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China Development Bank to issue 19B yuan of benchmark bonds

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.