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China to issue $2.48B local bonds, $2.2B T-bonds

(Xinhua)
Updated: 2009-05-22 20:38

BEIJING -- China's Ministry of Finance (MOF) said Friday it would issue 16.9 billion yuan (US$2.48 billion) of three-year local government bonds next week on behalf of four provincial regions and municipalities at a fixed annual coupon rate of 1.67 percent.

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The amounts were 3.5 billion yuan for Guangxi Zhuang Autonomous Region, 5.6 billion yuan for Beijing city, 4 billion yuan for Shanghai city and 3.8 billion yuan for Henan Province.

The MOF also said it would issue two batches of book-entry treasury bonds with a face value of 15 billion yuan (US$2.2 billion) each starting next week.

One has a term of 91 days, and the issue price, set by competitive bidding, was 99.799 yuan. The annual yield was 0.83 percent, the ministry said.

The other has a term of 182 days, and the issue price was set at 99.582. It has an annual yield of 0.85 percent.

The ministry said all the local bonds and book-entry T-bonds will be sold May 25 with sales ending May 27. The bonds could begin trading June 2.