The Ministry of Finance plans to issue the first tranche of the 2025 book-entry Treasury bonds with accrued interest.

The current re-issuance of national bonds is a 5-year fixed-rate coupon bond. The total face value of the competitive bidding for this re-issuance of national bonds is 99 billion yuan, and additional bids are accepted from Class A members. The face interest rate of this re-issuance of national bonds is the same as the same period national bonds previously issued, at 1.63%. The start date and repayment arrangements of this re-issuance of national bonds are the same as the same period national bonds previously issued. Interest will start accruing from October 25, 2025, and will be paid annually on October 25, with the principal and final interest payment due on October 25, 2030. The bidding period is from 10:35 to 11:35 on the morning of November 19, 2025.