TREE NEWS update: The Export-Import Bank of China issued a 1-year bond of CNY 1 billion with an issuance rate of 0.0000%, against an expected 1.3800%. The bid-to-cover ratio was 1.00 times, and the marginal bid ratio was also 1.00 times. The issuance was announced with the coupon at zero percent.
Export-Import Bank of China issues CNY 1B 1-year bond at 0.0000% coupon
A zero-coupon print at a full 1.00 bid-to-cover, with the marginal ratio identical, points to a placed-but-uncontested deal rather than genuine demand discovery — the policy-bank issuer effectively cleared at a rate far below the expected level, which is the notable anomaly here. This matters most for the onshore curve and for how other policy-bank and sovereign-linked issuers price near-term supply. Whether such a zero-rate outcome is repeated in coming policy-bank issuance, or proves a one-off tied to this specific deal's structure, is the open question.
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