Anhui Issues 8 Tranches of Special Local Government Bonds Totaling 13.505B Yuan

The striking feature is the bidding skew: land-reserve and generic special paper drew enormous cover ratios while toll-road tranches, the only ones with a dedicated revenue stream, priced at higher yields for longer tenors. That inversion suggests domestic investors are chasing duration and scarcity of allocation rather than project-level credit, a dynamic worth tracking as more provinces bring road and infrastructure paper to market. Whether that demand holds when supply broadens is the open question.