China Development Bank Issues 9B Yuan 1-Year Bond at 1.3771%

The sub-expected yield alongside a bid-to-cover above three times points to policy-bank paper still clearing comfortably at the front end, even as the marginal ratio suggests the tail was not entirely flat. For RWA and tokenized-treasury watchers, the relevant signal is that short-dated Chinese quasi-sovereign credit remains a benchmark anchor for onshore yield curves. Whether this level of demand persists into longer tenors is the open question.