China's rail ministry sells 7-, 20-year bonds

SHANGHAI: China's Ministry of Railways on Thursday auctioned 25 billion yuan ($4 billion) of seven-year and 20-year bonds at yields of 4.57 percent and 5.16 percent, respectively, traders said. 

The ministry sold 10 billion yuan of 7-year bonds and 15 billion yuan of 20-year bonds.

The bonds are part of the ministry's quota to issue 150 billion yuan in corporate bonds this year to fund the expansion of China's railway network. It has so far sold 130 billion yuan of bonds.