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 91-day bonds with a scale of 30 billion yuan and an issuance rate of 1.2231% [1] - The marginal rate for the 91-day bonds was 1.2634%, with an expected rate of 1.2600% and a bid-to-cover ratio of 3.28 times [1] - The Ministry also issued 182-day bonds with a scale of 60 billion yuan and an issuance rate of 1.3243% [1] Group 2 - The marginal rate for the 182-day bonds was 1.3832%, with an expected rate of 1.3300% and a bid-to-cover ratio of 2.30 times [1] - The marginal bid-to-cover ratio for the 182-day bonds was significantly higher at 5.29 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 1.3882%, 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]

Group 1 - The Ministry of Finance of China issued 91-day bonds with a scale of 30 billion yuan and an issuance rate of 1.2069% [1] - The marginal rate for the 91-day bonds was 1.2392%, with an expected rate of 1.2200% and a bid-to-cover ratio of 3.44 times [1] - The Ministry also issued 182-day bonds with a scale of 60 billion yuan and an issuance rate of 1.2654% [1] Group 2 - The marginal rate for the 182-day bonds was 1.3223%, with an expected rate of 1.3200% and a bid-to-cover ratio of 2.29 times [1] - The marginal bid-to-cover ratio for the 182-day bonds was 1.67 times [1]

Core Insights - The Agricultural Development Bank issued a 91-day bond with a scale of 3 billion yuan, with an issuance interest rate of 1.3621%, compared to the expected rate of 1.3400% [1] - The bid-to-cover ratio was 2.38 times, indicating strong demand for the bond [1] - The marginal bid-to-cover ratio was 5.00 times, suggesting even higher interest from investors [1]

Group 1 - The Ministry of Finance of China issued a 91-day bond with a scale of 30 billion yuan and an issuance rate of 1.2110%, with a marginal rate of 1.2473% and an expected rate of 1.2800%, achieving a bid-to-cover ratio of 3.28 times and a marginal ratio of 1.48 times [1] - A 20-year bond was issued with a scale of 40 billion yuan and an issuance rate of 1.9200%, slightly above the expected rate of 1.9100%, with a bid-to-cover ratio of 4.03 times and a marginal ratio of 2.50 times [1] - The Ministry also issued a 30-year bond with a scale of 83 billion yuan and an issuance rate of 1.9000%, exceeding the expected rate of 1.8800%, with a bid-to-cover ratio of 3.15 times and a marginal ratio of 6.60 times [1]

Group 1 - Agricultural Development Bank issued 91-day bonds with a scale of 3 billion yuan and an issuance rate of 1.3179%, compared to an expected rate of 1.3900%, with a bid-to-cover ratio of 3.00 times and a marginal ratio of 3.33 times [1] - Agricultural Development Bank issued 3-year bonds with a scale of 4 billion yuan and an issuance rate of 1.3295%, compared to an expected rate of 1.5000%, with a bid-to-cover ratio of 2.51 times and a marginal ratio of 1.00 times [1] - Agricultural Development Bank issued another set of 3-year bonds with a scale of 9 billion yuan and an issuance rate of 1.5290%, compared to an expected rate of 1.5000%, with a bid-to-cover ratio of 3.26 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]

农发行发行3年期债券，规模80亿元，发行利率1.3516%，预期1.3600%，投标倍数1.94倍，边际倍数 1.23倍； 农发行发行91天期债券，规模30亿元，发行利率1.3310%，预期1.3000%，投标倍数3.53倍，边际倍数 1.67倍； 农发行发行3年期债券，规模80亿元，发行利率1.5288%，预期1.4700%，投标倍数3.35倍，边际倍数 10.20倍； 农发行发行5年期债券，规模110亿元，发行利率1.5953%，预期1.5800%，投标倍数3.25倍，边际倍数 3.74倍。 ...