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China Development Bank to raise 22B yuan via benchmark bonds

China Development Bank plans to raise 22 billion Chinese yuan by issuing benchmark bonds.

The bank said in an Oct. 18 release that it will issue 4 billion yuan of three-year bonds priced with a 3.18% coupon, 6 billion yuan of five-year bonds with a 3.42% coupon and 12 billion yuan of 10-year bonds with a 3.45% coupon.

The three- and 10-year bonds are set to be issued Oct. 23, and listed on China's interbank bond market Oct. 25, while the five-year bonds will be issued Oct. 25 and listed Oct. 29.

As of Oct. 18, US$1 was equivalent to 7.08 Chinese yuan.