Core Viewpoint - The Henan Provincial Government successfully issued government bonds totaling 478.3414 billion yuan on October 20, 2023, aimed at refinancing and funding key infrastructure projects [1] Summary by Categories Government Bond Issuance - The bond issuance includes 294.1451 billion yuan in refinancing general bonds and 46.9677 billion yuan in refinancing special bonds, both intended for repaying part of the principal of maturing bonds [1] - An additional 137.2286 billion yuan in special bonds was issued, allocated to various projects including 58.1766 billion yuan for existing government investment projects, 61.798 billion yuan for urban and rural development, 5.164 billion yuan for social undertakings, and 12.09 billion yuan for shantytown renovation [1] Project Focus - The 74 planned projects primarily target key areas such as municipal and industrial park infrastructure, transportation infrastructure, affordable housing projects, and new-type infrastructure [1] Bond Terms and Rates - The issuance includes various maturities with the following interest rates: 5-year at 1.74% for 5.75 billion yuan, 7-year at 1.91% for 51.2377 billion yuan, 10-year at 2.05% for 296.2151 billion yuan, 15-year at 2.31% for 6.01 billion yuan, and 30-year at 2.39% for 119.1286 billion yuan [1] Future Management - The Henan Provincial Finance Department plans to enhance the management of bond funds for project construction, ensuring timely allocation to project units and promoting the rapid realization of physical work volume to support stable economic development in Henan Province [1]

Core Points - The Henan Province successfully issued government bonds totaling 29.33818 billion yuan on August 21, 2023 [1] - The issuance includes 7.37517 billion yuan in new special bonds aimed at various key projects [1] - The refinancing bonds issued are intended to repay maturing debts and replace hidden debts [1][2] Summary by Category Government Bonds Issued - Total government bonds issued: 29.33818 billion yuan [1] - New special bonds: 7.37517 billion yuan [1] - Refinancing general bonds: 4.3628 billion yuan [1] - Refinancing special bonds: 2.59302 billion yuan [1] - Refinancing special bonds for replacing hidden debts: 150.0719 billion yuan [1] Allocation of Special Bonds - Funds allocated for government fund financial support: 3.74547 billion yuan [1] - Urban and rural development: 2.6964 billion yuan [1] - Social undertakings: 0.404 billion yuan [1] - Shantytown renovation: 0.5293 billion yuan [1] - Key areas for investment include municipal and industrial park infrastructure, ecological protection, affordable housing projects, and new infrastructure [1] Bond Issuance Terms - 5-year bond: 1.12 billion yuan at 1.85% interest [1] - 7-year bond: 69.5582 billion yuan at 1.90% interest [1] - 10-year bond: 4.173 billion yuan at 1.96% interest [1] - 15-year bond: 6.095 billion yuan at 2.25% interest [1] - 20-year bond: 150.0719 billion yuan at 2.34% interest [1] - 30-year bond: 62.3637 billion yuan at 2.34% interest [1] Impact of Refinancing Bonds - A total of 1,050.76 billion yuan in refinancing special bonds has been issued this year to replace hidden debts [2] - The refinancing efforts aim to optimize debt maturity structure, reduce financing costs, alleviate short-term repayment pressure, and smooth fiscal expenditure [2]