Agricultural Development Bank of China Issues 2-Year and 7-Year Bonds

The striking detail is the 7-year tranche printing at a 0.0000% yield against an expected 1.5000%, a gap that cannot be read as ordinary curve pricing and points to a data or reporting anomaly rather than a genuine market clearing level. The 2-year result, by contrast, looks like conventional policy-bank demand: pricing through expectations with heavy bid-to-cover. For anyone tracking Chinese rates as a read on RWA and cross-border yield benchmarks, the question is whether the 7-year figure is corrected or clarified, since a policy-bank long-end print at that level would distort any comparison against onshore curves.