TREE NEWS update: Jilin province issued a series of local government special bonds on Wednesday, including 15-year notes totaling 237 million yuan at a 1.96% yield and 30-year bonds totaling 3.77 billion yuan at yields of 2.19%-2.21%. It also sold 161 million yuan of 10-year general special bonds at a 1.65% yield. The 30-year tranche drew a bid-to-cover of 4.88 to 11.39 times.
Jilin issues 10-30 year local government special bonds at yields of 1.65%-2.21%
The striking detail here is the demand, not the pricing: bid-to-cover reaching into double digits on the longest tranche suggests yield-hungry buyers are absorbing duration that would normally demand a premium. That appetite at the provincial level matters for anyone tracking whether cheap long-dated government funding keeps crowding into quasi-sovereign credit. Whether such strong cover ratios persist across weaker issuers, and how the 30-year yields settle relative to the shorter tranches, is the open question worth watching.
Generated by AI for reference only.
Share on WeChat
Open WeChat → Scan → then tap "…" to send to a chat or Moments.
Tap "…" in the top-right corner to send to a chat or share to Moments.