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China to float US$6.7 billion in treasury bonds

(Xinhua)
Updated: 2008-07-23 21:21

BEIJING - China's Ministry of Finance (MOF) announced on Wednesday it would float 46 billion yuan (US$6.7 billion) of treasury bonds in the next 20 days.

This includes 26 billion yuan of book-entry T-bonds and 20 billion yuan in certificate T-bonds.

Related readings:  China to float 20b yuan bonds  China to cut issues of long-term construction treasury bonds  Special treasury bonds to be sold  Report: Special treasury bonds may be issued next week

The 26 billion yuan book-entry T-bonds is the 12th batch of its kinds to be issued by the ministry. They will be sold via the national inter-bank bond market and stock markets between July 24 and July 28, and begin trading on July 30, according to a statement on the ministry's website.

The six-month book-entry T-bonds, with a face value of 100 yuan, will be sold at 98.348 yuan, realizing a return of 3.41 percent annually, said the MOF.

After issuing the book-entry bonds, the ministry will also issue 20 billion yuan in certificate T-bonds in early August, the fourth batch this year.

The bonds include 14 billion yuan with a maturity term of three years and an annual interest rate of 5.74 percent, and 6 billion yuan worth of T-bonds with a maturity term of five years and an annual interest rate of 6.34 percent.

The certificate T-bonds, whose interest will be calculated from the date of purchase and paid only once at or after the date of maturity, will be issued between August 1 and August 10 by designated underwriting institutions.

The ministry said the T-bonds would be available to the public who could purchase them at retailing outlets of the members of 39 underwriting institutions selected in 2004 for the issuance of certificate T-bonds.

The underwriters include the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank, as well as some joint-stock commercial or city banks.