The Ministry of Finance has announced its intention to issue the fourth phase of ultra-long-term special treasury bonds for the year 2025. These bonds, which are fixed-rate coupon bonds with a maturity of 20 years, carry a total nominal value of 40 billion yuan. Class A members will not be subject to additional bidding, and the coupon rate will be determined through a competitive bidding process. The bidding session for these bonds is scheduled to take place on July 14, 2025, from 10:35 to 11:35.