Jilin issues 10-year shantytown renovation special local bonds

The marginal bid-to-cover ratios falling short of expectations on both tranches points to softer demand at the long end of Jilin's special-purpose issuance, even at a modest coupon. That matters less for the shantytown renovation programme itself than for what it signals about appetite for provincial 10-year paper tied to project-specific revenue. Whether this reflects the specific collateral or broader caution toward longer-dated local government credit is the open question to watch.