Shaanxi Issues 10-Year and 20-Year Local Government Bonds

The standout here is the demand skew: the 20-year special-purpose tranches drew bid-to-cover ratios far above the 10-year general tranches, even at a higher coupon. That suggests buyers are reaching for duration and yield rather than treating the longer tenor as risk to be avoided. For provincial issuers, it also hints that special-purpose paper tied to project spending is being absorbed more readily than general obligations. Whether that appetite holds across other provincial sales is the open question.