Agricultural Development Bank of China Issues 3-Year and 10-Year Bonds

The standout is the 10-year tranche's bid-to-cover ratio of 9.73 times, which signals demand far outrunning the amount on offer, while pricing through expectations on both tenors points to buyers accepting lower yields to secure allocation. That gap between the two bid-to-cover ratios suggests appetite is concentrated at the longer end rather than spread evenly across the curve. Whether that longer-dated demand persists in future policy-bank supply is the open question.