China Development Bank plans to raise 20.7 billion yuan through the issuance of benchmark bonds in four tranches.

The bank said Dec. 6 that it will issue 6 billion yuan of 10-year bonds with a coupon of 4.04% and 5.7 billion yuan of five-year bonds with a coupon of 3.76%. It will also issue 5 billion yuan of three-year bonds with a coupon of 3.68% and 4 billion yuan of seven-year bonds with a coupon of 4.15%.

The bonds will be issued on Dec. 13 and will be listed on China's interbank bond market on Dec. 17.

As of Dec. 6, US$1 was equivalent to 6.88 Chinese yuan.