Hubei Issues 3-, 5- and 30-Year Special Local Government Bonds

The demand split here is the story: short and medium tenors were heavily oversubscribed relative to expectations, while the 30-year tranche fell well short of its expected cover, hinting that duration appetite is thinner than the headline issuance suggests. That skew matters for anyone tracking how provincial special bonds are being absorbed as a funding channel. Whether the weak long-end bid reflects a one-off or a broader pattern in ultra-long local government supply is the open question worth watching in coming tranches.