TREE NEWS update: Shaanxi province issued 10-year general local government bonds totaling 15.8723 billion yuan at a 1.7400% coupon, and 20-year special-purpose bonds totaling 17.8000 billion yuan at 2.2500%. The 10-year tranches of 4.8500 billion yuan and 11.0223 billion yuan drew bid-to-cover ratios of 1.46 and 2.34. The 20-year tranches of 7.0000 billion yuan and 10.8000 billion yuan drew ratios of 6.60 and 18.78.
Shaanxi Issues 10-Year and 20-Year Local Government Bonds
AI take
The standout here is the demand skew: the 20-year special-purpose tranches drew bid-to-cover ratios far above the 10-year general tranches, even at a higher coupon. That suggests buyers are reaching for duration and yield rather than treating the longer tenor as risk to be avoided. For provincial issuers, it also hints that special-purpose paper tied to project spending is being absorbed more readily than general obligations. Whether that appetite holds across other provincial sales is the open question.
Generated by AI for reference only.
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