Guangdong issues 10-year general local bonds at 1.64%, 30-year special bonds at 2.19%

The split in demand is the story here: the long-dated special bonds drew a marginal ratio well above expectations, while the 10-year general paper landed close to expectations at a notably lower yield. That contrast suggests appetite is concentrated at the long end, where the pick-up over the 10-year is meaningful, rather than across the curve. For provincial issuers and their underwriters, the read-across is whether this long-end bid holds on the next slate of special bond sales, and whether the 10-year's thinner cover signals anything about shorter-duration demand.