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China Development Bank to issue 12B yuan of benchmark bonds

China Development Bank Corp. will issue 12 billion yuan of benchmark bonds in two tranches.

The bank said July 31 that it will issue 5 billion yuan of seven-year bonds priced with a coupon of 3.85% and 7 billion yuan of three-year bonds priced with a coupon of 3.88%.

The seven-year bonds will mature Jan. 9, 2024, while the three-year bonds are due on April 19, 2020.

The bonds will be issued Aug. 7 and listed on China's interbank bond market Aug. 9.

As of July 31, US$1 was equivalent to 6.73 Chinese yuan.