Henan Issues RMB 55.1B in Local Government Bonds Across 11 Tranches

The wide spread between 5-year land-reserve paper at 1.46% and 30-year special bonds at 2.23% shows the curve is doing the work here, with land-linked revenue still priced at the short, cheap end. The bid-to-cover range of 1.00 to 2.88 times is the more telling detail: a marginal multiple of 1.00 means some tranches cleared with essentially no excess demand, a sign that provincial credit is no longer uniform. Whether that dispersion persists across other provincial issuers is the open question worth watching.