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China Development Bank to issue 23B yuan of benchmark bonds

China Development Bank Corp. plans to issue 23 billion yuan of benchmark bonds in four tranches.

The bank said March 31 that it will issue 4 billion yuan of one-year bonds priced with a coupon of 3.20%, 5 billion yuan of three-year bonds priced with a coupon of 2.65%, 4 billion yuan of five-year bonds priced with a coupon of 3.43% and 10 billion yuan of 10-year bonds carrying a coupon to be determined at auction.

The issue and settlement date is April 10, and the bonds will be listed April 12.

As of March 31, US$1 was equivalent to 6.89 Chinese yuan.