The Ministry of Finance will conduct the first reopening of the 2026 book-entry coupon-bearing bond (12th tranche), with a total competitive bidding face value of 109 billion yuan and additional bidding allowed for Class A members. This tranche is a 7-year fixed-rate bond, and the coupon rate remains the same as the previously issued bond of the same tenor, at 1.56%.
The competitive bidding is scheduled on July 1, 2026, from 10:35 to 11:35 a.m., via the ministry's government bond issuance system using a modified multiple-price auction method, with price as the bid target. The bid tick size is set at 0.06 yuan, and the limits for bid exclusion, winning bid exclusion, and the maximum bid spread per underwriting group member are 80, 30, and 40 ticks, respectively.
Interest on the reopened bond accrues from June 15, 2026, with annual coupon payments on June 15 each year. Principal and the final interest payment are due on June 15, 2033.
Successful underwriters must deposit the issuance proceeds into the designated MOF account by July 2, 2026 (inclusive). The payee is the Ministry of Finance of the People's Republic of China, and the account is with the State Treasury. The issuance fee for this reopening is 0.06% of the face value underwritten by each member.
After the bidding concludes, the bond will be distributed until July 2, 2026, and will be consolidated and listed for trading with the original bond of the same tenor starting July 6, 2026. The tender process is governed by the Rules for the Auction and Issuance of Book-entry Treasury Bonds (Cai Ku [2022] No. 4).