Shenzhen Issues 7 Tranches of Special Local Bonds, Rates 1.63%-2.20%

The wide spread in bid-to-cover multiples across tranches is the tell here: demand was uneven rather than uniformly strong, even as the long end priced near the top of the range. That matters for anyone tracking how Chinese local governments fund projects, since Shenzhen is a bellwether issuer and its pricing feeds expectations for other regions' special bond sales. Whether the weaker-covered tranches reflect tenor preference or timing is the open question.