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China Development Bank to issue up to 37B yuan of benchmark bonds

China Development Bank plans to raise up to 37 billion yuan through the issuance of fixed-rate benchmark bonds.

The bank said Dec. 29 that it will issue 6 billion yuan of five-year bonds with a coupon of 3.76%, 5 billion yuan of three-year bonds with a coupon of 3.68%, 6 billion yuan of seven-year bonds with a coupon of 4.15%, 6 billion yuan of one-year bonds and up to 14 billion yuan of 10-year bonds. The coupon rates of one- and 10-year bonds will be determined at auction.

The bonds will be issued Jan. 8.

As of Dec. 28, US$1 was equivalent to 6.88 Chinese yuan.