Jiangxi issues local government bonds across 5- to 30-year tenors

The long-end pricing here is the notable signal: a 30-year provincial bond landing at a 2.20% coupon implies a very flat curve against the 20-year tranche, and the 7-year land reserve bond at 1.46% sits well below the 10-year ordinary special bond, a spread pattern that speaks to how the market is treating tenor and use-of-proceeds differently. The land reserve tranche is worth flagging given its sensitivity to property-related revenue cycles. Whether this compression holds across other provincial issuers is the open question.