TREE NEWS update: Jilin province issued 10-year shantytown renovation special local government bonds worth 227 million yuan at a coupon rate of 1.7300%, with a marginal bid-to-cover ratio of 1.32 times against an expected ratio of 1.73. The province also issued 10-year other special local bonds worth 201 million yuan at 1.7300%, with a marginal ratio of 1.24 times.
Jilin issues 10-year shantytown renovation special local bonds
The marginal bid-to-cover ratios falling short of expectations on both tranches points to softer demand at the long end of Jilin's special-purpose issuance, even at a modest coupon. That matters less for the shantytown renovation programme itself than for what it signals about appetite for provincial 10-year paper tied to project-specific revenue. Whether this reflects the specific collateral or broader caution toward longer-dated local government credit is the open question to watch.
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