Core Points - The first re-issuance of the 2025 ultra-long special government bonds (fifth phase) has been completed with a total face value of 83 billion yuan [1] - The re-issuance price determined through the bidding process is 98.42 yuan, which translates to an annual yield of 1.97% [1] - The re-issuance portion will be distributed from the end of the bidding until July 25, and will be merged with the original issuance of 83 billion yuan for trading starting July 29 [1]