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.