农发行发行91天期债券，规模30亿元，发行利率1.3886%，预期1.3800%，投标倍数3.15倍，边际倍数 50.00倍； 农发行发行3年期债券，规模120亿元，发行利率1.6203%，预期1.6100%，投标倍数2.42倍，边际倍数 2.69倍； 农发行发行5年期债券，规模100亿元，发行利率1.6975%，预期1.6900%，投标倍数3.36倍，边际倍数 1.91倍。 ...

Group 1 - The Agricultural Development Bank issued a 91-day bond with a scale of 3 billion yuan and an issuance rate of 1.3802%, exceeding the expected rate of 1.3000%, with a bid-to-cover ratio of 2.76 times and a marginal ratio of 3.29 times [1] - The Agricultural Development Bank issued a 3-year bond with a scale of 12 billion yuan and an issuance rate of 1.6283%, slightly above the expected rate of 1.6200%, with a bid-to-cover ratio of 2.59 times and a marginal ratio of 3.60 times [1] - The Agricultural Development Bank issued a 5-year bond with a scale of 10 billion yuan and an issuance rate of 1.7003%, matching the expected rate of 1.7000%, with a bid-to-cover ratio of 3.61 times and a marginal ratio of 2.28 times [1]

Group 1 - The Ministry of Finance of China issued a 1-year bond with a scale of 124 billion, an issuance rate of 1.3300%, and a marginal rate of 1.3600%, with a bid-to-cover ratio of 2.53 times [1] - The Ministry of Finance of China issued a 5-year bond with a scale of 108 billion, an issuance rate of 1.5500%, and a marginal rate of 1.5700%, with a bid-to-cover ratio of 3.44 times [1] - The Ministry of Finance of China issued a 30-year bond with a scale of 83 billion, an issuance rate of 1.9724%, with a bid-to-cover ratio of 3.26 times [1] Group 2 - The marginal bid-to-cover ratio for the 1-year bond was 1.64 times, while for the 5-year bond it was 6.90 times, and for the 30-year bond it was 6.11 times [1] - The expected issuance rate for the 30-year bond was 1.9600%, indicating a slight increase in the actual issuance rate [1]

国开行发行2年期债券，规模50亿元，发行利率1.4933%，预期1.4900%，投标倍数3.32倍，边际倍数 1.99倍； 国开行发行5年期债券，规模110亿元，发行利率1.5673%，预期1.5600%，投标倍数3.45倍，边际倍数 2.95倍。 ...

Group 1 - The Agricultural Development Bank issued a 91-day bond with a scale of 3 billion yuan and an issuance rate of 1.3882%, compared to an expected rate of 1.3600%, with a bid-to-cover ratio of 2.83 times and a marginal ratio of 2.08 times [1] - The Agricultural Development Bank issued a 3-year bond with a scale of 12 billion yuan and an issuance rate of 1.5909%, compared to an expected rate of 1.6000%, with a bid-to-cover ratio of 3.04 times and a marginal ratio of 6.98 times [1] - The Agricultural Development Bank issued a 5-year bond with a scale of 10 billion yuan and an issuance rate of 1.6399%, compared to an expected rate of 1.6500%, with a bid-to-cover ratio of 4.45 times and a marginal ratio of 2.13 times [1]

农发行发行3年期债券，规模120亿元，发行利率1.6024%，预期1.5900%，投标倍数2.40倍，边际倍数 2.02倍； 农发行发行5年期债券，规模100亿元，发行利率1.6514%，预期1.6500%，投标倍数3.50倍，边际倍数 6.94倍。 ...

Group 1 - The China Development Bank (CDB) issued a 1-year bond with a scale of 6 billion yuan, an issuance rate of 1.3838%, and a bid-to-cover ratio of 2.92 times [1] - The CDB issued a 5-year bond with a scale of 11 billion yuan, an issuance rate of 1.5564%, and a bid-to-cover ratio of 2.71 times [1] - The CDB issued a 10-year bond with a scale of 21 billion yuan, an issuance rate of 1.6790%, and a bid-to-cover ratio of 2.74 times [1] Group 2 - The expected issuance rate for the 1-year bond was 1.4000%, while the actual rate was lower [1] - The expected issuance rate for the 5-year bond was 1.5300%, with the actual rate being slightly higher [1] - The expected issuance rate for the 10-year bond was 1.6700%, with the actual rate being marginally higher [1] Group 3 - The marginal bid-to-cover ratio for the 1-year bond was 1.79 times [1] - The marginal bid-to-cover ratio for the 5-year bond was 3.83 times [1] - The marginal bid-to-cover ratio for the 10-year bond was 13.22 times [1]

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]

Group 1 - The China Development Bank (CDB) issued a 2-year bond with a scale of 5 billion yuan and an issuance rate of 1.4689%, exceeding the expected rate of 1.4600%, with a bid-to-cover ratio of 3.46 times [1] - The CDB issued a 3-year bond with a scale of 5 billion yuan and an issuance rate of 1.6313%, higher than the expected rate of 1.6000%, with a bid-to-cover ratio of 2.54 times and a marginal ratio of 1.01 times [1] - The CDB issued a 5-year bond with a scale of 11 billion yuan and an issuance rate of 1.5230%, slightly above the expected rate of 1.5200%, with a bid-to-cover ratio of 2.82 times [1] - The CDB issued a 10-year bond with a scale of 21 billion yuan and an issuance rate of 1.6569%, also above the expected rate of 1.6500%, with a bid-to-cover ratio of 2.26 times and a marginal ratio of 2.64 times [1]

Group 1 - The Agricultural Development Bank issued a 91-day bond with a scale of 3 billion yuan and an issuance rate of 1.3068%, with a bid multiple of 3.07 times and a marginal multiple of 3.60 times [1] - The Agricultural Development Bank issued a 3-year bond with a scale of 12 billion yuan and an issuance rate of 1.5473%, with a bid multiple of 2.23 times and a marginal multiple of 1.32 times [1] - The Agricultural Development Bank issued a 5-year bond with a scale of 10 billion yuan and an issuance rate of 1.6197%, with a bid multiple of 2.65 times and a marginal multiple of 1.05 times [1]