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]

Core Insights - Yunnan has issued various special local bonds with different maturities and scales, indicating active financing efforts in infrastructure projects [1] Group 1: Bond Issuance Details - Yunnan issued a 30-year special local bond for toll roads with a scale of 2.00 billion and an interest rate of 2.05%, achieving a marginal multiple of 1.82, with an expected multiple of 2.00 [1] - A 7-year special local bond for urban renovation was issued with a scale of 1.10 billion and an interest rate of 1.64%, achieving a marginal multiple of 2.73, with an expected multiple of 1.65 [1] - A 10-year special local bond was issued with a scale of 17.04 billion and an interest rate of 1.70%, achieving a marginal multiple of 2.10, with an expected multiple of 1.74 [1] - Another 30-year special local bond was issued with a scale of 15.01 billion and an interest rate of 2.03%, achieving a marginal multiple of 1.64, with an expected multiple of 1.99 [1] - A 7-year special local bond was issued with a scale of 65.70 billion and an interest rate of 1.64%, achieving a marginal multiple of 2.00, with an expected multiple of 1.65 [1]

Group 1 - Guangdong issued 10-year general local bonds with a scale of 56.5559 billion, at an issuance rate of 1.7500%, with a marginal multiple of 54.17 times, exceeding the expected multiple of 1.72 [1] - Guangdong issued 7-year other special local bonds with a scale of 78.5000 billion, at an issuance rate of 1.6400%, with a marginal multiple of 1.30 times, slightly below the expected multiple of 1.65 [1]

Summary of Key Points Core Viewpoint - Guangdong has issued various types of local government bonds with different maturities and interest rates, indicating active participation in the bond market to raise funds for local projects [1]. Group 1: Bond Issuance Details - Guangdong issued 7-year special local bonds with a scale of 12.94 billion, an interest rate of 1.67%, and a marginal multiple of 1.37, with an expected multiple of 2.31 [1]. - Guangdong issued 10-year special local bonds with a scale of 135.86 billion, an interest rate of 1.76%, and a marginal multiple of 1.11, with an expected multiple of 2.32 [1]. - Guangdong issued 20-year special local bonds with a scale of 151.75 billion, an interest rate of 2.12%, and a marginal multiple of 25.73, with an expected multiple of 2.07 [1]. - Guangdong issued 7-year general local bonds with a scale of 49.23 billion, an interest rate of 1.67%, and a marginal multiple of 2.02, with an expected multiple of 2.34 [1]. - Guangdong issued another set of 7-year general local bonds with a scale of 36.99 billion, an interest rate of 1.67%, and a marginal multiple of 1.85, with an expected multiple of 1.68 [1].

Core Insights - Jiangsu Province issued various local government bonds with different maturities and interest rates, indicating active participation in the bond market [1] Summary by Category 1-Year General Bonds - Issued amount: 73.1 billion - Issuance interest rate: 1.50% - Bid-to-cover ratio: 14.48 times, with an expected ratio of 1.50 [1] 10-Year General Bonds - Issued amount: 114.9 billion - Issuance interest rate: 1.76% - Bid-to-cover ratio: 4.12 times, with an expected ratio of 2.51 [1] 7-Year Other Special Bonds - Issued amount: 300 billion - Issuance interest rate: 1.67% - Bid-to-cover ratio: 5.67 times, with an expected ratio of 3.10 [1] 15-Year Other Special Bonds - Issued amount: 300 billion - Issuance interest rate: 1.92% - Bid-to-cover ratio: 2.66 times, with an expected ratio of 1.94 [1] 20-Year Other Special Bonds - Issued amount: 251 billion - Issuance interest rate: 2.03% - Bid-to-cover ratio: 2.93 times, with an expected ratio of 2.05 [1]