Export-Import Bank of China Issues 2 Billion Yuan 1-Year Bond

The headline figure is the policy-bank channel, not the size: a 1-year Export-Import Bank of China bond is a quasi-sovereign funding tool, so its reception is a read on demand for Chinese policy-bank paper rather than on corporate credit. A bid-to-cover of 1.00 times and a marginal multiple of 1.00 times point to an issuance that cleared with essentially no excess demand, a signal worth watching for what it implies about appetite at the short end. Whether that flat cover persists in subsequent policy-bank supply is the open question.