Inner Mongolia Issues 4.85B Yuan 10-Year Local Government Bond at 1.73%

The pricing split is the signal: the 10-year general obligation cleared essentially at expectations with solid demand, while the 15-year special-purpose tranche drew a marginal ratio well below its expected level, suggesting weaker appetite for longer-dated, project-linked paper. For RWA and on-chain credit observers, this is a reminder that Chinese local government issuance still prices on tenor and revenue backing rather than any tokenized yield narrative. Whether that special-purpose demand gap persists across other regions' long-dated deals is the open question.