China Development Bank (CDB), one of the country's three policy lenders, said on Monday it would launch a total of 3 billion yuan ($450 million) of fixed rate bonds in Hong Kong.

It is the third time for CDB, the mainstream bank for China's medium- to long-term investment and financing initiatives, to issue public offering of yuan-denominated fixed rate bonds in Hong Kong.

The 3-year-term bonds, having a denomination of 10,000 yuan, would be offered to both institutional and retail investors, with an annual interest rate of 2.7 percent which would be paid every six months, the bank said.

The offering will last from Oct 19 to Nov 5.

CDB launched its 2 billion yuan of floating-rate yuan bonds on Oct 11, also the fourth time for CDB to issue yuan-denominated bonds in Hong Kong since July 2007, when China's central bank permitted mainland-based financial institutions to issue renminbi bonds in Hong Kong.