Henan Issues CNY 8.918B in Local Government Bonds Across Three Tranches

The pricing gap is the tell: the shorter general obligation drew a 1.58% coupon and a bid-to-cover above two times, while both longer special-purpose tranches cleared at 1.73% with coverage barely above one. That split suggests demand is concentrating in the general credit rather than the project-linked paper, a distinction worth watching as more provincial issuance is absorbed. The 10-year tranches' thin coverage is the open question for how easily similar special-purpose supply clears.