China Development Bank will issue 16 billion yuan of benchmark fixed-rate bonds in three tranches.

The policy lender said June 14 that it will issue 3 billion yuan of one-year bonds with a coupon of 3.57%, 3 billion yuan of three-year bonds with a coupon of 4.07% and 10 billion yuan of 10-year bonds with a coupon of 4.88%.

The one-year and three-year bonds will be issued June 22, while the 10-year bonds will be issued June 21.

As of June 14, US$1 was equivalent to 6.40 Chinese yuan.