Core Insights - Hunan Province issued a 7-year special local bond with a scale of 8.82434 billion, an issuance rate of 1.7400%, and a marginal multiple of 27.96 times, exceeding the expected multiple of 2.08 [1] - Hunan Province issued a 5-year land reserve special local bond with a scale of 5.03000 billion, an issuance rate of 1.6700%, and a marginal multiple of 1.11 times, below the expected multiple of 2.21 [1] - Hunan Province issued a 20-year special local bond with a scale of 1.51900 billion, an issuance rate of 2.1100%, and a marginal multiple of 11.65 times, below the expected multiple of 2.32 [1]

Core Insights - Shaanxi Province issued a 10-year general local government bond with a scale of 6.9583 billion, an issuance rate of 1.7800%, and a marginal multiple of 2.61, exceeding the expected multiple of 1.80 [1] - The province also issued a 7-year special local government bond for housing renovation with a scale of 200 million, an issuance rate of 1.6900%, and a marginal multiple of 1.35, below the expected multiple of 1.72 [1] - Additionally, Shaanxi issued two 20-year special local government bonds, one with a scale of 2.974 billion at an issuance rate of 2.1100% and a marginal multiple of 1.74, and another with a scale of 758 million at an issuance rate of 2.1200% and a significantly high marginal multiple of 10.32, both exceeding the expected multiple of 2.04 [1][1]

Summary of Key Points Core Viewpoint - Chongqing has successfully issued multiple local government bonds with varying maturities and interest rates, indicating strong demand and investor confidence in the region's financial instruments [1]. Group 1: Bond Issuance Details - Chongqing issued 10-year general local bonds with a scale of 11.907 billion yuan and an interest rate of 1.75%, achieving a marginal multiple of 3.15 times against a forecast of 1.75 [1]. - The city also issued 15-year special local bonds totaling 2.727 billion yuan at an interest rate of 1.95%, with a marginal multiple of 5.02 times, exceeding the expected 1.94 [1]. - A 20-year special local bond was issued for 2.534 billion yuan at a rate of 2.05%, with a marginal multiple of 1.26 times, below the anticipated 2.03 [1]. - Chongqing issued 30-year special local bonds amounting to 14.645 billion yuan at an interest rate of 2.06%, achieving a remarkable marginal multiple of 35.56 times, significantly higher than the expected 2.04 [1]. - Additionally, another 15-year special local bond was issued for 2.8 billion yuan at a rate of 1.95%, with a marginal multiple of 3.02 times, aligning with the forecast of 1.94 [1].

Group 1 - Guangxi issued 20-year special local bonds with a scale of 87.73 billion yuan and an issuance interest rate of 2.05%, with a marginal multiple of 10.71 times, exceeding the expected multiple of 2.01 [1] - Guangxi issued 10-year general local bonds with a scale of 163.92 billion yuan and an issuance interest rate of 1.71%, with a marginal multiple of 1.34 times, below the expected multiple of 1.73 [1] - Guangxi issued 20-year ordinary special local bonds with a scale of 33.85 billion yuan and an issuance interest rate of 2.05%, with a marginal multiple of 14.76 times, exceeding the expected multiple of 2.02 [1]

Group 1 - Liaoning issued a 20-year special local bond with a scale of 62.3171 billion [1] - The issuance interest rate is set at 2.0500% [1] - The marginal multiple of the bond issuance is 2.16 times, with an expected multiple of 2.04 [1]

Group 1 - Xinjiang issued 10-year general local bonds with a scale of 12.214 billion yuan and an issuance rate of 1.7400%, with a marginal multiple of 1.46 times, slightly below the expected multiple of 1.75 [1] - Xinjiang issued 10-year other special local bonds with a scale of 2.493 billion yuan and an issuance rate of 1.7800%, achieving a marginal multiple of 1.67 times, also below the expected multiple of 1.75 [1] - Xinjiang issued 15-year other special local bonds with a scale of 3.340 billion yuan and an issuance rate of 1.9500%, with a marginal multiple of 1.81 times, slightly below the expected multiple of 1.94 [1] Group 2 - Xinjiang issued 20-year other special local bonds with a scale of 1.686 billion yuan and an issuance rate of 2.0500%, achieving a significantly high marginal multiple of 6.96 times, exceeding the expected multiple of 2.03 [1] - Xinjiang issued 30-year other special local bonds with a scale of 8.600 billion yuan and an issuance rate of 2.0500%, with a marginal multiple of 6.03 times, also exceeding the expected multiple of 2.04 [1]

Group 1 - Gansu issued 20-year special local bonds with a scale of 29.7557 billion, an issuance rate of 2.0400%, and a marginal multiple of 1.87, with an expected multiple of 2.20 [1] - Gansu issued another 20-year special local bonds with a scale of 108.9729 billion, an issuance rate of 2.0400%, and a marginal multiple of 1.89, with an expected multiple of 2.03 [1] - Gansu issued 10-year general local bonds with a scale of 96.2779 billion, an issuance rate of 1.7400%, and a marginal multiple of 1.26, with an expected multiple of 2.07 [1]

Group 1 - Guangdong issued 10-year special local bonds with a scale of 30.621 billion, an issuance rate of 1.7500%, and a marginal multiple of 3.51 times, exceeding the expected multiple of 1.73 [1] - Guangdong issued 20-year special local bonds with a scale of 45.7627 billion, an issuance rate of 2.0300%, and a marginal multiple of 1.33 times, below the expected multiple of 1.98 [1]

Group 1 - Guangxi issued 7-year general local bonds with a scale of 27.3 billion yuan and an issuance rate of 1.64%, with a marginal multiple of 1.12 times, while the expected multiple was 1.65 [1] - Guangxi issued 20-year other special local bonds with a scale of 95.27 billion yuan and an issuance rate of 2.07%, with a marginal multiple of 9.03 times, while the expected multiple was 2.05 [1] - Guangxi issued another 7-year general local bonds with a scale of 11.34 billion yuan and an issuance rate of 1.65%, with a marginal multiple of 1.14 times, while the expected multiple was 1.65 [1]

Core Points - Liaoning issued a 10-year general local government bond with a scale of 15.96698 billion yuan and an issuance rate of 1.7800%, with a marginal multiple of 3.09 times, exceeding the expected multiple of 1.76 [1] - The province also issued a 10-year medical special local government bond with a scale of 105 million yuan and an issuance rate of 1.8000%, achieving a marginal multiple of 2.00 times, matching the expected multiple of 1.76 [1] - Additionally, a 15-year other special local government bond was issued with a scale of 740 million yuan and an issuance rate of 2.0300%, resulting in a marginal multiple of 1.25 times, below the expected multiple of 1.98 [1] - A 20-year other special local government bond was issued with a scale of 865 million yuan and an issuance rate of 2.0800%, with a marginal multiple of 1.05 times, lower than the expected multiple of 2.08 [1] - Lastly, a 30-year other special local government bond was issued with a scale of 500 million yuan and an issuance rate of 2.0800%, achieving a marginal multiple of 1.29 times, slightly below the expected multiple of 2.05 [1]