Basic closure of 4.18 trillion new bonds issued by local government in the first three quarters

category:Finance
 Basic closure of 4.18 trillion new bonds issued by local government in the first three quarters


Data show that in September 2019, 21.9583 billion yuan of local government bonds were issued nationwide. According to the types of bonds, 56.568 billion yuan of general bonds and 163.315 billion yuan of special bonds are issued; 14.626 billion yuan of new bonds are issued according to the nature of bonds (including 17.643 billion yuan of new general bonds and 123.983 billion yuan of new special bonds), 36.044 billion yuan of replacement bonds and 41.953 billion yuan of refinancing bonds are issued.

With the approval of the National Peoples Congress, a new local government debt limit of 3.08 trillion yuan was set in 2019. Among them, the new general debt limit is 930 billion yuan, and the special debt limit is 2.15 trillion yuan.

In terms of the issuance progress, the new local government bonds issued by the end of September 2019 completed 99.43% of the total amount of 30540.69 billion yuan of new local government bonds in 2019, including 100.32% of general bonds and 99.06% of special bonds.

According to the requirements, we will strive to complete the issuance of new bonds for the whole year by the end of September. In this years quota, the local government special bonds should be fully issued by the end of September.

According to Guosheng securities data, in terms of regions, as of September 28, the quota of new special bonds in most regions of the country has been used up, and only Shanxi Province and Xinjiang Construction Corps have the remaining balance, with the remaining quota of 1.904 billion yuan and 1.27 billion yuan respectively, while the quota of new special bonds in other regions has been issued up to the end of the year. As for the new general debt, the quota of most areas has been used up. At present, only Chongqing, Guangxi, Henan, Ningxia, Qinghai and Xinjiang Production and Construction Corps are left with the remaining balance. Among them, Xinjiang Production and Construction Corps, which has the highest surplus, has only 2.092 billion yuan left.

Liu Yu said that among the new special bonds issued in China since this year, the special bonds for shelter reform and land reserve are the two largest types of bonds issued. The first eight months of this year accounted for about 70% of the total new special bonds issued, and these two parts of funds are usually not included in infrastructure. From the issue situation in September, since the issue scale of special bonds for shelter reform was only 9.498 billion yuan in the month, only 7.7% of the new special bonds were issued in September, which was significantly lower than that in August, making the proportion of special bonds for land storage and shelter reform reach 67.4% in the month except for special bonds for land storage and shelter reform.

Source: Liable Editor of Securities Daily: Yang Qian_NF4425