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.