Core Viewpoint - The Ministry of Finance has announced measures to support the market-making of government bonds, aiming to enhance liquidity in the secondary market and improve the yield curve reflecting market supply and demand [1] Group 1: Market Operations - The Ministry of Finance will conduct market-making support operations for government bonds [1] - The operations will include the issuance of two types of government bonds: the 2025 14th issue and the 2025 15th issue, with operation amounts of 3.3 billion yuan and 2.8 billion yuan respectively [2] - The auction for the 2025 14th issue will take place on October 21 at 11:05, while the 2025 15th issue will be auctioned at 11:35 [2] Group 2: Auction Details - The 2025 14th issue will have a maturity of 5 years, and the 2025 15th issue will have a maturity of 3 years [2] - The price fluctuation limits for the 2025 14th issue and the 2025 15th issue are set at 0.05 yuan and 0.03 yuan respectively, with a maximum price limit of 40 yuan [2]

Core Points - The Ministry of Finance plans to issue a second tranche of the 2025 fixed-rate coupon treasury bonds, with a total face value of 127 billion yuan [1] - The coupon rate for this issuance remains at 1.42%, consistent with previous issuances of the same bond series [1] - The bonds will start accruing interest from August 15, 2025, with annual interest payments on August 15 each year, and the principal will be repaid on August 15, 2028 [1] - The competitive bidding for this bond issuance is scheduled for October 20, 2025, from 10:35 AM to 11:35 AM [1]

Core Points - The Ministry of Finance announced the first re-issuance of the 2025 book-entry interest-bearing government bonds on September 19, with the auction scheduled for September 26 [1] - The re-issued bonds have a total competitive bidding face value of 157 billion yuan and a fixed coupon rate of 1.42%, consistent with previously issued bonds of the same term [1] - The interest period for these bonds starts from August 15, 2025, with annual interest payments on August 15 each year, and the principal repayment along with the final interest payment on August 15, 2028 [1] Summary by Category Issuance Details - The re-issuance involves a 3-year fixed-rate interest-bearing bond [1] - The issuance fee for the bonds is set at 0.03% of the underwriting face value for each underwriting group member [1] Auction and Trading - The auction for the bonds will take place on September 26, with distribution occurring from the end of the auction until September 29, 2025 [1] - The bonds will be merged for trading with previously issued bonds starting from October 9, 2025 [1]

Group 1 - The Ministry of Finance plans to issue the 2025 Book-Entry Interest-Bearing (Fifteenth Issue) Government Bonds with a total competitive bidding face value of 145 billion yuan [1][2] - This bond is a 3-year fixed-rate interest-bearing bond, with interest payments starting from August 15, 2025, and the principal repayment on August 15, 2028 [1][2] - The bidding will take place on August 14, 2025, from 10:35 AM to 11:35 AM, using a modified multiple-price bidding method [2][3] Group 2 - The issuance will be conducted through the Ministry of Finance's government bond issuance system at the Beijing Stock Exchange [4] - The bidding positions will have specific limits, with exclusions for bids and winning bids set at 80 and 30 positions respectively, and each underwriter member limited to 40 positions [5] - The issuance fee for this bond will be 0.03% of the underwriting face value for each underwriter member [7] Group 3 - Distribution of the bonds will occur from the end of the bidding until August 15, 2025, with trading commencing on August 19, 2025 [8]

Core Viewpoint - The Ministry of Finance plans to issue a 3-year fixed-rate coupon bond, specifically the 2025 book-entry interest-bearing (15th issue) government bond, with a total competitive bidding face value of 145 billion yuan [1] Group 1 - The bond will be issued through a competitive bidding process, with the coupon rate determined during this process [1] - The total face value for this bond issuance is set at 145 billion yuan [1] - The bond is categorized as a Class A member additional bidding [1]