New 10-year bonds expected at yield of 3.4%

China's Finance Ministry will sell at least 30 billion yuan ($4.7 billion) of 10-year bonds on Wednesday at a yield of 3.4 percent, according to the median estimate in a Bloomberg News survey.

The highest forecast was 3.45 percent and the lowest 3.39 percent, the survey of seven finance companies showed.

The estimate compared with the 3.41 percent yield on similar- maturity notes in the secondary market on Monday, according to data compiled by Chinabond.

Investors will bid on the yield at the auction. The issuer will set the securities coupon by taking an average of the winning bids.

Agencies - China Daily