By Wendy Van Sickle
Columbus, Ohio, Feb. 22 – Agricultural Bank of China Ltd. sold a RMB 50 billion issue of 3.49% undated capital bonds, according to a notice on Tuesday.
The coupon rate is fixed for the first five years and will be adjusted every five years.
The bonds are conditionally redeemable on any distribution payment date, beginning with the fifth payment.
The bonds were issued in China’s national interbank bond market, registered at and in the custody of China Central Depository & Clearing Co., Ltd.
Proceeds from the issuance will be used to replenish the bank’s additional tier 1 capital.
The issuer is a Beijing-based commercial lender.
| Issuer: | Agricultural Bank of China Ltd.
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| Amount: | RMB 50 billion
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| Issue: | Undated capital bonds, tranche 1
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| Coupon: | 3.49% for first five years, adjusted at five-year intervals
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| Call: | Conditionally redeemable on distribution payment dates beginning with the fifth payment
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| Pricing date: | Feb. 18
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| Issue date: | Feb. 22
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