Export-Import Bank of China Issues 140B Yuan 1-Year Bond at 1.3415%

The coupon landing slightly above the expected level, alongside a marginal bid ratio of exactly 1.00, suggests demand cleared at the margin rather than with a cushion — a subtle signal that the policy bank paid a touch more to place the full size. The 2.46x bid-to-cover shows the deal was comfortably absorbed, but the marginal ratio is the detail worth noting for anyone tracking funding conditions for Chinese policy banks. Whether that premium to expectation persists in subsequent issuance is the open question.