China Development Bank and China Construction Bank began selling the country's first asset-backed securities December 15, reported the Wall Street Journal. There was confidence in CDB's securities, which priced at lower-than-expected yields, while investors were seen to be cautious about buying CCB's real estate-backed securities. The two banks were approved to offer a total of US$1.87 billion in securities between them, said a China Development Bank official. CDB issued US$517 million of its approved US$1.25 billion in securities, while CCB sold US$374 million out of its US$620 million.
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