Zhejiang issues 10-year local government bond of 14.5 bln yuan at 1.60% yield

The standout here is the bid-to-cover marginal multiple of 3.63 times against an expected 1.60 — demand more than double the issuer's projection, at a 1.60% coupon that looks thin for a decade of duration. That gap between expectation and outcome suggests yield-seeking buyers are still crowding into provincial government paper despite the low absolute return. The open question is whether this oversubscription reflects a durable bid for local government bonds or a one-off allocation shift, and whether similarly priced issuance from other provinces meets the same reception.