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China Development Bank to issue bonds on Shanghai exchange in pilot program
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CHINA Development Bank will issue bonds on the Shanghai Stock Exchange as part of a pilot program to allow bonds issued by a policy bank to be traded on the open market.
The program will start with the issuance of bonds worth of 30 billion yuan (US$4.9 billion), the exchange said in a news release yesterday, without disclosing the issuance date.
The Economic Information Daily, a newspaper run by the Xinhua news agency, reported that the policy lender will start to sell bonds on the exchange as early as Friday, citing insider information from the bank.
China’s three policy banks — CDB, Agricultural Development Bank of China, and the Export-Import Bank of China — have been allowed until now to sell bonds only in the country’s interbank market.
As of the end of November, CDB’s outstanding bonds stood at 5.67 trillion yuan, accounting for 20 percent of the total in the interbank market, according to the exchange.
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