China Xiongan Group, a State-owned company based in Xiongan New Area in North China's Hebei province, issued its bond on the interbank market for the first time on Thursday.

The bond totals 600 million yuan ($ 86 million) and carries a coupon rate of 4.4 percent, the group said.

Funds collected after the issuance will be invested into the construction of Beijing-Xiongan intercity high-speed railway, which began in February.

China Development Bank (CDB), the world's largest development finance institution, is the independent lead underwriter for the Xiongan-bond.

Set up last year, China Xiongan Group is to raise fund for constructing transport links and other infrastructure and public facilities in the area.