Gansu Issues Local Government Bonds Across Multiple Tenors

The standout here is the demand skew, not the issuance itself: the 10-year general tranche drew a marginal bid-to-cover ratio far above the shorter special-purpose paper, suggesting buyers are concentrating on the headline maturity rather than the land-reserve or shantytown earmarks. The curve is priced in a narrow band out to 30 years, so the market is treating provincial credit as a duration play with little differentiation between project types. Whether that concentration persists in future provincial sales, and whether the longer special tranches keep clearing at these levels, is the open question.