China Development Bank sells 38B yuan in 1-, 3-, 10-year bonds

The tell here is that all three tranches cleared below their expected yields, with the short end drawing the heaviest oversubscription — a sign demand for policy-bank paper is running ahead of dealer expectations rather than merely meeting them. The heavy skew toward the 10-year tranche in size, yet its thinner cover, suggests appetite is concentrated in duration rather than uniformly strong. For RWA and tokenization watchers, it is another data point on how deep and how cheap onshore yuan credit remains. Whether that bid holds at these yield levels is the open question.