China is preparing to issue special ultra-long sovereign bonds through public auctions in the interbank market, potentially extending up to 50 years. This issuance, part of a CNY 1 tln (USD 139 bln) special debt plan, is set to commence in Q2 2024. The bond sales aim to finance approved government projects, sparking market interest due to its potential impact on the ongoing bond rally and yield fluctuations amid the backdrop of recent record-low 30-year government bond yields.