China Development Bank to sell bonds worth $5.28 billion

Beijing. Jul 4. Silkroadnews - China Development Bank, which finances the state projects, said it will sell 35 billion yuan ($5.28 billion) of debt that offshore investors can buy through the bond connect programme, South China Morning Post reports.
The flotation of the financial bonds will start on China’s interbank market and the bond link on Wednesday, with maturity ranging from one year to 10 years, the bank said in a statement. The Hong Kong units of Bank of China, Ping An Securities and Credit Agricole will coordinate the sales, the report reads.
“The bond connect mechanism promotes the allocation of yuan-denominated assets by global investors, expands the offshore use of the renminbi and pushes forward the orderly opening up of China’s capital markets,” the agency quoted Zhang Xuguang, vice president of China Development Bank, saying.
The offer coincides with the anniversary of the launch of the bond connect, a program similar to the exchange links that allow foreign investors to access the interbank market of China. China Development Bank sold 20-billion-yuan worth of bonds a year ago to meet the demand of foreign investors for securities denominated in RMB.