Anhui Issues 5-Year 875M Yuan Shantytown Renovation Special Local Bonds

The standout here is the bid-to-cover on the 5-year tranche, which came in meaningfully above the expected ratio, while the much larger 20-year other special bond priced at a higher yield. That split suggests demand is concentrated at the shorter, project-linked end of the curve rather than in longer-dated provincial paper. Whether that preference persists across other provincial auctions is the open question worth watching.