China Development Bank issues 1-year bond at 1.2901% yield

The pricing below the expected yield, paired with a bid-to-cover ratio of 5.65 times, points to demand that ran well ahead of where the market had positioned for this tenor. That gap between expectation and result is the more telling signal than the headline yield itself, since it suggests cash was already looking for short-dated paper before the auction. For readers tracking Chinese policy-bank supply, whether this strength carries into subsequent issues is the open question.