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China to issue 50b yuan e-savings bonds

(Xinhua)
Updated: 2009-07-11 13:59

China's Ministry of Finance (MOF) announced Friday that it will launch two more batches of electronic savings bonds of up to 50 billion yuan ($7.32 billion) from next week.

According to the ministry, one batch of the e-savings bonds of 40 billion yuan has a term of three years, with a fixed annual interest rate of 3.73 percent.

The other, the five-year e-savings bonds, is worth 10 billion yuan at a fixed annual interest rate of four percent.

The two bonds will be issued from July 15 to 31, with interests to be calculated from July 15 and paid annually, said the ministry in a statement on its website.

These bonds are open to only individual investors, the MOF said.

Compared with other types of bonds, the e-savings bond is seen as more convenient for investors. For example, the interest can be paid through direct deposit into the investor's account.

Related readings:  China to issue one-year book-entry T-bonds  China to issue 11.9b yuan local bonds this week  Municipal bonds issuance possible: central banker  MOF: China to float 29.12b yuan T-bonds next week

This is the second time the ministry launches this kind of bond this year, with the first issuance of two batches of e-savings bonds in April.

The ministry also said it would issue two batches of book-entry treasury bonds next week with a face value of 12.48 billion yuan and 12.65 billion yuan each.

One with the face value of 12.48 billion yuan has a term of 91 days, and the issue price, set by competitive bidding, was 99.72 yuan for a face value of 100 yuan. In this sense, the annual yield will be 1.15 percent, the ministry said.

The other has a term of 273 days, and the issue price was set at 99.077 yuan for 100 yuan, with an annual yield of 1.25 percent.

The ministry said the book-entry T-bonds will be sold from July 13 to July 15. Trading of the bonds will begin July 17.