Key Points - The Ministry of Finance plans to issue two tranches of special government bonds maturing in 2025, referred to as the first and second tranches [1] - The first tranche will be a 10-year fixed-rate bond with a face value of 400 billion yuan, while the second tranche will be a 15-year fixed-rate bond with a face value of 350 billion yuan [2] - The coupon rate for both tranches will be determined based on the average yield of similar maturity government bonds in the five working days prior to issuance [2] - Both tranches will start accruing interest on December 12, 2025, with interest payments made semi-annually on June 12 and December 12 [2] - The first tranche will mature on December 12, 2035, while the second tranche will mature on December 12, 2040 [2] - The issuance date for both tranches is set for December 12, 2025 [3] - The bonds will be issued to domestic banks through a targeted issuance method, with the People's Bank of China conducting open market operations [4] - The payment for the bonds must be deposited into a designated account of the Ministry of Finance on the issuance date [5] - The bonds will be listed for trading starting December 12, 2025, and can be transferred between the interbank bond market and the securities exchange market [6] - The Ministry of Finance will notify the Central Government Securities Depository Trust and Clearing Co., Ltd. to establish the debt rights upon receipt of the issuance funds [7]

Core Viewpoint - The Ministry of Finance plans to issue two tranches of special government bonds maturing in 2025, with a total issuance of 750 billion yuan, aimed at financing government projects and managing public debt [1] Group 1: Bond Details - The first tranche is a 10-year fixed-rate bond with a face value of 400 billion yuan, while the second tranche is a 15-year fixed-rate bond with a face value of 350 billion yuan [1] - Both tranches will have their coupon rates determined by the average yield of similar maturity government bonds in the five working days prior to issuance, rounded to two decimal places [1] - Interest for both tranches will start accruing on December 12, 2025, with semi-annual interest payments on June 12 and December 12 each year [1] Group 2: Repayment Schedule - The first tranche will repay principal and pay the final interest on December 12, 2035, while the second tranche will do so on December 12, 2040 [1] - The issuance date for both tranches is set for December 12, 2025 [1] Group 3: Issuance Method - The bonds will be issued through a targeted approach to relevant domestic banks, with the People's Bank of China conducting open market operations with these banks [1]

Group 1 - The Ministry of Finance plans to issue two tranches of special government bonds maturing in 2025, referred to as the first and second tranches [1] - The first tranche is a 10-year fixed-rate bond with a face value of 400 billion yuan, while the second tranche is a 15-year fixed-rate bond with a face value of 350 billion yuan [1] - Both tranches will have coupon rates determined by the average yield of similar maturity government bonds in the five working days prior to issuance, rounded to two decimal places [1] Group 2 - Interest on both tranches will start accruing from December 12, 2025, with semi-annual interest payments on June 12 and December 12 each year [1] - The first tranche will repay principal and pay the final interest on December 12, 2035, while the second tranche will do so on December 12, 2040 [1] - The issuance date for both tranches is set for December 12, 2025 [1]