China's Shenzhen Development Bank (SDB) sold 6.5 billion yuan ($922 million) in 10-year bonds, sole underwriter UBS said on Monday, as Asian issuers continue to borrow money locally amid difficult global market conditions.

SDB, which is nearly 18 percent owned by U.S. private equity firm Newbridge Capital sold lower Tier 2 fixed-rate bonds with a 10-year maturity and not callable for five years at a 6.10 percent coupon, UBS said.

The lender based in Shenzhen in China also sold a floating-rate tranche at 140 basis points over SHIBOR. Both coupons will increase by 300 basis points if the instruments are not called, UBS said.

The deal marked UBS' first transaction in the yuan bond market, the investment lender said in its statement.

The yuan bond market has seen about $15 billion in issuance so far this year, compared to just $4.5 billion in bonds denominated in dollars, euros and yen, according to UBS.