Agricultural Development Bank of China Issues 5Y and 10Y Bonds Totaling 8B Yuan

The striking feature is the demand profile rather than the pricing: bid-to-cover ratios near nine times on both tranches point to a deep bid for policy-bank paper, even as the five-year cleared above expectations while the ten-year landed marginally inside. That split suggests investors are more anchored at the long end than the belly of the curve. As a read on domestic liquidity and rate expectations, the open question is whether this intensity of demand persists at the next policy-bank supply, or whether it reflects a one-off concentration of bids.