On July 26, 2016, CDBC issued USD 500 million Medium Term Notes (MTNs) through a special purpose vehicle (SPV) established by CDB International Holdings Co., Ltd., its overseas wholly-owned subsidiary. As CDBC has signed the keepwell agreement, provided liquidity support and made equity redemption commitment, CDBC and CDB International Holdings Co., Ltd. along with the MTNs trading platform have received credit ratings of AA- and A+ from Standard & Poor’s and Fitch Ratings respectively, which are the same as the ratings of China’s sovereign bonds and CDB. The bond yield is 115 base points (1.15%) higher than the yield of U.S. 5-year treasury note, or 2.303% at the time of issuance. It is the first bond issued by an Asian and Pacific quasi-sovereign issuer after the withdrawal of the UK from the European Union on June 24 and is one of the lowest-cost bonds issued by Chinese-funded issuers.