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China Development Bank to issue 38B yuan of benchmark bonds

China Development Bank plans to issue 38 billion yuan of benchmark bonds in five tranches.

The policy lender said in an Aug. 10 release that it would issue 5 billion yuan of seven-year bonds with a coupon of 4.73%, 8 billion yuan of three-year bonds with a coupon of 4.07%, 5 billion yuan of one-year bonds with a coupon of 3.32%, 12 billion yuan of 10-year bonds with a coupon of 4.04% and 8 billion yuan of five-year bonds with a coupon of rate to be determined at auction.

The bonds will be issued Aug. 16.

As of Aug. 10, US$1 was equivalent to 6.85 Chinese yuan.