Korea Development Bank Said to Ready First Sale of Yuan-Denominated Bonds

Korea Development Bank, the state- run lender known as KDB, is planning the first yuan-denominated bond sale by a South Korean borrower, according to a banker with direct knowledge of the matter.

Seoul-based KDB would use money raised from the bonds for its branches in China, said the banker, who asked not to be identified as the plan is private.

Five overseas banks have applied to sell yuan-denominated bonds in China, the People’s Bank of China said in a report on April 2, without naming them. KDB aims to sell yuan notes in June, Chosun Ilbo reported today, without saying where it got the information.

To contact the reporter on this story: Jungmin Hong in Seoul at jhong47@bloomberg.net.

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