Heilongjiang issues 7-year and 30-year special local government bonds

The standout here is the demand skew, not the yields: the 30-year tranche drew a marginal bid-to-cover ratio of 18.82 times, far heavier than the 7-year's 5.29 times, suggesting buyers were reaching for duration despite the longer tenor's rate risk. That pattern matters for the local-government bond market, where provincial issuers like Heilongjiang are typically watched as a gauge of regional funding appetite and dealer willingness to absorb supply. The open question is whether this long-end concentration reflects genuine demand or simply the mechanics of a smaller issue size relative to the bid.