Agricultural Development Bank of China Issues 26B Yuan in Bonds Across Five Tenors

The policy-bank label and the very low coupons point to a state-directed funding channel rather than a market-priced credit, so the takeaway is about domestic liquidity conditions, not ADBC risk. The striking feature is the 10-year tranche's marginal bid-to-cover of 128.89 times, which signals intense demand for duration at these yield levels. Whether that concentration in the long end persists across future policy-bank supply is the open question, and it matters most for anyone tracking Chinese rates as a benchmark for offshore RWA yield.