China’s MOF issues RMB 25B 30-year bond at 2.0600% yield

The long-end auction clearing through expectations, paired with a bid-to-cover ratio near ten times, points to firm demand for duration despite the modest yield concession. The gap between the headline cover and the marginal ratio suggests the strength was concentrated rather than broad. For rates and duration-sensitive RWA products, this is a useful read on where the marginal buyer sits at the very long end. Whether that demand holds at subsequent long-dated supply is the open question.