# treasury issuance

Chinese Households Queue for Savings Bonds as 5-Year Paper Yields Top Bank Deposits by ~40bp

China's first 2026 savings treasury bond issuance—300 billion yuan split between three- and five-year tranches—sold out quickly at many bank branches as yields sat about 40 basis points above comparable bank deposit rates. Retail demand concentrated on the five-year paper, reflecting households' continued preference for safe, higher-yield assets and creating potential headwinds for banks' funding costs and margins.