Hunan Issues 28.5B Yuan 7-Year General Local Bond at 1.54%

The striking detail is the gap in demand between the general and special-purpose tranches: the 30-year special debt drew a marginal multiple several times that of the shorter general paper, even at a higher coupon. That suggests buyers are reaching for duration and spread among provincial credits rather than simply parking in the safest line. The read-across for RWA and tokenized government debt is that onshore local government issuance remains a deep, heavily subscribed market — the question is whether that appetite holds as longer special-purpose supply keeps building.