CDB taps longest dim sum for Rmb1bn
China Development Bank sold a Rmb1bn tap to its longest-ever offshore renminbi bond at the end of last week. At the start of the year it raised Rmb1.5bn ($237.9m) from a January 2027 transaction.
CDB priced the tap at 4.2% late on March 23, the level where the original deal was priced. The tap was 1.34 times covered, even though it offered no concession to the existing bonds.
The move raised the outstanding bond to Rmb2.5bn, enhancing its liquidity and making it more
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