Core Viewpoint - The article discusses the recent operations of government bonds, highlighting the issuance details and market performance of specific bond types [1]. Group 1: Bond Operations - The company conducted operations involving the issuance of 5-year and 10-year government bonds, with an operation amount of 2.4 billion yuan for each bond type [1]. - The 5-year bond (2025年记账式附息国债) was issued at a bid price of 99.62 yuan, resulting in a yield of 1.52% [1]. - The 10-year bond (2025年记账式附息国债) was issued at a bid price of 100.04 yuan, yielding 1.67% [1].

Group 1 - The core point of the article is the successful completion of the second re-issuance of the 2025 book-entry interest-bearing government bonds, with a planned re-issuance amount of 131 billion yuan and an actual re-issuance face value of 131 billion yuan [1] - The determined re-issuance price is 100.66 yuan, which corresponds to an annual yield of 1.62% [1] - The re-issuance portion will be distributed from the end of the bidding until July 7, and will be merged for trading with the original issuance of 340 billion yuan starting from July 9 [1]

Core Viewpoint - The Ministry of Finance plans to issue a second tranche of the 2025 book-entry interest-bearing government bonds, with a total competitive bidding face value of 131 billion yuan [1] Group 1: Bond Details - The bond is a 10-year fixed-rate interest-bearing bond [1] - The face interest rate for this bond issuance is set at 1.67%, the same as the previously issued bonds of the same term [1] - The bidding time for this bond issuance is scheduled for July 4, 2025, from 10:35 AM to 11:35 AM [1]

Core Viewpoint - The first re-issuance of the 2025 book-entry interest-bearing government bonds (11th phase) has been successfully completed, with a total face value of 170 billion yuan re-issued [1] Group 1 - The planned re-issuance amount for the government bonds was 170 billion yuan, and the actual re-issuance amount matched this plan at 170 billion yuan [1] - The re-issuance price determined through the bidding process was 100.50 yuan, which corresponds to an annual yield of 1.63% [1] - The distribution of the re-issued bonds will take place from the end of the bidding until June 16, and from June 18, it will be merged with the original issuance of 170 billion yuan for trading [1]

Core Points - The 2025 book-entry interest-bearing (11th phase) government bond has completed its bidding process with a planned issuance of 170 billion yuan and an actual issuance amount of 170 billion yuan [1] - The bond has a maturity period of 10 years, with a determined coupon rate of 1.67%, which will start accruing interest from May 25, 2025 [1] - The distribution of the bonds will take place from May 26, 2025, and trading will commence on May 28, 2025 [1]