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China Development Bank to issue 17B yuan of benchmark bonds

China Development Bank plans to issue 17 billion Chinese yuan of benchmark bonds in three tranches.

The bank said March 23 that it will issue 5 billion yuan of seven-year bonds priced with a coupon to be determined at auction, 4 billion yuan of two-year bonds priced with a coupon of 4.53% and 8 billion yuan five-year bonds priced with a coupon of 4.69%.

The bonds will be issued April 2 and listed on China's interbank bond market on April 4.

As of March 23, US$1 was equivalent to 6.31 Chinese yuan.