China Development Bank sells 1-year bond at 1.3091%, 5-year at 1.3819%

The split between the two tenors is the signal worth noting: the 1-year priced marginally above expectations while the 5-year came in comfortably below, a curve shape that points to firm demand further out rather than at the front end. Strong bid-to-cover on both lines suggests policy-bank paper remains a core allocation for domestic balance sheets even at these thin yields. Whether that longer-end enthusiasm holds through the next issuance window is the open question.