Jun. 21, 2012 (China Knowledge) - The Export-Import Bank of China, one of the three government policy banks in China, has announced plans to auction RMB 15 billion bonds with a maturity of five years on the interbank market on Jun. 27.

In a statement, the policy lender said it has option to issue additional RMB 5 billion of bonds in this issue, the bank's ninth financial bonds this year.

Both value date and payment due date will be Jul. 10 and the to-be-issued bonds tradable on Jul. 16. Interest will be paid annually.

Proceeds from the offering will be used to support the bank's lending activities.

On Jun. 12, the bank floated RMB 2 billion of RMB-denominated bonds in Hong Kong, which was 2.45 times subscribed. The bonds comprised RMB 1 billion in five-year bonds with a coupon rate of 3.35% and RMB 1 billion in 15-year bonds with a coupon rate of 4.15%.