Xinjiang Issues 10-Year Special Local Bonds at 1.73%, 15-Year at 2.09%

The striking detail is the split in demand: the 10-year tranche cleared below its own expected bid-to-cover, while the 15-year drew a marginal ratio of 20 times, suggesting buyers are reaching for tenor rather than chasing the front end. Pricing a 10-year at 1.73% alongside a 15-year at 2.09% leaves a thin spread for the extra five years of duration, which is the kind of curve shape that usually signals anchored short-end expectations rather than growth optimism. Whether that long-end appetite holds at these levels is the open question.