TREE NEWS update: Sichuan province issued special-purpose local government bonds across seven maturities, led by a 30-year tranche of 12.16794 billion yuan at a 2.2400% coupon with a 1.87x bid-to-cover marginal ratio. Other tranches included 4.45644 billion yuan of 20-year bonds at 2.1900%, 1.55893 billion yuan of 10-year bonds at 1.7300%, and 498 million yuan of 7-year bonds at 1.5500%.
Sichuan Issues Multi-Tranche Special Local Government Bonds Totaling Over 26.8B Yuan
AI take
The 30-year tranche's 1.87x bid-to-cover stands out against the steeply lower coupons on shorter maturities, suggesting demand is concentrated at the long end despite the duration risk. That pattern matters for anyone tracking whether provincial special-purpose issuance can keep absorbing long-dated supply without concession widening. The open question is whether the long-end bid stays this firm as more provinces bring comparable multi-tranche deals.
Generated by AI for reference only.
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