China Development Bank Issues 7-Year and 10-Year Bonds

The standout here is the 10-year tranche, where a bid-to-cover near eight times dwarfs the 7-year's roughly 2.8 times, signalling that demand is concentrated at the longer end even as both yields printed a hair above expectations. That skew matters for anyone tracking how policy-bank debt is being absorbed relative to sovereign supply, since it hints at where domestic duration appetite currently sits. Whether that longer-end bid holds at subsequent policy-bank or government auctions is the open question.