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China will start the first tranche of the government's 1 trillion yuan ($138 billion) super long-term bond issue announced in March this Friday.

China will issue 300 billion yuan of 20-year bonds, 600 billion yuan of 30-year bonds and 100 billion yuan of 50-year bonds between May and November, sources close to the matter told Bloomberg. China's move towards issuing bonds with very long maturities had raised expectations of support from the central government, especially for local authorities with heavy debt burdens.

This will be the fourth time in the last 26 years that China has turned to very long-term bond issues. The last issuance was made in 2020 to support pandemic measures.

Editor: David Goodman