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China Development Bank to raise 20.7B yuan in bond issue

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.