Core Viewpoint - Jiangxi Province issued a 20-year ordinary special local bond with a scale of 703.43 million yuan and an issuance interest rate of 2.10% [1] Group 1 - The bond issuance was oversubscribed with a marginal multiple of 2.29 times, compared to an expected multiple of 2.08 [1]

Group 1 - Jiangsu issued 20-year general special local bonds with a scale of 28.932 billion yuan and an issuance interest rate of 2.04%, with a marginal multiple of 3.97 times, compared to an expected multiple of 2.40 [1] - Jiangsu issued 30-year general special local bonds with a scale of 5.251 billion yuan and an issuance interest rate of 2.03%, with a marginal multiple of 2.79 times, compared to an expected multiple of 4.95 [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]

Core Insights - Dalian issued 10-year general local bonds with a scale of 5.91405 billion, an issuance rate of 1.7100%, and a marginal multiple of 1.16 times, with an expected multiple of 1.75 [1] - Dalian also issued 20-year ordinary special local bonds with a scale of 723 million, an issuance rate of 2.0400%, and a marginal multiple of 3.53 times, with an expected multiple of 2.02 [1] Summary by Category - **Bond Issuance** - Dalian's 10-year general local bonds totaled 5.91405 billion with a rate of 1.7100% and a marginal multiple of 1.16 times [1] - The expected multiple for the 10-year bonds was 1.75 [1] - **Special Bonds** - The 20-year ordinary special local bonds issued by Dalian amounted to 723 million with a rate of 2.0400% and a marginal multiple of 3.53 times [1] - The expected multiple for the 20-year bonds was 2.02 [1]

Group 1 - Guangdong issued 10-year general local bonds with a total scale of 18.96442 billion, at an issuance rate of 1.7500%, with a marginal multiple of 3.65 times, exceeding the expected multiple of 1.72 [1] - Guangdong issued another 10-year general local bonds with a total scale of 7.34279 billion, also at an issuance rate of 1.7500%, achieving a marginal multiple of 5.63 times, again surpassing the expected multiple of 1.72 [1] - Guangdong issued 20-year ordinary special local bonds with a total scale of 7.64973 billion, at an issuance rate of 2.0300%, with a marginal multiple of 1.16 times, below the expected multiple of 2.00 [1] - Guangdong issued an additional 20-year ordinary special local bond with a total scale of 892.32 million, at an issuance rate of 2.0300%, achieving a marginal multiple of 1.22 times, slightly below the expected multiple of 1.99 [1]

Group 1 - Dalian issued 7-year general local bonds with a scale of 4.90344 billion, an issuance rate of 1.6400%, and a marginal multiple of 1.18, with an expected multiple of 1.70 [1] - Dalian issued 20-year ordinary special local bonds with a scale of 366.93 million, an issuance rate of 2.0600%, and a marginal multiple of 1.22, with an expected multiple of 2.05 [1]