Ningbo Issues 102.84B Yuan in Local Government Bonds Across Six Tranches

The standout here is the split in demand rather than the headline total: the 15-year general special bond's 94x marginal ratio sits alongside a 1.37x ratio on the toll-road tranche, suggesting appetite is concentrated in the largest, most generic paper rather than project-linked debt. The land-reserve tranches pricing at the low end of the curve reinforce that the market is paying up for duration and quasi-sovereign comfort. Whether that divergence between general and project-linked special bonds persists is the open question for local-government supply.