TREE NEWS update: China’s Agricultural Development Bank issued 70 billion yuan of 406-day bonds at a coupon of 0.0000%, with an expected rate of 1.4200%. The bid-to-cover ratio was 1.00, and the marginal ratio was 1.00. The bank also issued smaller 3-, 5-, and 10-year tranches, each 1 billion yuan, all with zero coupons and similar ratios.
ADBC sells CNY 7B 406-day bonds at 0% coupon
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