Export-Import Bank of China issues CNY 1B 1-year bond at 0.0000% coupon

A zero-coupon print at a full 1.00 bid-to-cover, with the marginal ratio identical, points to a placed-but-uncontested deal rather than genuine demand discovery — the policy-bank issuer effectively cleared at a rate far below the expected level, which is the notable anomaly here. This matters most for the onshore curve and for how other policy-bank and sovereign-linked issuers price near-term supply. Whether such a zero-rate outcome is repeated in coming policy-bank issuance, or proves a one-off tied to this specific deal's structure, is the open question.