Export-Import Bank of China Issues 1-Year Bond at 1.3496%, 140 Billion Yuan

The modestly higher coupon than expected, despite solid bid-to-cover, suggests policy banks are paying up slightly for short-dated funding. That matters for the broader curve: if a top-tier issuer needs a premium, lower-rated RWA credit may face wider spreads. The marginal ratio near 1.0 signals little extra demand beyond the cover, so whether that softness persists at upcoming policy-bank sales is the open question.