China Development Bank to offer bonds in Hong Kong

China Development Bank announced plans to sell at least US$146 million worth of bonds in Hong Kong as China expands its bond market outside the mainland, Bloomberg reported. The bond offering of the Chinese government’s bank for public works projects will be managed by the Bank of China and HSBC. The bonds are expected to be sold at a coupon rate of 2.45%. “Such issuance does not only target fundraising. It implements the People’s Republic of China government’s important measures to support the development of the financial and bond markets in Hong Kong,” said China Development Bank Vice President Gao Jian.