Guangdong first to sell debt on own credit

Low-yield bonds snapped up in pilot program for local governments

Guangdong province, the first local government in China to directly issue bonds under a pilot program, sold 14.8 billion yuan ($2.38 billion) worth of debt at a low yield.

The province sold 5.92 billion yuan of five-year bonds at 3.84 percent, 4.44 billion yuan of seven-year bonds at 3.97 percent, and the same amount of 10-year bonds at 4.05 percent, according to a statement posted Wednesday on the China Central Depository & Clearing Co website.