TREE NEWS update: Henan province issued 11 tranches of local government bonds totaling RMB 55.1 billion, including a 7-year general bond of RMB 7.846 billion at a 1.56% yield and a 30-year special bond of RMB 11.067 billion at 2.23%. Yields ranged from 1.46% on 5-year land-reserve bonds to 2.23% on 30-year special bonds, with bid-to-cover marginal multiples between 1.00 and 2.88 times.
Henan Issues RMB 55.1B in Local Government Bonds Across 11 Tranches
AI take
The wide spread between 5-year land-reserve paper at 1.46% and 30-year special bonds at 2.23% shows the curve is doing the work here, with land-linked revenue still priced at the short, cheap end. The bid-to-cover range of 1.00 to 2.88 times is the more telling detail: a marginal multiple of 1.00 means some tranches cleared with essentially no excess demand, a sign that provincial credit is no longer uniform. Whether that dispersion persists across other provincial issuers is the open question worth watching.
Generated by AI for reference only.
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