China Development Bank issues 15B yuan 1-year bond at 1.33%

The sub-expected coupon on a policy-bank bond points to firm demand for short-dated Chinese paper even as yields sit at low absolute levels, with the bid-to-cover and marginal ratios suggesting the deal was comfortably absorbed rather than a stretch. This matters most for the onshore funding and rate curve, since CDB issuance is a frequent benchmark read for bank appetite and policy-bank financing costs. Whether demand this strong persists into other policy-bank tenors is the open question worth watching.