Wednesday, May 21, 2008

China Development Bank suspends bond sale on earthquake

China Development Bank, one of the nation's three state-owned policy banks, announced on Tuesday that the issuance of five-year floating rate bond due to be issued on Wednesday will be postponed.

Sale of the RMB 20 billion worth of bonds will be delayed due to the massive earthquake that unexpectedly hit the nation's southwestern Sichuan Province last week, till the next notice, the bank said in a statement published on ChinaBondWeb, an official website for China's bond market, however, it did not mention the date of restarting the bond offering.

The decision was made in accordance with the current situation of the ongoing rescue and relief operations, the statement said.

China Development Bank is the nation's second largest bond issuing organization just after China's Ministry of Finance.

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