Xiamen issues 2.278B yuan special local bonds at 1.55% yield

The standout here is the demand: a marginal bid-to-cover of 3.14 times against an expected 1.54 signals that buyers chased this paper well past what the market had penciled in, a notable show of appetite for local government risk at a 1.55% coupon. Because these are special-purpose bonds, the proceeds are tied to specific projects rather than general budget support, so the pricing speaks to how investors are assessing project-backed provincial credit. Whether this level of oversubscription holds across other local issuers is the open question.