农发行发行5年期债券，规模100亿元，发行利率1.5965%，预期1.6000%，投标倍数3.91倍，边际倍数18.94倍。

Core Viewpoint - The Agricultural Development Bank of China issued a 5-year bond with a total scale of 10 billion yuan, with an issuance interest rate of 1.5965%, slightly below the expected rate of 1.6000% [1] Group 1 - The bond issuance was oversubscribed with a bid-to-cover ratio of 3.91 times, indicating strong demand from investors [1] - The marginal bid-to-cover ratio reached 18.94 times, reflecting significant interest in the bond offering [1]