Following the Spring Festival holiday, China's Ministry of Finance has issued several batches of government bonds. Among them, the 2026 Book-Entry Interest-Bearing Treasury Bond (Phase IV) had a planned issuance of 1.3 trillion yuan (Renminbi, same below), with the actual issuance amount reaching 1.3 trillion yuan. This bond has a term of three years, with a coupon rate of 1.32% determined through bidding. Interest accrual began on February 25, and the bond will commence trading on February 27. This issue is a fixed-rate interest-bearing bond, with interest paid annually. Interest payment dates are set for February 25 each year (adjusted for holidays, same below), with principal repayment and the final interest payment scheduled for February 25, 2029.

The 2026 Book-Entry Interest-Bearing Treasury Bond (Phase V) had a planned issuance of 1.35 trillion yuan, with the actual issuance amount also reaching 1.35 trillion yuan. This bond carries a 10-year term, with a coupon rate of 1.75% determined through bidding. Interest accrual started on February 25, and trading will begin on February 27. This is a fixed-rate interest-bearing bond, with interest paid semi-annually. Interest payment dates are set for February 25 and August 25 each year, with principal repayment and the final interest payment due on February 25, 2036.

The first re-issuance of the 2026 Book-Entry Interest-Bearing Treasury Bond (Phase III) had a planned re-issuance amount of 1.2 trillion yuan, with the actual re-issuance amount reaching 1.2 trillion yuan. The re-issuance price was set at 100.38 yuan through bidding, equivalent to an annualized yield of 1.49%. This re-issued portion will merge with the originally issued 1.5 trillion yuan portion and commence trading on March 2.

The 2026 Book-Entry Discount Treasury Bond (Phase XII) had a planned issuance of 400 billion yuan, with the actual issuance amount reaching 400 billion yuan. This bond has a term of 91 days. The issuance price was set at 99.699 yuan through bidding, equivalent to an annualized yield of 1.21%. Interest accrual began on February 26, and trading will start on March 2. This bond is issued at a discount to its face value and will be redeemed at face value on May 28, 2026.