China Development Bank Issues 1-Year Bond at 1.3902%, 4.05x Bid

The marginal ratio, at just over one, suggests the bond cleared almost entirely at the same yield, with little spread between the lowest and highest accepted bids — a sign of unusually tight conviction rather than a sloppy book. For a policy bank, that combination of a heavy bid-to-cover and a flat cut-off points to abundant short-dated liquidity chasing a very thin yield, which matters more as a read on domestic funding conditions than on the issuer itself. Whether the marginal ratio stays this compressed at subsequent policy-bank sales is the open question.