By William Gullotti
Buffalo, N.Y., March 24 – Agricultural Bank of China Ltd. issued RMB 45 billion of 3.49% tier 2 capital bonds due 2033 and RMB 25 billion of 3.61% tier 2 capital bonds due 2038, according to an announcement on Friday.
The 10-year bonds are conditionally callable on the last day of the fifth year of the tenor. Likewise, the 15-year bonds are conditionally callable on the last day of the 10th year.
Proceeds from the issuance will be used to replenish the bank’s additional tier 2 capital.
The bonds were issued in China’s national interbank bond market.
The commercial lender is based in Beijing.
| Issuer: | Agricultural Bank of China Ltd.
|
| Amount: | RMB 70 billion
|
| Issue: | Tier-2 capital bonds
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| Issue date: | March 23
|
| Announcement date: | March 24
|
|
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| 10-year notes
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| Amount: | RMB 45 billion
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| Maturity: | 2033
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| Coupon: | 3.49%
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| Call option: | On the last day of the fifth year
|
|
|
| 15-year notes
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| Amount: | RMB 25 billion
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| Maturity: | 2038
|
| Coupon: | 3.61%
|
| Call option: | On the last day of the 10th year
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