TREE NEWS update: China’s Ministry of Finance issued RMB130 billion of 3-year bonds at a 1.2592% coupon, with a marginal rate of 1.2839% versus an expected 1.2800%, on a bid-to-cover of 2.84 times and a marginal multiple of 6.15. A separate RMB90 billion 10-year tranche priced at 1.6626%, with a 1.6766% marginal rate against 1.6700% expected, drawing a bid-to-cover of 6.05 times and a marginal multiple of 6.01.
China’s MOF issues RMB130bn 3-year and RMB90bn 10-year bonds
AI take
The pricing signals matter more than the headline: both tranches cleared marginally above expectations, with the 10-year even more so than the 3-year, suggesting demand was strong in volume but not so overwhelming that dealers could dictate terms. The bid-to-cover gap between the two — the 10-year drawing far more interest than the 3-year — hints at where duration appetite currently sits. Whether that skew persists at the next auction is the open question.
Generated by AI for reference only.
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