Shanxi Issues Six Special Local Government Bonds, Including 10-Year 410M Yuan Shantytown Bond at 1.68%

The standout here is demand, not the coupons: the 30-year tranche drew a marginal bid-to-cover of 9.00 times against an expected 2.17, and the 10-year shantytown bond also beat expectations, pointing to strong appetite for long-dated provincial paper even at modest yields. That matters for the local-government financing pipeline, where shantytown redevelopment and toll-road tranches signal continued issuance into urban renewal and transport. Whether this oversubscription persists across other provinces' special bond sales is the open question.