billion yuan in government bonds, comprising 88.564 billion yuan in new bonds and 66.336 billion yuan in refinancing bonds [1] Government Bond Issuance - The issuance marks the first time Shanxi Province has issued government bonds through the Beijing Stock Exchange, reflecting a focus on reforming and enhancing the market-oriented level of bond issuance [1] - This initiative is part of a broader strategy to diversify investment subjects for local bonds and improve liquidity in both primary and secondary bond markets [1] - The provincial finance department has engaged in various forms of research and discussions to adopt suggestions for expanding issuance channels, leading to this innovative measure [1]

Core Insights - Henan Province successfully issued government bonds totaling 37.79686 billion yuan in Shenzhen, including refinancing general bonds and special bonds aimed at repaying maturing debts and funding infrastructure projects [1][2] Group 1: Bond Issuance Details - The bond issuance includes 16.219 billion yuan in refinancing general bonds and 3.58131 billion yuan in refinancing special bonds, both used for repaying part of the principal of maturing bonds [1] - New general bonds amount to 5.88336 billion yuan, primarily allocated for infrastructure project construction in Henan Province [1] - New special bonds total 11.08618 billion yuan, with specific allocations for various sectors including urban development, social projects, and housing improvements [1] Group 2: Project Focus and Allocation - The 36 planned projects funded by the new special bonds focus on key areas such as municipal and industrial park infrastructure, new infrastructure, affordable housing, and cold chain logistics [1] - The allocation of new special bonds includes 1.96879 billion yuan for existing government investment projects and 5.50784 billion yuan to supplement government fund finances [1] Group 3: Bond Terms and Interest Rates - The bond issuance features various terms and interest rates, including 1.67 billion yuan for 5 years at 1.81%, 198.0031 billion yuan for 7 years at 1.90%, and 104.7363 billion yuan for 30 years at 2.37% [1] Group 4: Future Management and Oversight - The Henan Provincial Finance Department plans to enhance management of bond funds to ensure timely allocation to project units, facilitating effective investment and economic stability [2] - Strict budget execution will be enforced for the new special bonds aimed at supplementing government fund finances, ensuring compliance with approved uses [2] - Continued guidance will be provided for refinancing special bonds to replace high-cost, short-term hidden debts, with a focus on risk reduction and stringent fund supervision [2]