Jiangxi Issues 5-Year Land Reserve Special Local Bond at 1.34%

The scale of the land reserve tranche relative to the small high-quality development allocations shows where provincial financing priority sits, and the 1.34% five-year pricing anchors the cheap end of the curve against visibly steeper long-tenor yields. The 1.66x bid-to-cover against an expected 1.34 signals demand ran ahead of plan, a useful read on local appetite for land-linked paper. Whether that oversubscription carries into future provincial land reserve issuance is the open question.