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China Development Bank to issue 15B yuan of benchmark bonds

China Development Bank Corp. will issue 15 billion yuan of benchmark bonds in three tranches.

The bank said May 26 that it will issue 4 billion yuan of three-year bonds priced with a coupon of 3.88%, 4 billion yuan of five-year bonds priced with a coupon of 4.02% and 7 billion yuan of 10-year bonds priced with a coupon of 4.04%.

The three-year bonds will mature April 19, 2020, while the five-year bonds will mature April 17, 2022. The 10-year bonds have a maturity date of April 10, 2027.

The bonds will be issued June 5 and will be listed on China's interbank bond market June 7.

As of May 26, US$1 was equivalent to 6.86 Chinese yuan.