Agricultural Development Bank of China Issues 5Y and 10Y Bonds

The standout here is the demand asymmetry: the 10-year drew a stronger bid-to-cover and a far higher marginal ratio than the 5-year, even though both priced through expectations. That suggests the long end is where the market wants duration exposure, not the belly. For RWA and crypto markets, this is a reminder that onshore Chinese credit appetite remains deep and policy-bank paper is still absorbing size without concessions — the open question is whether that long-end bid persists if issuance calendars stay this heavy.