China Development Bank to offer bonds

The China Development Bank plans to offer up to US$1 billion in US Dollar denominated bonds. The news comes after the China Export Import Bank announced it would make a similar bond offering. Analysts said that the Chinese banks are offering the debt securities in anticipation of the US Federal Reserve raising interest rates. The China Development Bank last offered bonds in May 1999, one month before the US raised interest rates. The bank's foreign currency debt has a Standard & Poor's credit rating of BBB plus, the third lowest rating.