China planning new bond offerings

China appointed Merrill Lynch to coordinate its US$1 billion US dollar bond offering with Goldman Sachs and JPMorgan appointed as managers for the offering, according to a Reuters report. Beijing is also expected to offer Euro-denominated bonds worth US$500 million, which will likely be managed by UBS, Deutsche Bank and BNP Paribas. The bonds are expected to be sold in October, pending State Council approval. China last issued bonds in October 2003, when it sold US$1 billion worth of US Dollar bonds and US$400 million worth of Euro bonds.