China Development Bank issues 1-year and 3-year bonds totaling 10 billion yuan

Both tranches clearing above expected yields points to slightly softer demand at the short end than the market had priced, even as bid-to-cover above 2x shows the paper was still comfortably absorbed. The more notable signal is the gap between the two tenors: the 1-year drew stronger cover but a wider marginal ratio, while the 3-year's elevated marginal ratio suggests demand thinned toward the cut-off. As a policy bank benchmark, these results feed into the broader funding-cost picture for onshore credit. Whether the concession at the front end persists into the next issuance is the open question.