Hunan issues 5-yr land reserve special local bond, 1.46% yield

The strong subscription multiple signals institutional appetite for land-reserve paper, even at a sub-1.5% coupon, which may reflect expectations of stable policy support rather than pure yield-seeking. This issuance tests whether local governments can use such bonds to address land inventory without straining fiscal credibility. The key watch is whether subsequent provincial deals see similar demand, as that would confirm a broader funding channel for land assets.