Liaoning Issues 30-Year Special Local Bonds Totaling 19.2B Yuan

The striking divergence in marginal ratios — 1.27x versus 69.30x against the same expected level — suggests the two tranches drew very different bidder interest despite nearly identical 30-year pricing, pointing to a demand split that the headline figure of 19.2 billion yuan alone conceals. For provincial financing, that gap matters more than the total raised: it hints at how the market is discriminating between bond categories at the long end. Whether that spread in coverage persists across other provincial issuers is the open question.