The southern Chinese province of Guangdong will sell RMB6.9 billion (US$1.09 billion) in bonds on Friday, the second local or provincial government to do so after Shanghai announced a sale last week, The Wall Street Journal reported. The sale will be structured in two tranches of RMB3.45 billion each of three- and five-year maturities. Zhejiang and Guangdong provinces as well as the municipalities of Shanghai and Shenzhen received approval from Beijing to sell bonds directly under a trial program, ending a 17-year ban. Shanghai’s offering of RMB 7.1 billion (US$1.1 billion) will take place on November 15. This new market for regional debt will require issuers to publish annual reports and better define obligations, Bloomberg reported. “This is going to really improve the transparency in this part of the market,” said Mike Werner, an analyst at Sanford C. Bernstein in Hong Kong.