Tianjin issues 128.9bn yuan in municipal special bonds across 12 tranches

The pricing curve here is the signal: a 30-year tranche at roughly 2.24% sits only about 79 basis points above the five-year at 1.45%, a flat long-end that speaks to heavy demand for duration from local government financing vehicles and banks. The dedicated rail transit tranche shows special bonds are still the preferred channel for funding urban infrastructure, even as general and "other" special tranches are bundled into the same batch. Whether this compression holds in subsequent regional issuance is the open question.