China Development Bank Issues 470B Yuan of Bonds Across Four Tenors

The policy-bank curve here is unusually flat, with the five-year clearing barely above the three-year and the ten-year offering only a modest pickup — a shape that says demand is concentrated in the belly rather than at the long end. The five-year's outsized marginal ratio suggests that tranche absorbed the most aggressive bidding, even though the ten-year took the largest share of issuance. Whether that belly-heavy pattern persists in future policy-bank supply is the open question, and it matters for anyone reading the curve as a signal on duration appetite.