Special bonds have predominated in the issuance of debt by Chinese local governments since the start of 2022.
During the period from January to February China saw the issuance of 1.0766 trillion yuan in new local government bonds, including 200.1 billion yuan in normal bonds and 877.5 billion yuan in special bonds, according to data released by the Ministry of Finance (MOF) on 23 March.
Refinancing bonds totalled 128.4 billion yuan, including 34 billion yuan in normal bonds and 94.4 billion yuan in special bonds
January to February saw the issuance of 1.2060 trillion yuan in local government bonds in total, including 234.1 billion yuan in normal bonds and 971.9 billion yuan in special bonds.
The average maturity of local government bonds issued is 14.6 years, with an average maturity of 8.8 years for normal bonds and 16.0 years for special bonds.
The average coupon rate of local government bonds issued is 3.10%, with an average rate of 2.89% for normal bonds and 3.14% for special bonds.