Gansu issues special local bonds, 30Y yield 2.27%

The pricing of Gansu's 30-year special bonds at 2.27% underscores sustained demand for long-dated local government paper, given the marginal multiple above 2x. The spread between 30-year and 10-year yields (54 bps) highlights the steepness of the curve at the provincial level, which may reflect term premium or liquidity preferences. This issuance is part of broader provincial financing trends, and the key watchpoint is whether such long-tenor offerings continue to attract robust bidding as supply expands. The relatively tight yields on 20-year and 30-year tranches suggest investors are comfortable locking in longer durations, but whether this appetite persists across weaker regions remains an open question.