By Marisa Wong
Los Angeles, Aug. 20 – Agricultural Bank of China Ltd. said it completed an issuance of RMB 85 billion of undated tier 1 capital bonds on Tuesday.
The bonds carry a coupon of 4.39% for the first five years. The rate will be adjusted every five years.
The bonds are callable every distribution date beginning with the fifth one.
Proceeds 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.
|
| Issue: | Tier 1 capital bonds
|
| Amount: | RMB 85 billion
|
| Maturity: | Perpetual
|
| Coupon: | 4.39%, reset every five years
|
| Call option: | Beginning with fifth distribution payment date
|
| Settlement date: | Aug. 20
|
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