Core Points - The Ministry of Finance announced the first re-issuance of the 2025 book-entry interest-bearing government bonds on November 18 [1] - The re-issued bonds have a fixed interest rate of 1.63%, consistent with previously issued bonds of the same term [1] - The total competitive bidding amount for the re-issuance is set at 99 billion yuan [1] Summary by Category Bond Details - The re-issued bonds are 5-year fixed-rate interest-bearing bonds [1] - Interest will start accruing from October 25, 2025, with annual interest payments on October 25 each year [1] - The principal will be repaid on October 25, 2030, along with the final interest payment [1] Auction Information - The bidding time for the re-issuance is scheduled for November 19, 2025, from 10:35 AM to 11:35 AM [1]

Core Viewpoint - The Ministry of Finance has announced the first re-issuance of the 2025 book-entry interest-bearing (20th issue) government bonds, indicating a strategic move to manage national debt and interest rates [1] Summary by Categories Government Bonds - The re-issuance involves a total competitive bidding amount of 99 billion yuan [1] - The bonds have a fixed interest rate of 1.63%, consistent with previously issued bonds of the same maturity [1] - The bidding time is set for November 19, 2025, from 10:35 AM to 11:35 AM [1]

Core Points - The issuance of the 2025 book-entry interest-bearing government bonds has been completed, with a planned issuance amount of 129 billion yuan and an actual issuance of 129 billion yuan [1] - The bonds have a term of 5 years, with a determined coupon rate of 1.63%, starting interest accrual on October 25, 2025 [1] - The bonds are fixed-rate interest-bearing, with annual interest payments on October 25 each year, and the principal will be repaid along with the final interest payment on October 25, 2030 [1]

Group 1 - The Ministry of Finance plans to issue a 5-year fixed-rate bond, specifically the 2025 book-entry interest-bearing government bond [1] - The total amount for competitive bidding is set at 129 billion yuan, with additional bids from Class A members [1] - The bond will start accruing interest from October 25, 2025, with annual interest payments on October 25 each year, and the principal will be repaid on October 25, 2030 [1] Group 2 - The bidding for this bond will take place from 10:35 AM to 11:35 AM on October 24, 2025, using a modified multiple-price bidding method [1] - Distribution of the bond will occur from October 27, 2025, and it will be listed for trading starting October 29, 2025 [1]