Zhejiang issues 7-year general local bonds at 1.4600%

The standout here is demand, not pricing: a 7-year general bond drawing a marginal bid-to-cover of 3.57 times against an expected 1.47 signals that onshore buyers are chasing duration at a 1.46% coupon, a yield level that leaves little room for error. The special-bond tranches tell a similar story, with the shorter 3-year clearing at 1.27% and the strongest cover, suggesting appetite is concentrated at the front end even as longer paper still clears comfortably. For RWA and tokenization watchers, this is the kind of sovereign-adjacent, low-yield supply that increasingly anchors onshore collateral pools. Whether this intensity of bidding persists into the next provincial calendar is the open question.