Export-Import Bank of China Issues 13 Billion Yuan 1-Year Bond at 1.3078%

The strong bid-to-cover ratio alongside a yield that came in marginally above expectations suggests demand remained firm even as pricing edged slightly less favorable than the market had anticipated — a nuance worth noting for anyone tracking policy-bank funding costs. As a policy lender, the Export-Import Bank's ability to place size at such tight levels speaks to the depth of onshore liquidity conditions, which affects domestic rate-sensitive issuers more than offshore credit markets. Whether this compression persists into subsequent policy-bank supply is the open question.