Following in the footsteps of Beijing and Shaanxi, Tianjin has now joined the trend of early debt repayment. Based on publicly available information, three regions have issued official announcements regarding advance debt redemption, with the latest coming from Tianjin's municipal finance bureau.

According to a recent notice from the Tianjin Municipal Finance Bureau, the city intends to repurchase RMB 409 million worth of special local government bonds issued in 2020 ahead of their maturity date. The designated project tied to this early repayment is the supporting infrastructure development around the Tianjin Juilliard School campus, with the funds for the repayment sourced from net proceeds of land sales adjacent to the project site.

Originally issued in May 2020, the specific tranche of special bonds had a total issuance scale of RMB 1.389 billion, featuring a 30-year term and a coupon rate of 3.77%. Of this total, RMB 880 million was allocated specifically to the Juilliard-related construction work, which encompasses the school's academic building, attached parking facilities, the riverside park, and general environmental upgrades in the surrounding area.

This expansion signals a growing willingness among local governments to manage their debt profiles proactively, leveraging project-linked revenue streams to retire liabilities earlier than contracted.