china local government bond market report

China Local Government Bond Market Report

(September, 2021)

China Government Debt Center

Website: http://kjhx.mof.gov.cn/ Contact with: 010-68554064 68554066

1

China Local Government Bond Market Report

(September, 2021)

Issued by China Government Debt Center in October 2021

In September, the issuance of local government bonds (LGBs) were RMB737.84 billion,

with a month-on-month decrease of RMB141.88 billion and a year-on-year increase of

RMB17.30 billion. Average interest rate of issued LGBs was 3.24%, with a month-on-

month increase of 2 bps and a year-on-year decrease of 40 bps. Average maturity of

issued LGBs was 13.46 years, with a month-on-month increase of 0.87 years and a

year-on-year decrease of 1.26 years. The amount of spot transaction of LGBs in the

secondary market was RMB662.16 billion.

From January to September, the total issuance of LGBs were RMB5615.49 billion.

Average interest rate of issued LGBs was 3.37%, with a decrease of 1 bps year-on-year.

Average maturity of issued LGBs was 11.28 years, with a year-on-year decrease of 3.72

years. The amount of spot transaction of LGBs in the secondary market was

RMB5868.76 billion.

1 Market Overview

1.1 Bond Issuance

In September 2021, 26 provinces, autonomous regions, municipalities and separately

listed cities1 in China issued 276 LGBs, worth a total of RMB737.84 billion, as is

1 Dalian is not included in Liaoning. Ningbo is not included in Zhejiang. Xiamen is not included in Fujian.

Qingdao is not included in Shandong. Shenzhen is not included in Guangdong. The Xinjiang Production and

Construction Corps (XPCC) is not included in Xinjiang Uygur Autonomous Region. The followings are the same.

2

shown in Table 1.

By bond type, the issuance of general bonds were RMB136.48 billion and that of

special bonds were RMB601.36 billion.

By bond nature, the issuance of new bonds were RMB571.63 billion and that of

refinancing bonds were RMB166.22 billion.

By issuing place, bonds issued in China Central Depository & Clearing Co., Ltd.

(CCDC) were RMB600.93 billion, including RMB3.66 billion issued over commercial

bank counters. Bonds issued on the Shanghai Stock Exchange were RMB120.14 billion

and RMB16.78 billion were on the Shenzhen Stock Exchange.

3

Table 1 Overview of Local Government Bond Issuance in September 2021

Unit: 100 million RMB

Item Current Month Current Year to Date

Total Issuance of Local Government Bond 7378.44 56154.92

General Bond 1364.81 22385.03

Special Bond 6013.63 33769.89

1. The Issuance of New Bond 5716.25 30479.85

General Bond 485.56 6818.86

Special Bond 5230.69 23660.99

2. The Issuance of Refinancing Bond 1662.19 25675.07

General Bond 879.25 15566.17

Special Bond 782.94 10108.90

Total Issuance in Different Markets 7378.44 56154.92

CCDC 6009.30 38753.06

(Including Commercial Bank Counters) 36.64 156.64

Shanghai Stock Exchange 1201.37 14406.90

Shenzhen Stock Exchange 167.77 2994.96

Note:

1. Total Issuance of Local Government Bond = The Issuance of New Bond + The Issuance of Refinancing Bond.

2. The issuance of new special bonds include RMB149.4 billion carry-over quota of 2020.The followings are the

same.

3. There are cases of difference between total and itemized total due to rounding of some data. The followings are

the same.

In terms of investment target, new bonds in September were mainly invested in the

following fields: transportation infrastructure (RMB77.91 billion), municipal

construction and industrial park infrastructure (RMB133.53 billion), government-

subsidized housing projects (RMB109.07 billion), ecological construction and

environmental protection (RMB19.56 billion), social undertaking (RMB88.90 billion),

agriculture, forestry and water conservancy (RMB36.80 billion), energy,

4

infrastructure of urban and rural cold chain logistics (RMB7.54 billion) and other fields

(RMB98.31 billion), as is shown in Figure 1.

Figure 1 Investment Targets of New Local Government Bond in September 2021

(Unit: 100 million RMB)

Note: Investment target of new local government bond is summarized by local reported data.

In terms of redemption, Hebei, Shanxi, Liaoning, Jilin, Anhui, Shandong, Henan, Hubei,

Yunnan and Gansu have issued 40 special installment bonds with a total of RMB129.37

billion. Others are all bullet bonds.

In terms of region, 26 provinces, autonomous regions, municipalities, separately listed

cities issued LGBs in September 2021, as is shown in Table 2. Those with large bond

issuance amount were Anhui (RMB67.07 billion), Fujian (RMB59.52 billion) and

Henan (RMB58.19 billion), as is shown in Figure 2.

transportation infrastructure, 779.12, 13.63%

energy, infrastructure of

urban and rural cold chain logistics , 75.41 , 1.32%

municipal construction and

industrial park infrastructure,

1335.33, 23.36%

government-subsidized housing projects, 1090.71,

19.08%

ecological construction and

environmental protection, 195.62,

3.42%

social undertaking, 888.97, 15.55%

agriculture, forestry and water

conservancy, 367.97, 6.44%

other fields , 983.12, 17.20%

5

Table 2 Overview of Local Government Bond Issuance by Region in September 2021

New BondRefinancing

BondNew Bond

Refinancing

BondNew Bond

Refinancing

BondNew Bond

Refinancing

Bond

Total 7378.44 485.56 879.25 5230.69 782.94 56154.92 6818.86 15566.17 23660.99 10108.90

Beijing 1246.89 119.41 289.63 587.26 250.59

Tianjin 1713.50 66.00 396.44 729.67 521.39

Hebei 362.45 55.00 307.45 2378.18 495.53 620.88 1050.58 211.19

Shanxi 115.13 115.13 786.57 176.10 192.99 356.53 60.95

Inner Mongolia Autonomous Region 70.39 63.83 6.56 1283.59 303.12 628.54 185.59 166.35

Liaoning 346.54 3.00 150.92 114.22 78.40 2111.58 98.00 1048.85 421.00 543.72

Among which: Liaoning except Dalian 278.46 104.06 96.00 78.40 1616.47 76.00 761.66 357.00 421.80

Dalian 68.08 3.00 46.86 18.22 495.11 22.00 287.19 64.00 121.92

Jilin 253.17 25.00 228.17 1200.33 235.02 252.34 553.35 159.62

Heilongjiang 116.16 22.79 93.36 1366.48 387.29 382.81 477.90 118.48

Shanghai 522.50 201.10 178.40 143.00 1211.10 242.00 201.10 625.00 143.00

Jiangsu 3011.03 218.00 1019.01 878.18 895.84

Zhejiang 681.60 70.60 90.69 501.50 18.81 2739.88 346.00 711.30 1286.60 395.97

Among which: Zhejiang except Ningbo 482.10 70.60 411.50 2223.50 334.00 506.90 1077.60 305.00

Ningbo 199.50 90.69 90.00 18.81 516.38 12.00 204.40 209.00 90.97

Anhui 670.71 85.00 505.45 80.26 2544.46 144.10 585.85 1394.48 420.04

Fujian 595.18 35.88 15.55 459.29 84.47 2289.28 186.88 389.56 1278.29 434.55

Among which: Fujian except Xiamen 595.18 35.88 15.55 459.29 84.47 2002.81 157.88 385.87 1032.29 426.78

Xiamen 286.46 29.00 3.69 246.00 7.77

Jiangxi 76.97 76.97 1288.05 209.42 361.02 564.68 152.94

Shandong 483.33 71.92 359.11 52.30 4818.92 187.00 1286.01 2372.37 973.54

Among which: Shandong except Qingdao 483.33 71.92 359.11 52.30 4213.63 112.00 1181.79 2012.47 907.37

Qingdao 605.29 75.00 104.22 359.90 66.17

Henan 581.92 23.00 46.31 487.33 25.28 3006.54 334.85 761.96 1643.64 266.09

Hubei 482.69 159.58 19.23 247.29 56.59 1916.60 428.83 369.75 769.94 348.07

Hunan 328.38 16.36 112.01 200.00 1892.53 249.00 832.75 434.78 376.00

Guangdong 4101.48 271.02 553.32 2404.36 872.79

Among which: Guangdong except Shenzhen 3744.88 271.02 544.32 2056.75 872.79

Shenzhen 356.60 9.00 347.60

Guangxi Zhuang Autonomous Region 10.00 10.00 1483.57 290.24 281.94 672.00 239.39

Hainan 140.54 14.70 8.93 116.91 456.58 105.21 174.35 164.75 12.27

Chongqing 1759.01 67.00 648.25 515.38 528.38

Sichuan 2370.34 274.00 798.63 875.00 422.71

Guizhou 397.19 36.26 341.83 19.10 2036.19 159.56 846.77 451.12 578.74

Yunnan 444.11 62.11 382.00 1726.33 219.56 459.43 842.00 205.34

Tibet Autonomous Region 4.00 1.00 3.00 92.59 24.00 38.59 20.00 10.00

Shaanxi 188.67 21.91 24.07 124.52 18.17 1818.21 237.05 613.36 545.81 422.00

Gansu 423.00 423.00 1076.85 181.59 129.07 698.00 68.19

Qinghai 62.74 6.00 56.74 399.01 137.00 159.50 56.74 45.78

Ningxia Hui Autonomous Region 21.08 21.08 178.85 49.10 103.87 25.89

Xinjiang Uygur Autonomous Region 1850.40 377.00 428.30 806.00 239.10

Among which: Xinjiang Uygur Autonomous

Region except XPCC1382.40 297.00 236.30 766.00 83.10

XPCC 468.00 80.00 192.00 40.00 156.00

Unit: 100 million RMB

Regions

Current Month Current Year to Date

Total

General Bond Special Bond

Total

General Bond Special Bond

6

Figure 2 The Issuance of Local Government Bonds by Region in September 2021


4.00

10.00

21.08

62.74

68.08

70.39

76.97

115.13

116.16

140.54

188.67

199.50

253.17

278.46

328.38

362.45

397.19

423.00

444.11

482.10

482.69

483.33

522.50

581.92

595.18

670.71

Tibet Autonomous Region

Guangxi Zhuang Autonomous Region

Ningxia Hui Autonomous Region

Qinghai

Dalian

Inner Mongolia Autonomous Region

Jiangxi

Shanxi

Heilongjiang

Hainan

Shaanxi

Ningbo

Jilin

Liaoning

Hunan

Hebei

Guizhou

Gansu

Yunnan

Zhejiang

Hubei

Shandong

Shanghai

Henan

Fujian

Anhui

7

From January to September, 36 provinces, autonomous regions, municipalities,

separately listed cities and Xinjiang Production and Construction Corps (XPCC)2 in

China issued 1381 bonds, worth a total of RMB5615.49 billion. Among them, general

bonds were RMB2238.50 billion and special bonds were RMB3376.99 billion. By bond

nature, new bonds were RMB3047.99 billion and refinancing bonds were RMB2567.51

billion. The amount of new LGBs by region from January to September in 2021 is

shown in Figure 3.

From January to September, 36 provinces, autonomous regions, municipalities,

separately listed cities and XPCC issued refinancing bonds, worth a total of

RMB2567.51 billion. Among them, general bonds were RMB1556.62 billion and

special bonds were RMB1010.89 billion.

2 Within the approved quota, Xinjiang Production and Construction Corps issued local government bonds in the

name of Xinjiang Uygur Autonomous Region.

8

Figure 3 The Amount of New Local Government Bonds by Region

from January to September in 2021

(Unit: 100 million in RMB)

44.00

49.10

86.00

120.00

193.74

221.00

269.96

275.00

347.60

433.00

434.90

488.71

532.63

582.38

610.68

683.78

706.67

774.10

782.86

788.37

795.67

865.19

867.00

879.59

962.24

1061.56

1063.00

1096.18

1149.00

1190.16

1198.77

1411.60

1538.58

1546.11

1978.49

2124.47

2327.78

Tibet Autonomous Region


Dalian

XPCC

Qinghai

Ningbo

Hainan

Xiamen

Shenzhen

Liaoning

Qingdao

Inner Mongolia Autonomous Region

Shanxi

Chongqing

Guizhou

Hunan

Beijing

Jiangxi

Shaanxi

Jilin

Tianjin

Heilongjiang

Shanghai

Gansu

Guangxi Zhuang Autonomous Region

Yunnan

Xinjiang Uygur Autonomous Region

Jiangsu

Sichuan

Fujian

Hubei

Zhejiang

Anhui

Hebei

Henan

Shandong

Guangdong

9

1.2 Maturity Structure of Bond

In September 2021, average maturity of issued LGBs was 13.46 years, with a month-

on-month increase of 0.87 years and a year-on-year decrease of 1.26 years. Among

them, average maturity of general bonds was 7.84 years and special bonds 14.73 years.

The amount and the proportion of LGBs by maturity in September 2021 are shown in

Table 3 and Figure 4.

Table 3 The Amount of Local Government Bonds by Maturity in September 2021

Maturity

(Years) 1 2 3 5 7 10 15 20 30

Amount 19.58 33.25 269.25 450.25 1198.04 2395.30 1122.88 974.14 915.76

(100 million RMB)

General Bond 3.58 6.51 240.24 49.50 426.20 570.01 68.78

(100 million RMB)

Special Bond 16.00 26.74 29.01 400.75 771.84 1825.29 1054.10 974.14 915.76

(100 million RMB)

10

Figure 4 The Proportion of Local Government Bonds by Maturity in September 2021


From January to September in 2021, average maturity of issued LGBs was 11.28 years,

which was 3.72 years shorter than the same period in 2020. Among them, average

maturity of general bonds was 7.77 years and special bonds 13.61 years. The amount

of LGBs by maturity from January to September in 2021 is shown in Table 4. Bonds

with maturity of 10 years and more amounted to RMB3393.99 billion, accounting for

60.44% of the total. The proportion of bonds with maturity of 10 years and more from

2015 to 2021 is shown in Figure 5.

1 year, 19.58 , 0.27% 7 years, 1198.04 ,

16.24%

2 years, 33.25 , 0.45%

10 years, 2395.30 , 32.46%

3 years, 269.25 , 3.65%

20 years, 974.14 , 13.20%

5 years, 450.25 , 6.10%

15 years, 1122.88 , 15.22%

30 years, 915.76 , 12.41%

11

Table 4 The Amount of Local Government Bonds by Maturity

from January to September in 2021

Maturity

(Years) 1 2 3 5 7 10 15 20 30

Amount 88.82 136.74 2576.29 6958.42 12454.79 18368.69 6087.43 5607.04 3876.70

(100 million RMB)

General Bond 28.27 29.94 1921.93 3749.83 7701.48 8329.80 428.48 21.30 174.00

(100 million RMB)

Special Bond 60.55 106.80 654.35 3208.59 4753.31 10038.89 5658.96 5585.74 3702.70

(100 million RMB)

Figure 5 The Proportion of Bonds with Maturity of 10 Years and More

from 2015 to 2021

1.3 Interest Rate of Bond

In September 2021, average interest rate of issued LGBs was 3.24%, with general bonds

3.03% and special bonds 3.29%. The average interest rate in September 2021 increased

by 2 bps month-on-month and decreased by 40 bps year-on-year. From January to June,

the average interest rate has fluctuated within a narrow range between 3.37% and 3.48%,

mainly because the monetary market interest rate has been relatively stable. Under the

background of the People's Bank of China cutting the reserve requirement ratio in July,

23.97% 21.82% 20.16% 17.86%

46.83%

76.64%

60.44%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

2015 2016 2017 2018 2019 2020 Current

Year to

Date

12

the interest rate of issued LGBs decreased significantly in the third quarter. And the

market liquidity continued to remain reasonably abundant with prudent monetary

policy in August and September. The trend of average interest rates of LGBs issued

from January 2020 to September 2021 is shown in Figure 6. Average interest rates of

LGBs issued in September 2021 by maturity are shown in Table 5.

Figure 6 The Trend of Average Interest Rates of Local Government Bonds Issued

from January 2020 to September 2021

Table 5 Average Interest Rates of Local Government Bonds

by Maturity Issued in September 2021

Maturity

(Years) 1 2 3 5 7 10 15 20 30

Local Government Bond (%) 2.46 2.72 2.80 2.94 3.07 3.10 3.48 3.50 3.60

General Bond (%) 2.46 2.64 2.80 2.95 3.06 3.07 3.49

Special Bond (%) 2.46 2.74 2.74 2.93 3.08 3.11 3.48 3.50 3.60

From January to September in 2021, average interest rate of issued LGBs was 3.37%,

which decreased by 1 bp compared to the same period in 2020. Among them, average

interest rate of general bonds was 3.28% and special bonds 3.42%. Average interest

3.50

3.34

3.19

2.91

3.21

3.23

3.40

3.53

3.64

3.67

3.58

3.463.37

3.453.44

3.48

3.43

3.46

3.31

3.22

3.24

2.80

2.90

3.00

3.10

3.20

3.30

3.40

3.50

3.60

3.70

3.80

13

rates of LGBs by maturity issued from January to September in 2021 are shown in Table

6.

Table 6 Average Interest Rates of Local Government Bonds

by Maturity Issued from January to September in 2021

Maturity

(Years) 1 2 3 5 7 10 15 20 30

Local Government Bond (%) 2.54 2.76 2.97 3.14 3.29 3.33 3.58 3.68 3.74

General Bond (%) 2.55 2.78 2.98 3.15 3.32 3.36 3.57 3.62 3.84

Special Bond (%) 2.53 2.76 2.91 3.12 3.25 3.30 3.59 3.68 3.74

1.4 Tender and Interest Rate Spread of Bond

In terms of subscription multiple, the average subscription multiple3 of issued LGBs

was 22.45 times in September 2021, with general bonds 21.65 times and special bonds

22.63 times. Average subscription multiples of LGBs by maturity are shown in Table 7.

Table 7 Average Subscription Multiples of Local Government Bonds

by Maturity in September 2021

Maturity

(Years) 1 2 3 5 7 10 15 20 30

Average Subscription

Multiples 30.17 34.24 25.32 22.83 20.51 22.03 23.05 23.31 22.83

In terms of interest rate spread4, the bond issuance interest rate spread was from 12 bps

3 Average Subscription Multiple = ∑(Subscription Multiple×The Amount of Issued Bonds)/∑The Amount of

Issued Bonds

4 Interest Rate Spread = Interest Rate of Issued Bond - Treasury Yield with the Same Issue Date and Maturity

14

to 47 bps in September 2021, with the average5 of 22 bps. The interval of interest rate

spread widened month-on-month, with the lower limit decreased by 2 bp and the upper

limit increased by 11 bps, leading to a decrease in the average by 1 bps. Average interest

rate spread of LGBs by maturity are shown in Table 8.

Table 8 Average Interest Rate Spread of Local Government Bonds

by Maturity in September 2021

Maturity

(Years) 1 2 3 5 7 10 15 20 30

Average Spread

(bps) 16 18 25 21 21 22 21 22 20

2 Trade of Bond in the Secondary Market

2.1 Spot transaction of LGBs

In September 2021, the amount of spot transaction of LGBs in the secondary market

was RMB662.16 billion, with RMB632.28 billion in the inter-bank market, RMB29.73

billion on the Shanghai Stock Exchange and RMB0.14 billion on the Shenzhen Stock

Exchange. The daily average turnover rate of LGBs in September 2021 was 1.16‰.

From January to September in 2021, the amount of spot transaction of LGBs in the

secondary market was RMB5868.76 billion, with RMB5750.86 billion in the inter-bank

market, RMB116.60 billion on the Shanghai Stock Exchange and RMB1.31 billion on

the Shenzhen Stock Exchange. Spot transaction data of LGB in the secondary market

from January to September 2021 is shown in Table 9 and daily average turnover rate

from January 2020 to September 2021 in Figure 7.

5 Average Interest Rate Spread = ∑(Interest Rate of Issued Bond - Treasury Yield with the Same Issue Date and

Maturity)/ The Number of Bonds

15

Table 9 Spot Transaction of Local Government Bonds in the Secondary Market

Market

Current Month Current Year to Date

Amount Proportion Amount Proportion

(100 million RMB) (%) (100 million RMB) (%)

Inter-bank Market 6322.84 95.49 57508.59 97.99

Shanghai Stock Exchange 297.34 4.49 1165.95 1.99

Shenzhen Stock Exchange 1.40 0.02 13.09 0.02

Total 6621.58 100.00 58687.63 100.00

Source: China Bond (https://www.chinabond.com.cn/), SSEBOND (http://bond.sse.com.cn/) and the Shenzhen Stock Exchange

(http://www.szse.cn/)

Figure 7 The LGBs’ Daily Average Turnover Rate of Spot Transaction

from January 2020 to September 2021（‰）

2.2 Distribution of Investors

By the end of September 2021, LGBs held by investors in the inter-bank market were

RMB27858.03 billion (accounting for 97.03%). RMB8.01 billion (accounting for

0.03%) were held by investors in the over-the-counter market and RMB844.98 billion

(accounting for 2.94%) by other investors. Among the investors in the inter-bank

2.35

0.92

2.78 2.92

3.49 3.25 3.32

3.48

3.00

1.26

0.62 0.60 0.75 0.770.91

1.50 1.55 1.47 1.371.19 1.16

0.00‰

0.50‰

1.00‰

1.50‰

2.00‰

2.50‰

3.00‰

3.50‰

4.00‰

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2020 2021

http://www.szse.cn/

16

market, RMB24211.01 billion (accounting for 84.33%) were held by commercial banks,

RMB890.77 billion (accounting for 3.10%) by insurance institutions, RMB963.04

billion (accounting for 3.35%) by unincorporated products, RMB1782.11 billion

(accounting for 6.21%) by other domestic institutions and RMB11.10 billion

(accounting for 0.04%) by foreign institutions. The investor structure of LGBs by the

end of September 2021 is shown in Table 10 and Figure 8.

Table 10 Investor Distribution of LGBs by the end of September 2021

Distribution of Investors Amount

(RMB 100 million) Proportion（%）

Inter-bank

Market

Commercial Banks

商业银行

242110.12 84.33

Credit Union 1478.29 0.51

Insurance Institutions 8907.68 3.10

Securities Companies 2842.55 0.99

Unincorporated Products 9630.36 3.35

Foreign Institutions 111.00 0.04

Others 13500.25 4.70

Over-the-Counter Market 80.14 0.03

Other Market 8449.82 2.94

Total 287110.21 100.00

Source: China Bond (https://www.chinabond.com.cn/)

17

Figure 8 Investor Distribution of LGBs by the end of September 2021

3 Balance of Local Government Bond

By the end of September 2021, the balance of LGBs was RMB28.78 trillion, with

general bonds RMB13.47 trillion and special bonds RMB15.31 trillion. The average

maturity of outstanding LGBs was 7.5 years, which was 0.6 years longer than that in

the end of 2020. Among them, average maturity of general bonds was 6.4 years and

special bonds 8.5 years. The average interest rate of LGBs was 3.51%, with general

bonds 3.51% and special bonds 3.51%.

The total balance of China’s local government debt was RMB28.96 trillion, including

LGBs and the stock of local government debt in the form of non-government bonds

(RMB174.67 billion), which is under the debt ceiling of RMB33.28 trillion approved

by the National People's Congress.

84.33%

0.51%

3.10%

0.99%

3.35% 0.04%

4.70%

0.03%2.94%

Commercial Banks

Credit Union

Insurance Institutions

Securities Companies

Unincorporated Products

Foreign Institutions

Other Holders in Inter-bank Market

Over-the-Counter Market

Other Market

18

Appendix

The List of China Local Government Bonds Issued in September 2021

No. Bond Name Date of

Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)

1 Special Bond for Supporting Development

of Small and Medium-sized Banks Issued by

Gansu Provincial Government in 2021 (1st

Tranche) - Special Bond Issued by Gansu

Provincial Government in 2021 (7th

Tranche)

2021-09-02 2031-09-03 126.00 10 3.10

2 General Bond for Refinancing Issued by

Hubei Provincial Government in 2021 (12th

Tranche)(Reissue)

2021-09-02 2024-07-28 4.09 3 2.72



Tranche)(Reissue)

2021-09-02 2026-07-28 1.37 5 2.89



Tranche)(Reissue)

2021-09-02 2028-07-28 1.52 7 3.05



Tranche)

2021-09-02 2022-09-03 3.58 1 2.46



Tranche)

2021-09-02 2023-09-03 6.51 2 2.64



Tranche)

2021-09-02 2031-09-03 2.16 10 3.00

8 Special Bond for Refinancing Issued by


Tranche)

2021-09-02 2022-09-03 16.00 1 2.46



Tranche)

2021-09-02 2023-09-03 8.57 2 2.64

10 Special Bond for Refinancing Issued by 2021-09-02 2024-09-03 18.71 3 2.71

19


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)


Tranche)



Tranche)

2021-09-02 2026-09-03 7.03 5 2.84



Tranche)

2021-09-02 2028-09-03 3.04 7 3.01



Tranche)

2021-09-02 2031-09-03 3.25 10 3.00

14 Special Bond Issued by Hubei Provincial

Government in 2021 (62nd Tranche)

2021-09-02 2031-09-03 0.48 10 3.00


Government in 2021 (63rd Tranche)

2021-09-02 2031-09-03 2.05 10 3.00


Government in 2021 (64th Tranche)

2021-09-02 2036-09-03 3.55 15 3.39



2021-09-02 2036-09-03 22.18 15 3.39



2021-09-02 2041-09-03 1.00 20 3.42



2021-09-02 2041-09-03 20.00 20 3.42



2021-09-02 2041-09-03 40.61 20 3.42



2021-09-02 2051-09-03 33.00 30 3.56

22 Special Bond for Renovation of Shanty

Areas in Wuhan Issued by Hubei Provincial

Government in 2021 (15th Tranche) - Special

Bond Issued by Hubei Provincial


2021-09-02 2026-09-03 17.86 5 2.84


Areas in Yichang, Xiaogan, Jingzhou and

Shennongjia Issued by Hubei Provincial



Government in 2021 (71st Tranche)

2021-09-02 2028-09-03 4.13 7 3.01

20


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)


Liaoning Provincial Government in 2021

(6th Tranche)

2021-09-07 2024-09-08 104.06 3 2.78



(7th Tranche)

2021-09-07 2051-09-08 78.40 30 3.64




(2nd Tranche) - Special Bond Issued by


(16th Tranche)

2021-09-07 2031-09-08 96.00 10 3.08

27 General Bond for Construction in Xiongan

New Area (2nd Tranche) - General Bond

Issued by Hebei Provincial Government in

2021 (11th Tranche)

2021-09-07 2031-09-08 55.00 10 3.08

28 Special Bond for Toll Highway in Xiongan

New Area in 2021 (1st Tranche) - Special

Bond Issued by Hebei Provincial


2021-09-07 2036-09-08 12.00 15 3.37

29 Special Bond for Construction in Xiongan

New Area in 2021 (2nd Tranche) - Special



2021-09-07 2051-09-08 103.00 30 3.54



Hebei Provincial Government in 2021 (1st

Tranche) - Special Bond Issued by Hebei


Tranche)

2021-09-07 2031-09-08 60.00 10 3.08


Anhui Provincial Government in 2021 (5th

Tranche)

2021-09-09 2031-09-10 35.00 10 3.10



Tranche)

2021-09-09 2026-09-10 4.40 5 2.93


Hunan Provincial Government in 2021 (7th

2021-09-09 2031-09-10 16.36 10 3.10

21


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)

Tranche)-General Bond Issued by Hunan


Tranche)

34 Special Bond for Transportation

Infrastructure Issued by Hunan Provincial


Bond Issued by Hunan Provincial


2021-09-09 2028-09-10 1.50 7 3.00






2021-09-09 2031-09-10 1.70 10 3.10






2021-09-09 2036-09-10 4.06 15 3.47






2021-09-09 2041-09-10 1.00 20 3.52

38 Special Bond for Agriculture, Forestry and

Water Conservancy Issued by Hunan

Provincial Government in 2021 (3rd

Tranche) - Special Bond Issued by Hunan


Tranche)

2021-09-09 2036-09-10 4.68 15 3.47


Water Conservancy Issued by Hunan


Tranche) - Special Bond Issued by Hunan


Tranche)

2021-09-09 2041-09-10 2.57 20 3.52

40 Special Bond for Water Construction in

Hunan in 2021 (5th Tranche)- Special Bond

Issued by Hunan Provincial Government in

2021-09-09 2031-09-10 0.80 10 3.10

22


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)

2021 (36th Tranche)




2021 (37th Tranche)

2021-09-09 2036-09-10 1.37 15 3.47




2021 (38th Tranche)

2021-09-09 2041-09-10 1.00 20 3.52

43

Special Bond for Social Undertaking in



2021 (39th Tranche)

2021-09-09 2031-09-10 2.86 10 3.10

44 Special Bond for Social Undertaking in



2021 (40th Tranche)

2021-09-09 2036-09-10 17.67 15 3.46




2021 (41st Tranche)

2021-09-09 2041-09-10 7.12 20 3.52

46 Special Bond for Park Construction Issued

by Hunan Provincial Government in 2021

(7th Tranche)- Special Bond Issued by Hunan

Provincial Government in 2021 (42nd

Tranche)

2021-09-09 2028-09-10 1.00 7 3.00





Tranche)

2021-09-09 2031-09-10 10.01 10 3.10





Tranche)

2021-09-09 2036-09-10 22.74 15 3.47

23


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)



(10th Tranche)- Special Bond Issued by


Tranche)

2021-09-09 2041-09-10 8.41 20 3.52

50 Special Bond for Indemnificatory Housing


2021 (5th Tranche) - Special Bond Issued by


Tranche)

2021-09-09 2026-09-10 5.45 5 2.83





Tranche)

2021-09-09 2028-09-10 5.41 7 3.00





Tranche)

2021-09-09 2031-09-10 6.47 10 3.10





Tranche)

2021-09-09 2036-09-10 4.01 15 3.47





Tranche)

2021-09-09 2041-09-10 2.19 20 3.52

55 Special Bond for Public Hospitals Issued by

Yunnan Provincial Government in 2021 (1st

Tranche) - Special Bond Issued by Yunnan


Tranche)

2021-09-09 2026-09-10 32.65 5 2.93


Areas Issued by Yunnan Provincial

Government in 2021 (2nd Tranche) - Special

2021-09-09 2028-09-10 38.33 7 3.10

24


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)

Bond Issued by Yunnan Provincial


57 Special Bond for Industrial Park

Infrastructure Construction Issued by

Yunnan Provincial Government in 2021 (1st



Tranche)

2021-09-09 2028-09-10 59.96 7 3.10

58 Special Bond for Municipal Infrastructure

Construction Issued by Yunnan Provincial

Government in 2021 (1st Tranche) - Special

Bond Issued by Yunnan Provincial


2021-09-09 2028-09-10 28.55 7 3.10


Water Conservancy Issued by Yunnan

Provincial Government in 2021 (1st Tranche)

- Special Bond Issued by Yunnan Provincial


2021-09-09 2031-09-10 51.60 10 3.10

60 Special Bond for Old Town Renovation in

Yunnan in 2021 (1st Tranche) - Special Bond

Issued by Issued by Yunnan Provincial


2021-09-09 2031-09-10 16.24 10 3.10

61 Special Bond for Urban and Rural Cold

Chain Logistics in Yunnan in 2021 (2nd



Tranche)

2021-09-09 2031-09-10 17.85 10 3.10


Yunnan in 2021 (3rd Tranche)- Special Bond

Issued by Yunnan Provincial Government in

2021 (16th Tranche)

2021-09-09 2031-09-10 92.82 10 3.10

63 General Bond Issued by Yunnan Provincial


2021-09-09 2031-09-10 62.11 10 3.10




2021-09-10 2031-09-13 21.08 10 3.10


Guizhou Provincial Government in 2021 (9th

2021-09-13 2024-09-17 22.00 3 2.81

25


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)

Tranche)


Guizhou Provincial Government in 2021

(10th Tranche)

2021-09-13 2024-09-14 14.26 3 2.81



Tranche)

2021-09-13 2026-09-14 19.10 5 2.94

68 Special Bond for Infrastructure Issued by

Guizhou Provincial Government in 2021 (1st

Tranche) - Special Bond Issued by Guizhou


Tranche)

2021-09-13 2031-09-14 1.68 10 3.11





(14th Tranche)

2021-09-13 2036-09-14 13.60 15 3.50


Guizhou Provincial Government in 2021 (3rd



Tranche)

2021-09-13 2041-09-14 5.02 20 3.53


Water Conservancy Issued by Guizhou




Tranche)

2021-09-13 2036-09-14 8.26 15 3.50






Tranche)

2021-09-13 2041-09-14 3.42 20 3.53





2021-09-13 2051-09-14 2.65 30 3.66

26


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)


Tranche)


Areas Issued by Guizhou Provincial


Bond Issued by Guizhou Provincial


2021-09-13 2036-09-14 10.49 15 3.50

75 Special Bond for Social Field Issued by




Tranche)

2021-09-13 2031-09-14 3.52 10 3.11





(21st Tranche)

2021-09-13 2036-09-14 8.95 15 3.50

77 General Bond Issued by Guizhou Provincial


2021-09-13 2024-09-17 10.00 3 2.81

78 Special Bond for Transportation, Water

Conservancy and Municipal Industrial

Parks’ development Issued by Shandong


Tranche) - Special Bond Issued by Shandong


Tranche)

2021-09-13 2026-09-17 10.84 5 2.94







Tranche)

2021-09-13 2031-09-14 38.74 10 3.11






2021-09-13 2036-09-14 27.01 15 3.47

27


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)


Tranche)







Tranche)

2021-09-13 2041-09-14 67.26 20 3.53


Areas Issued by Shandong Provincial


Bond Issued by Shandong Provincial


2021-09-13 2028-09-14 36.76 7 3.10

83 Special Bond for Supporting the

Development of Small and Medium Banks

Issued by Shandong Provincial Government

in 2021 (1st Tranche) - Special Bond Issued

by Shandong Provincial Government in

2021 (41st Tranche)

2021-09-13 2031-09-14 100.00 10 3.11

84 General Bond Issued by Qinghai Provincial


2021-09-13 2024-09-17 6.00 3 2.86

85 Special Bond Issued by Qinghai Provincial


2021-09-13 2028-09-14 8.00 7 3.11



2021-09-13 2031-09-14 22.30 10 3.11



2021-09-13 2036-09-14 6.24 15 3.50



2021-09-13 2041-09-14 4.46 20 3.53



2021-09-13 2051-09-14 1.73 30 3.66

90 Special Bond for Toll Highway Issued by

Qinghai Provincial Government in 2021 (1st

Tranche) - Special Bond Issued by Qinghai


Tranche)

2021-09-13 2031-09-14 14.00 10 3.11

91 General Bond Issued by Heilongjiang 2021-09-14 2031-09-15 22.79 10 3.12

28


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)


Tranche)

92 Special Bond for Urban and Rural

Development in Heilongjiang in 2021 (23rd

Tranche)- Special Bond Issued by

Heilongjiang Provincial Government in

2021 (29th Tranche)

2021-09-14 2026-09-15 1.52 5 2.96


Development in Heilongjiang in 2021 (24th



2021 (30th Tranche)

2021-09-14 2028-09-15 1.03 7 3.12





2021 (31st Tranche)

2021-09-14 2031-09-15 12.32 10 3.12





2021 (32nd Tranche)

2021-09-14 2036-09-15 10.59 15 3.51





2021 (33rd Tranche)

2021-09-14 2041-09-15 20.38 20 3.54





2021 (34th Tranche)

2021-09-14 2051-09-15 30.99 30 3.67


Areas Issued by Heilongjiang Provincial

Government in 2021 (3rd Tranche) - Special

Bond Issued by Heilongjiang Provincial


2021-09-14 2026-09-15 16.54 5 2.96

99 General Bond for Refinancing Issued by 2021-09-14 2024-09-18 17.20 3 2.82

29


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)

Inner Mongolia Autonomous Government in

2021 (7th Tranche)



2021 (8th Tranche)

2021-09-14 2024-09-15 46.63 3 2.82



2021 (5th Tranche)

2021-09-14 2026-09-15 6.56 5 2.96


Jilin Provincial Government in 2021 (5th

Tranche)

2021-09-15 2031-09-16 25.00 10 3.13



Issued by Jilin Provincial Government in

2021 (1st Tranche) - Special Bond Issued by

Jilin Provincial Government in 2021 (28th

Tranche)

2021-09-15 2031-09-16 126.00 10 3.13

104 Special Bond Issued by Gansu Provincial


2021-09-15 2031-09-16 3.74 10 3.13



2021-09-15 2041-09-16 171.29 20 3.54



2021-09-15 2051-09-16 8.28 30 3.67


Areas Issued by Gansu Provincial


Bond Issued by Gansu Provincial


2021-09-15 2028-09-16 79.33 7 3.13


Gansu Provincial Government in 2021 (3rd

Tranche) - Special Bond Issued by Gansu


Tranche)

2021-09-15 2041-09-16 34.36 20 3.54


Shaanxi Provincial Government in 2021 (5th

Tranche)

2021-09-15 2031-09-16 24.07 10 3.13


Shaanxi Provincial Government in 2021 (5th

2021-09-15 2023-09-16 18.17 2 2.78

30


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)

Tranche)

111 General Bond Issued by Fujian Provincial


2021-09-16 2036-09-17 35.88 15 3.47


Issued by Fujian Provincial Government in


Fujian Provincial Government in 2021 (16th

Tranche)

2021-09-16 2026-09-24 12.70 5 2.98





Tranche)

2021-09-16 2028-09-17 38.05 7 3.13





Tranche)

2021-09-16 2031-09-17 24.37 10 3.13





Tranche)

2021-09-16 2036-09-17 24.98 15 3.47





Tranche)

2021-09-16 2041-09-17 6.86 20 3.50


Fujian Provincial Government in 2021 (2nd

Tranche) - Special Bond Issued by Fujian

Provincial Government in 2021 (21st

Tranche)

2021-09-16 2036-09-17 24.71 15 3.47


Infrastructure Issued by Fujian Provincial


Bond Issued by Fujian Provincial


2021-09-16 2041-09-17 27.38 20 3.50

31


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)

119 Special Bond for Municipal and Industrial

Park Infrastructure Construction Issued by




Tranche)

2021-09-16 2031-09-17 53.86 10 3.13






Tranche)

2021-09-16 2036-09-17 74.86 15 3.47






Tranche)

2021-09-16 2041-09-17 49.07 20 3.50

122 Special Bond for Ecological Environmental

Protection and Water Conservancy Issued by

Fujian Provincial Government in 2021 (2nd



Tranche)

2021-09-16 2031-09-17 7.26 10 3.13



Fujian Provincial Government in 2021 (3rd



Tranche)

2021-09-16 2036-09-17 10.97 15 3.47






Tranche)

2021-09-16 2041-09-17 36.03 20 3.50


Fujian in 2021 (4th Tranche)- Special Bond

2021-09-16 2031-09-17 19.70 10 3.13

32


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)


2021 (29th Tranche)




2021 (30th Tranche)

2021-09-16 2036-09-17 23.04 15 3.47




2021 (31st Tranche)

2021-09-16 2041-09-17 25.43 20 3.50


Jiangxi Provincial Government in 2021 (2nd

Tranche) - Special Bond Issued by Jiangxi


Tranche)

2021-09-16 2041-09-17 14.00 20 3.50


Areas Issued by Jiangxi Provincial


Bond Issued by Jiangxi Provincial


2021-09-16 2026-09-17 7.01 5 2.88


Areas Issued by Jiangxi Provincial


Bond Issued by Jiangxi Provincial


2021-09-16 2028-09-17 4.40 7 3.03

131 Special Bond for High Quality Development

by Jiangxi Provincial Government in 2021

(6th Tranche) - Special Bond Issued by

Jiangxi Provincial Government in 2021 (15th

Tranche)

2021-09-16 2036-09-17 16.97 15 3.42





Tranche)

2021-09-16 2041-09-17 9.05 20 3.45




2021-09-16 2051-09-17 23.47 30 3.58

33


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)


Tranche)

134 Special Bond for Rural Revitalization

(High-standard Farmland) Issued by Jiangxi


Tranche) - Special Bond Issued by Jiangxi


Tranche)

2021-09-16 2026-09-17 2.06 5 2.88

135 General Bond Issued by Zhejiang Provincial


2021-09-17 2031-09-22 70.60 10 3.04


Areas Issued by Zhejiang Provincial

Government in 2021 (5th Tranche)- Special

Bond Issued by Zhejiang Provincial


2021-09-17 2026-09-22 29.60 5 2.89



Government in 2021 (6th Tranche)- Special



2021-09-17 2028-09-22 36.20 7 3.03

138 Special Bond for Other Project Revenue

Issued by Zhejiang Provincial Government

in 2021 (12th Tranche)- Special Bond Issued

by Zhejiang Provincial Government in 2021

(23rd Tranche)

2021-09-17 2026-09-22 6.40 5 2.89





(24th Tranche)

2021-09-17 2031-09-22 46.20 10 3.04





(25th Tranche)

2021-09-17 2036-09-22 32.55 15 3.42




2021-09-17 2051-09-22 62.70 30 3.58

34


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)


(26th Tranche)

142 General Bond Issued by Henan Provincial


2021-09-17 2024-09-27 12.00 3 2.84

143 General Bond Issued by Henan Provincial


2021-09-17 2036-09-22 11.00 15 3.52


Henan Provincial Government in 2021 (8th

Tranche)-General Bond Issued by Henan


Tranche)

2021-09-17 2028-09-22 46.31 7 3.13



Issued by Henan Provincial Government in

2021 - Special Bond Issued by Henan


Tranche)

2021-09-17 2031-09-22 257.00 10 3.14


Henan Provincial Government in 2021 (6th

Tranche)-Special Bond Issued by Henan


Tranche)

2021-09-17 2028-09-22 25.28 7 3.13


Development in Henan in 2021 (13th

Tranche)- Special Bond Issued by Henan


Tranche)

2021-09-17 2031-09-22 11.15 10 3.14





Tranche)

2021-09-17 2036-09-22 63.14 15 3.52





Tranche)

2021-09-17 2051-09-22 33.71 30 3.68

150 Special Bond for Social Undertaking in 2021-09-17 2031-09-22 11.74 10 3.14

35


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)

Henan in 2021 (15th Tranche)- Special Bond


2021 (48th Tranche)




2021 (49th Tranche)

2021-09-17 2036-09-22 30.38 15 3.52




2021 (50th Tranche)

2021-09-17 2051-09-22 23.42 30 3.68


Areas Issued by Henan Provincial


Bond Issued by Henan Provincial


2021-09-17 2026-09-22 48.21 5 2.99






2021-09-17 2028-09-22 6.47 7 3.13






2021-09-17 2031-09-22 2.12 10 3.14

156 General Bond Issued by Tibet Autonomous

Region Government in 2021 (3rd Tranche)

2021-09-22 2024-09-27 1.00 3 3.03


Tibet Autonomous Region Government in

2021 (3rd Tranche)

2021-09-22 2031-09-23 3.00 10 3.14



Tranche) - Special Bond Issued by Anhui


Tranche)

2021-09-22 2026-09-23 3.78 5 2.99



2021-09-22 2028-09-23 10.21 7 3.13

36


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)



Tranche)





Tranche)

2021-09-22 2031-09-23 72.89 10 3.14





Tranche)

2021-09-22 2036-09-23 95.50 15 3.51





Tranche)

2021-09-22 2041-09-23 87.17 20 3.54


Anhui Provincial Government in 2021 (21st



Tranche)

2021-09-22 2051-09-23 15.41 30 3.58


Areas Issued by Anhui Provincial


Bond Issued by Anhui Provincial


2021-09-22 2026-09-23 81.54 5 2.99






2021-09-22 2028-09-23 62.88 7 3.13






2021-09-22 2031-09-23 29.63 10 3.14

37


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)


Anhui Provincial Government in 2021 (2nd



Tranche)

2021-09-22 2031-09-23 16.44 10 3.14



Tranche)

2021-09-22 2026-09-27 10.00 5 2.99



Tranche)

2021-09-22 2028-09-23 40.00 7 3.13



Tranche)

2021-09-22 2036-09-23 75.86 15 3.51

171 Special Bond Issued by Shanghai Municipal


2021-09-23 2031-09-24 4.40 10 3.03


Areas Issued by Shanghai Municipal


Bond Issued by Shanghai Municipal


2021-09-23 2028-09-24 174.00 7 3.02


Shanghai Municipal Government in 2021

(1st Tranche)

2021-09-23 2026-09-24 14.50 5 2.88



(2nd Tranche)

2021-09-23 2028-09-24 16.30 7 3.02



(3rd Tranche)

2021-09-23 2031-09-24 170.30 10 3.03



(1st Tranche)

2021-09-23 2026-09-24 33.10 5 2.88



(2nd Tranche)

2021-09-23 2028-09-24 63.10 7 3.02



2021-09-23 2031-09-24 46.80 10 3.03

38


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)

(3rd Tranche)







Tranche)

2021-09-23 2051-09-24 78.50 30 3.58


Shandong Provincial Government in 2021

(9th Tranche)

2021-09-23 2028-09-24 71.92 7 3.07


Shandong Provincial Government in 2021

(7th Tranche)

2021-09-23 2028-09-24 52.30 7 3.07


Dalian Municipal Government in 2021 (6th

Tranche)

2021-09-23 2028-09-24 46.86 7 3.12

183 General Bond Issued by Dalian Municipal


2021-09-23 2024-09-28 3.00 3 2.84




Tranche) - Special Bond Issued by Dalian

Municipal Government in 2021 (7th

Tranche)

2021-09-23 2031-09-24 1.94 10 3.13






Tranche)

2021-09-23 2036-09-24 0.50 15 3.51






Tranche)

2021-09-23 2041-09-24 9.79 20 3.54

187 Special Bond for Transportation 2021-09-23 2041-09-24 3.89 20 3.54

39


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)

Infrastructure Issued by Dalian Municipal


Bond Issued by Dalian Municipal



Dalian in 2021 (2nd Tranche)- Special Bond

Issued by Dalian Municipal Government in

2021 (11th Tranche)

2021-09-23 2041-09-24 0.93 20 3.54


Issued by Dalian Municipal Government in

2021 (2nd Tranche) - Special Bond Issued by


Tranche)

2021-09-23 2051-09-24 1.17 30 3.58


Hainan Provincial Government in 2021 (4th

Tranche)-General Bond Issued by Hainan


Tranche)

2021-09-23 2026-09-24 8.93 5 2.98

191 General Bond Issued by Hainan Provincial


2021-09-23 2026-09-24 14.70 5 2.98


Hainan Provincial Government in 2021 (2nd

Tranche) - Special Bond Issued by Hainan


Tranche)

2021-09-23 2028-09-24 18.00 7 3.12


Areas Issued by Hainan Provincial

Government in 2021 (1st Tranche) - Special

Bond Issued by Hainan Provincial


2021-09-23 2026-09-24 8.48 5 2.98

194 Special Bond for Green Ecological

Construction and Environmental Protection

Issued by Hainan Provincial Government in

2021 (1st Tranche) - Special Bond Issued by


Tranche)

2021-09-23 2031-09-24 5.77 10 3.13


Hainan Provincial Government in 2021 (3rd

2021-09-23 2031-09-24 42.67 10 3.13

40


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)



Tranche)

196 Special Bond for People's Livelihood by

Hainan Provincial Government in 2021 (1st



Tranche)

2021-09-23 2031-09-24 20.90 10 3.13





Tranche)

2021-09-23 2036-09-24 13.79 15 3.51

198 Special Bond for People's Livelihood by

Hainan Provincial Government in 2021 (2nd



Tranche)

2021-09-23 2036-09-24 7.30 15 3.51


Ningbo Municipal Government in 2021 (3rd

Tranche)

2021-09-23 2028-09-24 43.71 7 3.02


Ningbo Municipal Government in 2021 (4th

Tranche)

2021-09-23 2031-09-24 46.98 10 3.03



Tranche)

2021-09-23 2031-09-24 7.72 10 3.03



Tranche)

2021-09-23 2036-09-24 11.09 15 3.41


Areas Issued by Ningbo Municipal


Bond Issued by Ningbo Municipal


2021-09-23 2031-09-24 2.50 10 3.03


Issued by Ningbo Municipal Government in

2021 (5th Tranche)- Special Bond Issued by

2021-09-23 2026-09-28 1.10 5 2.98

41


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)


Tranche)





Tranche)

2021-09-23 2031-09-24 4.10 10 3.03





Tranche)

2021-09-23 2036-09-24 11.30 15 3.41





Tranche)

2021-09-23 2041-09-24 40.60 20 3.44





Tranche)

2021-09-23 2051-09-24 30.40 30 3.58

209 General Bond Issued by Hubei Provincial


2021-09-24 2028-09-27 159.58 7 3.01



Issued by Hubei Provincial Government in

2021 (1st Tranche)- Special Bond Issued by

Hubei Provincial Government in 2021 (72nd

Tranche)

2021-09-24 2031-09-27 37.00 10 3.12



2021-09-24 2031-09-27 1.00 10 3.02



2021-09-24 2036-09-27 18.53 15 3.40



2021-09-24 2031-09-27 1.00 10 3.02



2021-09-24 2031-09-27 4.49 10 3.02

42


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)



2021-09-24 2036-09-27 12.33 15 3.40



2021-09-24 2036-09-27 3.07 15 3.40



2021-09-24 2041-09-27 1.00 20 3.43



2021-09-24 2041-09-27 2.50 20 3.43



2021-09-24 2051-09-27 13.25 30 3.57



2021-09-24 2051-09-27 1.00 30 3.57






2021-09-24 2026-09-27 5.00 5 2.87






2021-09-24 2028-09-27 2.26 7 3.01


Areas Issued by Jilin Provincial Government

in 2021 (5th Tranche) - Special Bond Issued

by Jilin Provincial Government in 2021 (29th

Tranche)

2021-09-24 2031-09-27 2.98 10 3.12


Areas Issued by Jilin Provincial Government


by Jilin Provincial Government in 2021 (30th

Tranche)

2021-09-24 2036-09-27 11.92 15 3.50

225 Special Bond Issued by Jilin Provincial


2021-09-24 2031-09-27 1.24 10 3.12



2021-09-24 2036-09-27 4.34 15 3.50



2021-09-24 2041-09-27 11.81 20 3.53

43


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)



2021-09-24 2041-09-27 7.23 20 3.53



2021-09-24 2051-09-27 12.52 30 3.67



2021-09-24 2051-09-27 50.13 30 3.67



Tranche)-Special Bond Issued by Hunan

Provincial Government in 2021 (51st

Tranche)

2021-09-27 2051-09-28 200.00 30 3.57

232 Special Bond Issued by Shanxi Provincial


2021-09-27 2031-09-28 8.48 10 3.12



2021-09-27 2036-09-28 46.74 15 3.50



2021-09-27 2041-09-28 17.01 20 3.53



2021-09-27 2051-09-28 16.82 30 3.62



2021-09-27 2051-09-28 10.00 30 3.62


Areas Issued by Shanxi Provincial


Bond Issued by Shanxi Provincial


2021-09-27 2031-09-28 16.08 10 3.12



Tranche)

2021-09-27 2031-09-28 15.55 10 3.12



Tranche)

2021-09-27 2031-09-28 84.47 10 3.12



Issued by Anhui Provincial Government in



Tranche)

2021-09-28 2031-09-29 30.00 10 3.12

44


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)



Issued by Yunnan Provincial Government in


Yunnan Provincial Government in 2021

(17th Tranche)

2021-09-28 2031-09-29 44.00 10 3.12






2021-09-30 2024-10-12 10.30 3 2.79

243 Special Bond for Sewage Treatment Project


in 2021 (3rd Tranche) - Special Bond Issued


(28th Tranche)

2021-09-30 2031-10-08 4.50 10 3.03





(29th Tranche)

2021-09-30 2036-10-08 4.40 15 3.40





(30th Tranche)

2021-09-30 2041-10-08 4.00 20 3.43





(31st Tranche)

2021-09-30 2028-10-08 7.70 7 3.01





(32nd Tranche)

2021-09-30 2036-10-08 29.05 15 3.40



2021-09-30 2041-10-08 137.90 20 3.43

45


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)



(33rd Tranche)


by Hebei Provincial Government in 2021


Hebei Provincial Government in 2021 (31st

Tranche)

2021-09-30 2026-10-08 16.53 5 2.87




Hebei Provincial Government in 2021 (32nd

Tranche)

2021-09-30 2031-10-08 7.81 10 3.13




Hebei Provincial Government in 2021 (33rd

Tranche)

2021-09-30 2036-10-08 43.50 15 3.40




Hebei Provincial Government in 2021 (34th

Tranche)

2021-09-30 2041-10-08 7.02 20 3.43


Areas Issued by Hebei Provincial




2021-09-30 2026-10-08 21.59 5 2.87



Issued by Hebei Provincial Government in

2021 (2nd Tranche)- Special Bond Issued by

Hebei Provincial Government in 2021 (36th

Tranche)

2021-09-30 2031-10-08 36.00 10 3.13

255 General Bond Issued by Shaanxi Provincial


2021-09-30 2036-10-08 21.91 15 3.50

256 Special Bond Issued by Shaanxi Provincial


2021-09-30 2026-10-08 1.70 5 2.97

46


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)



2021-09-30 2028-10-08 3.95 7 3.11



2021-09-30 2031-10-08 12.53 10 3.13



2021-09-30 2036-10-08 18.81 15 3.50



2021-09-30 2041-10-08 49.33 20 3.53



2021-09-30 2051-10-08 38.20 30 3.67





Tranche)

2021-09-30 2031-10-08 5.46 10 3.13





Tranche)

2021-09-30 2036-10-08 58.13 15 3.50





Tranche)

2021-09-30 2041-10-08 15.47 20 3.53





Tranche)

2021-09-30 2051-10-08 38.02 30 3.67






Tranche)

2021-09-30 2036-10-08 17.61 15 3.50



2021-09-30 2041-10-08 7.53 20 3.53

47


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)




Tranche)






Tranche)

2021-09-30 2051-10-08 4.54 30 3.67






2021-09-30 2031-10-08 23.25 10 3.13






2021-09-30 2036-10-08 59.20 15 3.50






2021-09-30 2041-10-08 4.64 20 3.53


Guizhou Provincial Government in 2021 (3rd



Tranche)

2021-09-30 2031-10-08 5.39 10 3.13





Tranche)

2021-09-30 2036-10-08 32.12 15 3.50




2021-09-30 2041-10-08 8.41 20 3.53

48


Issue Due Date

Issuance

Amount

(100

million

RMB)

Maturity

(Years)

Coupon

Rate

(%)


Tranche)





Tranche)

2021-09-30 2051-10-08 2.20 30 3.67





Tranche)

2021-09-30 2051-10-08 2.25 30 3.67

Issued by China Government Debt Center in October 2021

Website: http://kjhx.mof.gov.cn/ Contact with: 010-68554064 68554066

china local government bond market report

Documents