China to issue 26b yuan in two-year T-bonds

BEIJING - The Ministry of Finance said Friday that it will sell 26 billion yuan ($4.2 billion) in two-year book-entry treasury bonds.

The issuance marks the ministry's 12th issuance of book-entry treasury bonds this year, the ministry said in a statement on its website. The bonds carry a fixed annual interest rate of 2.98 percent. The interest will be paid every year on May 27, while the final interest and principal will both be paid upon maturity on May 27, 2015.

The bonds will be sold from May 27 to 29 and become tradable on exchange markets starting on May 31, according to the statement.