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China Development Bank to raise 21B yuan via benchmark bonds

China Development Bank said Jan. 13 that it will issue 21 billion Chinese yuan of benchmark bonds in three tranches.

It will issue 8 billion yuan of one-year bonds priced with a coupon of 2.39%, 5 billion yuan of seven-year bonds priced with a coupon of 3.43% and 8 billion yuan of three-year bonds priced with a coupon of 2.97%.

The bonds will be issued Jan. 20 and listed on China's interbank bond market Jan. 22.

As of Jan. 13, US$1 was equivalent to 6.89 Chinese yuan.