The Ministry of Finance intends to carry out a third follow-on issuance of the 2026 ultra-long special treasury bonds (fifth tranche), according to a report on October 10.

This follow-on issuance consists of 20-year fixed-rate interest-bearing bonds.

The total face value offered in the competitive bidding for this follow-on issuance is 20 billion yuan, with no additional bidding by Class A members.

The coupon rate for this follow-on issuance is the same as that of the previously issued bonds of the same tenor, at 2.24%.

The interest accrual date and repayment arrangements for this follow-on issuance are identical to those of the previously issued bonds of the same tenor. Interest begins accruing on July 15, 2026, with interest paid semi-annually on January 15 and July 15 each year (postponed in the case of holidays, the same below), and the principal will be repaid along with the final interest payment on July 15, 2046.

The bidding is scheduled to take place from 10:35 a.m. to 11:35 a.m. on October 16, 2026.