China Development Bank Corp. plans to issue 19 billion Chinese yuan of benchmark bonds in three tranches.
The bank said June 1 that it will issue 5 billion yuan of three-year bonds priced with a coupon of 3.88%, 3 billion yuan of seven-year bonds priced with a coupon of 3.85% and 11 billion yuan of 10-year bonds priced with a coupon of 4.04%.
The three-year bonds will mature April 19, 2020, while the seven-year bonds will mature Jan. 9, 2024. The 10-year bonds have a maturity date of April 10, 2027.
The bonds will be issued June 8 and will be listed on China's interbank bond market June 12.
As of June 1, US$1 was equivalent to 6.80 Chinese yuan.