Group 1 - Xinjiang issued a 15-year special local bond for toll roads with a scale of 2.00 billion and an issuance interest rate of 2.07% [1] - The marginal multiple for the 15-year bond was 1.17 times, with an expected multiple of 1.99 [1] - Xinjiang also issued a 20-year special local bond with a scale of 6.80 billion and an issuance interest rate of 2.13% [1] Group 2 - The marginal multiple for the 20-year bond was 43.50 times, with an expected multiple of 2.09 [1] - Additionally, a 30-year special local bond was issued with a scale of 2.90 billion and an issuance interest rate of 2.12% [1] - The marginal multiple for the 30-year bond was 3.53 times, with an expected multiple of 2.05 [1]

Core Viewpoint - Fujian Province has issued multiple special local bonds with varying maturities and interest rates, indicating a strong demand for financing infrastructure and development projects in the region [1] Group 1: Bond Issuance Details - Fujian issued a 15-year toll road special local bond with a scale of 34.0048 billion yuan and an issuance rate of 2.0300%, achieving a marginal multiple of 39.06 times against an expected multiple of 1.92 [1] - A 5-year high-quality development special local bond was issued with a scale of 1.2000 billion yuan and an issuance rate of 1.5800%, resulting in a marginal multiple of 1.33 times, slightly below the expected multiple of 1.60 [1] - A 7-year high-quality development special local bond was issued with a scale of 12.6000 billion yuan and an issuance rate of 1.6400%, achieving a marginal multiple of 1.11 times, lower than the expected multiple of 1.67 [1] - A 10-year high-quality development special local bond was issued with a scale of 33.6996 billion yuan and an issuance rate of 1.8000%, resulting in a marginal multiple of 3.92 times, exceeding the expected multiple of 1.73 [1]

浙江发行20年期水务专项地方债，规模12.0500亿元，发行利率2.0100%，边际倍数5.23倍，倍数预期 2.06。 浙江发行15年期收费公路专项地方债，规模8.4000亿元，发行利率1.8600%，边际倍数3.95倍，倍数预 期1.91； ...