(Yicai Global) Nov. 28 -- Investors have flocked to buy China's largest single sale of greenback-denominated sovereign bonds.

China's Ministry of Finance has issued USD6 billion worth of unrated sovereign bonds in Hong Kong on Nov. 26, and investors placed orders nearly four times that size, the ministry said in a statement on its website yesterday. The bills were issued at their face value or at a discount. 

Most of the bonds will mature in five or 10 years. The USD2 billion trance with a five-year maturity carries a yield of 1.996 percent. Another USD2 billion one, with a 10-year term, yields 2.238 percent. The USD1.5 billion worth of three-year bonds have a yield of 1.929 percent, and the USD500 million worth of 20-year ones come with a 2.881 percent yield. 

The scale and terms of the issuance are reasonable, the ministry said, adding that the move is conducive to improving the yield curve of Chinese dollar-denominated bonds outside the mainland while guiding the borrowing costs of other Chinese bond issuers. 

Editor: Emmi Laine