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China Development Bank to issue up to 26B yuan of benchmark bonds

China Development Bank plans to raise up to 26 billion yuan via an issuance of benchmark bonds in three tranches.

The bank will issue 4 billion yuan of one-year bonds priced with a coupon of 2.65%, up to 8 billion yuan of five-year bonds priced with a coupon of 3.42% and up to 14 billion yuan of 10-year bonds priced with a coupon of 3.65%.

The bonds will be issued Aug. 9 and listed on China's interbank bond market Aug. 13.

As of Aug. 1, US$1 was equivalent to 6.90 Chinese yuan.