China will kick off this year’s ultra-long special sovereign bond sales with a record 85 billion yuan ($12.5 billion) issuance of 30-year notes on April 24, alongside 34 billion yuan of 20-year bonds, according to the finance ministry. Authorities will maintain 20-, 30- and 50-year tenors through October, signaling a continued focus on locking in long-term funding under a 1.3 trillion yuan quota, unchanged from 2025. The bonds, used for infrastructure and subsidies and kept off-budget, come amid

China will kick off this year’s ultra-long special sovereign bond sales with a record 85 billion yuan ($12.5 billion) issuance of 30-year notes on April 24, alongside 34 billion yuan of 20-year bonds, according to the finance ministry. Authorities will maintain 20-, 30- and 50-year tenors through October, signaling a continued focus on locking in long-term funding under a 1.3 trillion yuan quota, unchanged from 2025. The bonds, used for infrastructure and subsidies and kept off-budget, come amid strong demand, with 30-year yields falling to 2.25%. Analysts say ample liquidity and risk aversion support absorption, though improved risk appetite could pressure yields.