China Development Bank will issue 8 billion yuan of benchmark fixed-rate bonds in two tranches.

The bank will issue 5 billion yuan of one-year bonds priced with a coupon of 2.59% and 3 billion yuan of seven-year bonds priced with a coupon of 3.5%, according to an Oct. 21 release. The bonds will be issued on Oct. 29 and will be listed on China's interbank bond market on Oct. 31.

As of Oct. 21, US$1 was equivalent to 7.08 Chinese yuan.