Xinjiang Issues 31.1B Yuan in Local Government Bonds Across Five Tenors

The demand signal here is the story: a marginal bid-to-cover of 4.16 times against an expected 1.71 on the 10-year general bond is a striking oversubscription for a regional issuer, suggesting local bank and institutional appetite for duration remains firm despite the relatively modest 1.7100% yield. The yield curve on display is steep, with the 30-year special bond at 2.1900% carrying the largest tranche, so the pricing split between general and special paper is worth watching as a gauge of where provincial funding demand is concentrated. Whether this level of oversubscription holds across other provincial issuers is the open question.