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China Development Bank to issue 30B yuan of benchmark bonds

China Development Bank Corp. plans to issue 30 billion Chinese yuan of benchmark bonds in four tranches.

The bank will issue 5 billion yuan of three-year bonds priced with a coupon of 3.88%, 7 billion yuan of five-year bonds priced with a coupon of 4.02%, 4 billion yuan of seven-year bonds priced with a coupon of 3.85% and 14 billion yuan of 10-year bonds priced with a coupon of 4.04%.

The bonds will be issued Aug. 10 and listed on China's interbank bond market Aug. 14.

As of Aug. 2, US$1 was equivalent to 6.72 Chinese yuan.