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China’s Ministry of Finance issued its first batch of ultra-long special sovereign bonds for 2026, raising 85 billion yuan of 30-year notes and 34 billion yuan of 20-year notes on April 24. The 30-year bonds were priced at an average yield of 2.2%, slightly below secondary-market levels of about 2.3%, while the 20-year bonds were also sold at 2.2%. The issuance is part of a 1.3 trillion yuan ultra-long bond quota approved in March and is used for off-budget spending on infrastructure, consumer subsidies and business equipment. The 30-year tranche was the largest on record for that tenor. Strong demand reflected ample liquidity supported by recent central bank injections. Chinese bond yields were little changed after the auction, with 30-year cash yields at 2.23%.