Chicago, Sept. 6 – Agricultural Bank of China Ltd. said it completed an issuance of RMB 35 billion more undated tier 1 capital bonds on Tuesday.
The bonds carry a coupon of 4.2% 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.
The notes underwent a bookbuilding process that commenced on Sept. 3 and ended Sept. 5.
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.
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Issue: | Tier 1 capital bonds
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Amount: | RMB 35 billion
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Maturity: | Perpetual
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Coupon: | 4.2%, reset every five years
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Call option: | Beginning with fifth distribution payment date
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Settlement date: | Sept. 6
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