By William Gullotti
Buffalo, N.Y., March 15 – Agricultural Bank of China Ltd. sold RMB 40 billion of 2024 undated additional tier 1 capital bonds (series 1) in China’s national interbank bond market, according to a notice on Friday.
The distribution rate is initially set at 2.73% and will be adjusted in five-year intervals.
The bonds will be conditionally callable on any distribution date after the fifth one.
Bookrunning for the bonds took place on March 13.
The issuance plan of the write-down undated additional tier 1 capital bonds was approved at the bank’s 2022 annual general meeting on June 29, 2023.
The proceeds from this issue of the bonds will be used to replenish the bank’s additional tier 1 capital.
Based in Beijing, the commercial bank has branches in mainland China, Hong Kong and Singapore.
| Issuer: | Agricultural Bank of China Ltd.
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| Amount: | RMB 40 billion
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| Issue: | Additional tier 1 capital bonds (2024, series 1)
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| Maturity: | Undated
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| Coupon: | 2.73% initially, adjusted every five years
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| Call: | Conditional, exercisable on any distribution date after five distribution payments
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| Pricing date: | March 13
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| Issue date: | March 15
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| Distribution: | China
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