Shaanxi issues 5-year land reserve special local bond at 1.4000%

The marginal bid-to-cover ratio of 2.09 times for the land reserve bond stands out against the far heavier oversubscription on the 10-year ordinary special bond, suggesting demand is concentrated in the longer, larger tranche while the land-linked paper clears with more modest appetite. That split matters for provincial issuers leaning on land reserve financing, since pricing at 1.4000% only holds if buyers keep showing up. Whether the land reserve tranche draws stronger coverage in future provincial sales is the open question worth watching.