农发行发行7年期债券，规模20亿元，发行利率1.6500%，预期1.7200%，投标倍数6.42倍，边际倍数3.11倍。

Core Insights - The Agricultural Development Bank issued a 7-year bond with a total scale of 2 billion yuan, with an issuance interest rate of 1.6500%, compared to an expected rate of 1.7200% [1] - The bid-to-cover ratio was 6.42 times, indicating strong demand for the bond, while the marginal bid-to-cover ratio was 3.11 times [1] Summary by Categories - Bond Issuance Details - Issued bond term: 7 years [1] - Total issuance scale: 2 billion yuan [1] - Issuance interest rate: 1.6500% [1] - Expected interest rate: 1.7200% [1] - Market Demand Indicators - Bid-to-cover ratio: 6.42 times [1] - Marginal bid-to-cover ratio: 3.11 times [1]