China Development Bank three-year bond yield at 4.23pc, as expected

SHANGHAI: China Development Bank auctioned 20 billion yuan ($3.1 billion) of three-year fixed-rate bonds in the interbank market on Friday at a yield of 4.23 percent, traders said, within market expectations.

Market forecasts had centred around 4.25 percent and ranged from 4.18 to 4.33 percent.

The result was below Thursday's indicative secondary market yield of 4.3653 percent bid for three-year financial bonds issued by policy banks .