China Development Bank Issues 3Y, 7Y, 10Y Bonds Totaling 10 Billion Yuan

The strong bid-to-cover ratios and the 3-year coupon printing below expectations point to robust demand for policy-bank debt, even as the 7- and 10-year tenors drew far higher cover ratios. That skew suggests investors are reaching for longer duration while still accepting lower yields at the short end, a pattern that matters for anyone tracking onshore funding conditions. Whether this steep appetite persists across future policy-bank supply is the open question.