The Ministry of Finance has announced the third issuance of additional tranches for the 2026 ultra-long special government bonds (fourth tranche), with a total competitive bidding face value of 730 billion yuan.

This issuance involves 30-year fixed-rate coupon bonds, with a coupon rate remaining at 2.23%, matching the rate of the previously issued bonds. The bonds will accrue interest from June 25, 2026, with semi-annual payments due on June 25 and December 25 each year. The principal and final interest payment will be settled on June 25, 2056.

The competitive bidding is scheduled for August 5, 2026, from 10:35 to 11:35 AM, using a single-price auction method where the bid target is the price. Bidding will be conducted through the Ministry of Finance's government bond issuance system. Bid increments are set at 0.2 yuan, with a maximum bid spread of 45 positions for each underwriting syndicate member. The bid price range is determined by the full price corresponding to the arithmetic average of the 30-year Treasury yield curve, floating 10% above and below the average from the 1st to 5th business days before the auction date, rounded to 0.01%.

Successful bidders must deposit the issuance proceeds into the Ministry of Finance's designated account by August 6, 2026. The underwriting fee for this issuance is 0.06% of the underwriting face value for each syndicate member. Distribution of the bonds will occur from the end of the bidding process until August 6, 2026, with listing and trading on the market from August 10, 2026, alongside the previously issued bonds. The bidding process follows the "Rules for Issuance of Book-entry Government Bonds by Auction" (Finance Treasury [2022] No. 4).