Core Points - The Ministry of Finance of China issued a 2-year bond with a scale of 145 billion, an issuance rate of 1.3844%, and a marginal rate of 1.4172%, with a bid-to-cover ratio of 3.26 times and a marginal bid-to-cover ratio of 61.36 times [1] - Additionally, a 50-year bond was issued with a scale of 35 billion, an issuance rate of 2.0187%, and a marginal rate of 2.0100%, featuring a bid-to-cover ratio of 5.42 times and a marginal bid-to-cover ratio of 16.47 times [1] Summary by Category 2-Year Bond - Issuance Scale: 145 billion [1] - Issuance Rate: 1.3844% [1] - Marginal Rate: 1.4172% [1] - Expected Rate: 1.4000% [1] - Bid-to-Cover Ratio: 3.26 times [1] - Marginal Bid-to-Cover Ratio: 61.36 times [1] 50-Year Bond - Issuance Scale: 35 billion [1] - Issuance Rate: 2.0187% [1] - Expected Rate: 2.0100% [1] - Bid-to-Cover Ratio: 5.42 times [1] - Marginal Bid-to-Cover Ratio: 16.47 times [1]

Core Viewpoint - German financial institutions have not yet made a final decision regarding the issuance of 50-year bonds, indicating the need for further analysis and market research [1] Group 1 - The institutions are currently assessing the implications and potential demand for long-term debt instruments [1] - Further market research is deemed necessary to understand investor appetite and market conditions for such bonds [1]

Core Viewpoint - German financial institutions do not plan to issue 50-year bonds this year but are prepared for internal conditions to do so in the future [1] Group 1 - The decision not to issue 50-year bonds reflects current market conditions and strategic planning [1] - Financial institutions are assessing their internal readiness for potential future issuance of long-term bonds [1]

Group 1 - The Ministry of Finance of China issued 10-year bonds with a scale of 170 billion, an issuance rate of 1.6700%, and a marginal rate of 1.6900%, which was in line with the expected rate of 1.6900% [1] - The bidding multiple for the 10-year bonds was 4.22 times, while the marginal multiple was 4.92 times, indicating strong demand [1] - Additionally, the Ministry issued 50-year bonds with a scale of 50 billion, an issuance rate of 2.1000%, which was higher than the expected rate of 2.0200% [1] Group 2 - The bidding multiple for the 50-year bonds was 2.27 times, and the marginal multiple was 2.40 times, reflecting a moderate level of interest from investors [1]