Beijing Issues 235.35B Yuan in Special Local Government Bonds

The scale of this issuance matters less than its pricing: the curve running from 1.26% at two years to 2.22% at thirty signals very subdued long-run inflation and growth expectations from a sovereign borrower, and the 12.50x marginal bid on the ten-year tranche points to demand far exceeding supply at these yields. For RWA and tokenized-treasury products, this is the benchmark that competes with on-chain yield, so the spread between low-yield government paper and tokenized alternatives is the number worth tracking. Whether that bid multiple holds on future tranches is the open question.