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China Development to Sell First Onshore Dollar Bonds in 3 Years

China Development Bank Corp. will sell $500 million of five-year dollar-denominated bonds on April 28, the first such onshore issue in almost three years, according to a statement posted on ChinaBond’s website yesterday.

The biggest policy lender in China will offer the securities at a yield of 125 basis points more than the three-month London interbank offered rate, according to ChinaBond, the nation’s largest debt-clearing house. Libor was set at 0.276 percent yesterday, according to data compiled by Bloomberg.

The yield on the company’s existing offshore five-year bonds, sold in December 2012, dropped one basis point to 1.62 percent yesterday, data compiled by Bloomberg show. It last sold dollar-denominated notes domestically in July 2010, pricing $400 million of three-year securities at 90 basis points more than six-month Libor.

One-year dollar borrowing costs in the interbank market climbed 50 basis points, or 0.5 percentage point, this year to 1.95 percent, according to data provided by ICAP Plc. Similar-maturity Libor dropped 13 basis points to 0.71 percent.

The lead underwriters for the new issue are Agricultural Bank of China Ltd., China Merchants Bank Co., Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Bank of Communication Co. and Industrial Bank Co.

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