Finance Ministry Sells 3-Year Local Government Debt at 2.37%, Traders Say

China’s finance ministry sold 28.4 billion yuan ($4.2 billion) of three-year bonds for local governments at a yield of 2.37 percent, according to traders at Postal Savings Bank of China and Bank of China Ltd. in Beijing.

The ministry also issued 18.6 billion yuan of five-year debt for provincial-level authorities at 2.67 percent yield, according to the traders at primary dealers required to bid at the government auctions.

The three-year yield at today’s auctions was 3 basis points higher than the 2.34 percent median estimate in a Bloomberg News survey of 10 finance companies and the five-year yield compared with a 2.65 percent forecast. A basis point is 0.01 percentage point.

-- Belinda Cao. Editor: Nerys Avery

To contact the Beijing news staff on this story: Belinda Cao in Beijing at lcao4@bloomberg.net

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