BRICS bank plans to issue first bond in Q2

The New Development Bank, established by the BRICS countries of Brazil, Russia, India, China and South Africa, will sell its first bond by the second quarter of this year, the bank's vice-president said.

Leslie Maasdorp, vice-president and chief financial officer of the NDB, said the bond, denominated in renminbi, will be worth 3 to 5 billion yuan ($460-767 million) and will be sold in China's onshore interbank bond market.

The issuance comes on the heels of the July establishment of the bank, which became operational in late February and is headquartered in Shanghai. The bond represents a major step forward for China's bond market and the internationalization of the yuan.