【Text by Yushan Guanjin Studio】
On November 24, the Ministry of Finance simultaneously issued two book-entry treasury bonds through a bidding process, with a total scale of 157 billion yuan. Among them, the 97 billion yuan face value of the 2025 Book-entry Coupon (Twenty-Third Issue) Treasury Bond has a term of 3 years; and the 600 billion yuan face value of the 2025 Book-entry Discount (Seventy-Second Issue) Treasury Bond has a term of 182 days. At the same time, according to the Ministry of Finance's fourth-quarter treasury bond issuance schedule, two short-term treasury bonds will also enter the issuance procedure on November 26, continuing the intensive bond issuance trend at year-end. These series of measures demonstrate the determination of the proactive fiscal policy to continue exerting efforts, and also inject new variables into the current volatile bond market.
From the specific elements of this issuance, the 97 billion yuan 3-year coupon treasury bond adopts a modified multiple price bidding method, with the bid rate as the subject. Interest begins to accrue from November 25, with interest paid annually, and the principal and the last interest payment will be made on November 25, 2028. After the bidding, distribution will take place until November 25, and it will officially start trading on November 27. The 600 billion yuan 182-day discount treasury bond also adopts a modified multiple price bidding method, but the bid is based on price, and it will be issued at a discount below the face value, and will be repaid at face value on May 26, 2026. Both treasury bonds will have additional bids from Class A members, reflecting the Ministry of Finance's active response to market demand.
It is worth noting that this issuance is an important part of the 2025 fourth-quarter treasury bond issuance plan. According to the arrangement announced by the Ministry of Finance in late September, the fourth quarter includes key maturity treasury bonds, short-term treasury bonds, ultra-long-term general treasury bonds, savings treasury bonds, and ultra-long-term special treasury bonds among other varieties. The issuance schedule in November is particularly tight: on the 7th, 1-year and 2-year treasury bonds will be reissued; on the 14th, 10-year treasury bonds will be issued for the first time; on the 19th, 5-year and 7-year treasury bonds will be reissued; and on the 24th, the first-time issuance of the 3-year coupon treasury bond will take place. This multi-maturity, high-frequency issuance arrangement reflects both the rigidity of fiscal financing needs and the firm attitude of the policy-making level towards stabilizing economic growth.
From a more macro perspective, the scale of treasury bond issuance in 2025 has significantly expanded, becoming the core tool of the proactive fiscal policy. The 1.3 trillion yuan ultra-long-term special treasury bonds arranged in this year's budget were all fully issued by October 14, mainly invested in the "two heavy" construction and the "two new" fields, of which 500 billion yuan was used for the replacement of consumer goods and equipment upgrades. At the same time, the issuance of general treasury bonds has also accelerated, with the issuance scale of interest-bearing bonds in the first half of the year reaching 16.9 trillion yuan, and the net financing of treasury bonds approaching 3.4 trillion yuan, approximately twice that of the same period in 2024.
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