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China Development Bank to raise 16B yuan in debt issue

China Development Bank will issue 16 billion yuan of benchmark bonds in two tranches.

The bank said it will issue 4 billion yuan of seven-year bonds priced with a coupon of 4.73% and 12 billion yuan of 10-year bonds priced with a coupon of 4.88%.

The bonds will be issued June 11 and will be listed on China's interbank bond market June 13.

As of June 1, US$1 was equivalent to 6.42 Chinese yuan.