Hunan issues 30-year special local bonds at 2.28%, raising 443M yuan

The marginal bid-to-cover ratios landing below the expected level on both 30-year tranches suggest demand for ultra-long Hunan paper was softer than the market anticipated, even as the coupons stayed low. The small 443 million yuan tranche drawing a 1.72-times marginal ratio is the weaker signal of the two, while the larger 7.99 billion yuan line fared comparatively better at 2.33 times. Whether this softness at the margin carries into other provincial 30-year issuances is the open question worth watching.