Inner Mongolia Issues 36.63B Yuan 7-Year Local Government Bond at 1.60%

The standout here is the 15-year special-purpose tranche, where a marginal bid-to-cover of 6.38 times blew past expectations, while the 7-year general bond cleared at a far tighter 1.66 times — a split that suggests demand is concentrating in longer-dated paper rather than the headline tenor. For local government financing, that gap matters: it hints at where investors see relative value along the curve, even as both coupons print at low absolute levels. Whether that long-end appetite holds in subsequent regional auctions is the open question.