Group 1 - Shandong issued 15-year special local bonds with a scale of 36.03 billion, an issuance rate of 1.94%, and a marginal multiple of 3.70 times, exceeding the expected multiple of 1.92 [1] - Shandong issued 7-year land reserve special local bonds with a scale of 42.88 billion, an issuance rate of 1.68%, and a marginal multiple of 3.29 times, exceeding the expected multiple of 1.70 [1] - Shandong issued 10-year ordinary special local bonds with a scale of 47.2891 billion, an issuance rate of 1.74%, and a marginal multiple of 1.11 times, below the expected multiple of 1.73 [1]

Core Insights - Guangdong has issued various special local bonds with different maturities and scales, indicating a proactive approach to financing and infrastructure development [1] Summary by Category Bond Issuance Details - Guangdong issued a 7-year special land reserve bond with a scale of 1.20371 billion, an issuance rate of 1.6300%, and a marginal multiple of 3.02, exceeding the expected multiple of 1.66 [1] - A 10-year special local bond was issued with a scale of 10.16869 billion, an issuance rate of 1.7800%, and a marginal multiple of 8.03, surpassing the expected multiple of 1.73 [1] - The 15-year special local bond had a scale of 4.81955 billion, an issuance rate of 2.0200%, and a marginal multiple of 10.89, higher than the expected multiple of 1.93 [1] - A 20-year special local bond was issued with a scale of 9.98953 billion, an issuance rate of 2.0700%, and a marginal multiple of 5.86, below the expected multiple of 2.02 [1] - The 30-year special local bond had a scale of 5.22395 billion, an issuance rate of 2.0700%, and a marginal multiple of 32.82, significantly exceeding the expected multiple of 1.93 [1]