Zhejiang issues 301.7B yuan in special local bonds, 5-year tranche at 1.41%

The story here is the shape of the curve, not the headline size: a 1.41% five-year coupon against 2.19% for 30-year paper shows provincial issuers still paying up for duration while short money stays cheap. Land-reserve bonds sitting in the five-year bucket matters for local governments that lean on land revenue, since it signals they are funding near-term needs rather than long-horizon projects. Whether that heavy long-end skew persists in other provinces' upcoming issuance is the open question for anyone tracking Chinese local government supply.