China Vanke Co. Ltd. set the coupon rate on its offering of up to 1.50 billion yuan worth of corporate leasing bonds at 4.05%.
The five-year bonds will be issued in denominations of 100 yuan, according to a filing.
The Chinese developer initially established a coupon range of between 3.70% and 5.00% for the bonds, before deciding on the final rate together with the offering's lead underwriter.
The bonds are part of a program that comprises the offering of corporate leasing bonds not exceeding 8.00 billion yuan.
As of Aug. 7, US$1 was equivalent to 6.83 yuan.