Core Insights - Hunan Province issued a 7-year special local bond with a scale of 8.82434 billion, an issuance rate of 1.7400%, and a marginal multiple of 27.96 times, exceeding the expected multiple of 2.08 [1] - Hunan Province issued a 5-year land reserve special local bond with a scale of 5.03000 billion, an issuance rate of 1.6700%, and a marginal multiple of 1.11 times, below the expected multiple of 2.21 [1] - Hunan Province issued a 20-year special local bond with a scale of 1.51900 billion, an issuance rate of 2.1100%, and a marginal multiple of 11.65 times, below the expected multiple of 2.32 [1]

Group 1 - Fujian issued a 5-year special local government bond for land reserve with a scale of 14.96432 billion, an issuance rate of 1.5800%, and a marginal multiple of 1.31, with an expected multiple of 1.61 [1] - Fujian issued a 30-year high-quality development special local government bond with a scale of 0.871 billion, an issuance rate of 2.0500%, and a marginal multiple of 1.10, with an expected multiple of 2.00 [1]