On June 4, 2026, China Development Bank (CDB) successfully issued 10-year CDB-SHCH financial bonds for the first time through Shanghai Clearing House (SHCH), with an issuance size of RMB 2 billion, a coupon rate of 1.71%, and an oversubscription multiple of 8.97, reflecting robust investor demand. This issuance marks a key initiative by CDB to explore the offering of CDB bonds of benchmark maturities across multiple venues, carrying great significance for advancing the development of the interbank bond market.
As the central securities depository for bonds, SHCH achieved another breakthrough in benchmark-maturity bond products through this issuance. It supports the People’s Bank of China (PBOC) in fulfilling its statutory mandates and addresses market demand for medium and long term asset allocation. The move will further enrich the product portfolio of policy&development financial bond in SHCH, refine the full-tenor bond yield curve and pricing benchmarks for long-end interest rates, and bolster the risk management and price discovery functions of standardized CDB bond forwards. Going forward, under the leadership of the People’s Bank of China, SHCH will continuously upgrade the service quality and efficiency of financial infrastructure services, collaborate with all market participants to foster a sound ecosystem for policy&development financial bond in SHCH and jointly promote high-quality development of the interbank bond market.
