Guangxi Issues 10-Year Local Bonds at 1.60%, 3-Year Land Reserve Bonds at 1.24%

The tight 1.24% coupon on the 3-year land-reserve tranche, paired with the highest marginal bid-to-cover ratio among the three, suggests demand is concentrating in shorter, project-linked paper rather than the longer general obligation line. That the 10-year general and special bonds cleared at the same 1.60% coupon narrows the usual spread between general and earmarked debt, a detail worth noting for anyone tracking how provincial credit is being priced. Whether this compression persists across other regional issuers is the open question.