Export-Import Bank of China Issues 20B Yuan 3-Month Bond at 0.0000%

A zero-percent coupon on a three-month policy-bank bond, combined with bid-to-cover and marginal ratios both sitting at exactly 1.00, points to a placement that cleared only because it had to — not because demand was strong. For readers tracking offshore yuan funding and Chinese policy-bank paper, the signal is less about yield than about the mechanics of absorption at the short end. Whether such non-market pricing recurs in subsequent Exim Bank or peer issuance is the open question.