Export-Import Bank of China Issues 13B Yuan 1-Year Bond at 1.3277%

The sub-expected yield and a bid-to-cover above 2.7x point to firm demand for policy-bank paper even at very tight pricing, suggesting ample onshore liquidity chasing limited safe assets rather than any shift in credit appetite. The marginal ratio near 1.05x, however, indicates the cut-off was tight, with little cushion between winning and losing bids. That combination matters for anyone watching Chinese funding costs as a benchmark for RWA and cross-border issuance. Whether such strong coverage persists at these yield levels is the open question.