China's Finance Ministry will issue seven-year treasury bonds worth 33 billion yuan ($3.99 billion) from May 25 to cover budgetary needs and support economic growth.
The bonds would be sold mainly to financial institutions trading on China's national interbank market and stock exchanges up to June 1, the ministry said in a statement seen by Reuters.
Only five billion yuan of the bonds would be sold to retail investors through selected banks, it said in the statement, published on China's official Web site for bond issues (www.chin abond.com.cn).
The annual coupon would be decided by a public tender on May 24 that would be open to institutions, mainly domestic banks and brokerages, the ministry said.
China's treasury issues are expected to hit a record 702 billion yuan in 2004 due to the country's pump-priming to stimulate growth and aid millions of laid-off state workers.
In February, HSBC Holdings Plc became the first foreign bank to win approval to underwrite Chinese government debt issues, responding to growing client interest in yuan bonds.
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