onyxgamingslot| Trillions of ultra-long-term special treasury bonds will be issued this Friday, with a peak period in the third quarter

Reporter Wang Zhen

The relevant arrangements for the issuance of general treasury bonds and ultra-long-term special treasury bonds in 2024 were released on the website of the Ministry of Finance on Monday.OnyxgamingslotA 30-year special treasury bond will be issued on May 17thOnyxgamingslotIt marks that this year trillion ultra-long-term treasury bonds will be opened and issued this week.

According to the arrangements of the Ministry of Finance, the 1 trillion yuan of ultra-long-term special treasury bonds planned to be issued this year can be divided into three categories: 20 years, 30 years and 50 years. Among them, there are two batches in 20 years, each in 3-4 batches, three batches in 30 years, each in 4 batches, and only one batch in 50 years. This year's first 20-year special bond will be issued on May 24, and the first 50-year special bond will be issued on June 14.

In terms of release time, 6 times were issued in the second quarter, 10 times in the third quarter and 6 times in the fourth quarter. The release time is mainly concentrated in the third quarter.

This year's "Government work report" points out that in order to systematically solve the problem of funding for some major projects in the process of building a powerful country and national rejuvenation, it is planned to issue ultra-long-term special treasury bonds for several consecutive years starting from this year. Special for the implementation of major national strategies and security capacity building in key areas, 1 trillion yuan will be issued this year.

Since the announcement of the news, when the trillion special treasury bonds will land has been the focus of the market. The meeting of the political Bureau of the CPC Central Committee held on 30 April said that it is necessary to rely on forward efforts to effectively implement the macro policies that have been established, and clearly put forward the need to "issue and make good use of ultra-long-term special treasury bonds as soon as possible." it sends out the strongest signal that the issue of special treasury bonds has been put on the agenda.

Since the beginning of this year, the pace of government bond issuance has obviously been on the slow side. Take the new special bonds as an example. Wind data show that from January to April this year, local governments across the country issued a total of 7244 new special bonds.Onyxgamingslot4.8 billion yuan, down 55% from the same period last yearOnyxgamingslot.3%; judging from the release progress, 18.5% of the annual quota was completed in the first four months of this year, much lower than the 42.7% in the same period last year.

Analysts pointed out that local governments continue to reduce debt, special debt new project reserves are insufficient, ultra-long-term special treasury bonds are still in the early preparatory stage and other factors have restricted the pace of government bond issuance since the beginning of this year.

The slow pace of government bond issuance is also a significant drag on new social financing. New social finance fell by 198.7 billion yuan in April, the first decline since November 2005, and about 1.42 trillion yuan less than a year earlier, according to central bank data. Of this total, the net financing of government debt decreased by 98.4 billion yuan, accounting for half of the decline in new social finance, a decrease of 553.2 billion yuan compared with the same period last year.

Commenting on the April financial data, Liu Tao, a senior researcher at the Guangkai Chief Industrial Research Institute, said that the size of government bonds fell rather than increased, which was not in line with market expectations that local special bond issuance might accelerate in April. To some extent, it has something to do with the accelerated narrowing of the bank net interest margin, the decline in profit growth, the lack of endogenous capital replenishment and other factors, especially the fact that financial institutions may not have fully digested the trillion yuan of treasury bonds issued between the end of last year and the first quarter of this year, resulting in a slowdown in the pace of local bond issuance.

"it is expected that after May, as the momentum of economic recovery is further stabilized and the issuance of superimposed corporate bonds and local government special bonds is accelerated, the scale of credit and social finance is expected to gradually pick up." Liu Tao said.