Agricultural Development Bank of China issued three tranches of bonds, including two 2-year tranches of CNY 4 billion and CNY 2 billion, respectively, both at an issuance rate of 1.3428% against an expected rate of 1.4100%, with a bid-to-cover ratio of 5.69x (the CNY 2 billion tranche had a marginal bid-to-cover ratio of 46.00x). Additionally, a 7-year tranche of CNY 4 billion was issued at an issuance rate of 0.0000% against an expected rate of 1.5000%, with a bid-to-cover ratio of 4.33x.