据悉，今年的超长期特别国债期限包括20年期、30年期、50年期，均为按半年付息。20年期在5月份至 11月份期间发行，首发2次，续发5次；30年期也在5月份至11月份期间发行，首发3次，续发9次；50年 期在6月份至10月份期间发行，首发1次，续发2次。此前在5月17日，30年期超长期特别国债已完成首 发。5月24日为20年期超长期特别国债首次招标发行，50年期超长期特别国债最早将于6月14日发行。 在分析人士看来，超长期特别国债的发行对资金面的影响有限。中信证券首席经济学家明明对《证券日 报》记者表示，超长期特别国债发行周期较长，发行节奏平缓，单期规模不会太大，有助于减少对资金 面的冲击，平滑市场利率波动。 从数据看，5月17日首发的30年期超长期特别国债于5月22日在二级市场上市交易。中国货币网数据显 示，当日DR007（银行间市场存款类机构7天期回购加权平均利率）报1.8421%，保持在当前短期政策利 率附近运行，并未出现明显的大幅波动。 从债市影响来看，东方金诚研究发展部总监冯琳对《证券日报》记者表示，今年以来，政府债券供给节 奏较慢而机构配债需求旺盛，加深了债市的"资产荒"局面。超长期特别国债发行可 ...

本报记者 欧阳剑环 5月24日，第二只超长期特别国债招标发行。根据发行安排，本期国债为20年期固定利率附息债，竞争 性招标面值总额400亿元。Wind数据显示，本期国债中标利率2.49%。 专家认为，超长期特别国债发行节奏较为平缓，发行安排尽量降低了对流动性的冲击。对个人投资者而 言，超长期特别国债二级市场交易价格随行情波动，建议投资者理性投资，不宜盲目追涨。 对资金面影响有限 根据发行安排，今年超长期特别国债将从5月17日首发到11月中旬发行完毕，20年期、30年期和50年期 品种分别发行7只、12只和3只，整体而言呈匀速发行特征。 "超长期特别国债分散式发行对流动性的短期冲击将大幅低于预期。"民生银行首席经济学家温彬预计， 短期内央行为配合特别国债发行而降准的可能性较小。从预估的政府债净融资额来看，5至10月的流动 性压力尚可，11至12月因国债到期量较低，流动性压力相对较大，届时随着美联储降息对国内货币政策 的掣肘减弱，央行可能实施降准。 建议理性投资 根据发行公告，5月24日招标发行的20年期超长期特别国债将在招标结束至5月27日进行分销，5月29日 起上市交易。 随着超长期特别国债常态化发行，其投资 ...

Core Viewpoint - The issuance of the 50-year ultra-long special government bonds aims to stimulate market vitality and enhance economic growth potential, with a total planned issuance of 1 trillion yuan this year [1][2]. Group 1: Bond Issuance Details - The 50-year ultra-long special government bond has a planned issuance of 35 billion yuan, with an actual issuance amount of 35 billion yuan [1]. - The coupon rate for this bond is set at 2.53%, with interest payments made semi-annually on June 15 and December 15 each year [1]. - This is the first issuance of a 50-year ultra-long special government bond this year, with previous issuances having a maximum term of 30 years [1]. Group 2: Future Issuance Plans - In 2024, ultra-long special government bonds will include 20-year, 30-year, and 50-year terms, with a total of 22 issuances planned [2]. - The 50-year bonds will be issued three times, with the next two issuances scheduled for August and October [2]. - In June, there will be four issuances of ultra-long special government bonds, including the 50-year bond and renewals of the 30-year bond [2]. Group 3: Market Impact and Investor Considerations - The issuance of ultra-long special government bonds is expected to enhance market expectations and boost confidence in economic development [1]. - Investors, both institutional and individual, are encouraged to consider their financial arrangements and risk tolerance when purchasing bonds of different maturities [2]. - The issuance schedule and interest rate risks vary across different maturities, necessitating a comprehensive evaluation by investors [2].

Group 1 - The first issuance of a 50-year special government bond in 2023 had a weighted average winning rate of 2.1%, which is higher than the yield of similar maturity bonds in the interbank market and up by approximately 19 basis points from the low point in February [2][3] - The Ministry of Finance issued a total of 390 billion yuan in government bonds on May 23, with a cumulative issuance of 4.69 trillion yuan in the first four months of this year, exceeding the same period last year by over 1 trillion yuan [2][7] - The issuance of the 50-year special government bond was met with weak demand, as indicated by the higher winning rate compared to the secondary market, suggesting a lack of strong market sentiment [3][5] Group 2 - Following the announcement of the bidding results, long-term bond yields in the secondary market rose significantly, with the 24 special government bond yield increasing to 2.07% before settling at 2.055% [4] - The market experienced a "first suppress then rise" pattern due to supply shocks from government bonds, with the 10-year bond weighted rate at 1.67% aligning with expectations, while the 50-year bond's rate was 7 basis points higher than the secondary market [5][8] - The central bank's actions, including a 500 billion yuan MLF operation, indicate a focus on maintaining liquidity in the face of increased government bond supply [8][9] Group 3 - The issuance of government bonds has surged this year, with a total of 10.56 trillion yuan in interest rate bonds issued in the first four months, marking an increase of 3.31 trillion yuan compared to the same period last year [7] - The government plans to issue 1.3 trillion yuan in super long-term special government bonds this year, an increase of 300 billion yuan from last year, alongside 500 billion yuan in special bonds to support state-owned banks [7][9] - Analysts suggest that the market's focus will shift to the balance of supply and demand, with the central bank's stance on monetary policy being crucial for maintaining a stable funding environment [6][8]