Tibet Issues 8 Billion Yuan in Local Government Bonds Across Four Tranches

The striking feature here is the shape of the curve rather than the size: coupons climb from 1.56% at seven years to 2.22% at twenty, a modest but visible term premium on the longest tranche. The wide bid-to-cover range, from 1.50 to 3.00 times, suggests demand was uneven across tranches rather than uniformly strong, which is worth noting for a region whose issuance typically draws policy-driven buyers. Whether that spread between the best- and worst-covered tranches persists in future provincial sales is the open question.