China Development Bank 3-year bond yield at 4.64pc; 10-year 4.87pc

SHANGHAI: China Development Bank auctioned 15 billion yuan ($2.3 billion) of three-year fixed-rate bonds in the interbank market on Thursday at a yield of 4.64 percent, traders said, higher than market expectations.

Market forecasts had centred around 4.57 percent and ranged from 4.50 to 4.63 percent.

The result was above Wednesday's indicative secondary market yield of 4.5557 percent bid for three-year financial bonds issued by policy banks .

CDB also auctioned 18 billion yuan of 10-year fixed-rate bonds at a yield of 4.87 percent, around the higher end of forecasts.

Traders' expectations had centred around 4.86 percent and ranged from 4.80 to 4.90 percent.

The result was slightly below Wednesday's indicative secondary market yield of 4.8770 percent bid for 10-year financial bonds issued by policy banks .

Copyright Reuters, 2011