Export-Import Bank of China Issues 1-Year Bond Worth 1.5 Billion Yuan

The 1.00 bid-to-cover and marginal multiple point to demand that only just matched supply, with no oversubscription cushion at all — a flat result for a policy bank's short-dated paper. The zeroed issuance and expected rates in the data make pricing signals unusable, so the takeaway rests on coverage alone. Whether such thin demand at the short end reflects broader caution toward yuan-denominated policy bank debt is the open question.