Published on 11/1/2021 in the Prospect News Emerging Markets Daily.
New Issue: Agricultural Development Bank of China sells RMB 4 billion bonds in three parts
By Marisa Wong
Los Angeles, Nov. 1 – Agricultural Development Bank of China sold RMB 4 billion of bonds (A+) in three tranches, according to an offering circular.
The bank priced RMB 1.75 billion of 2.9% bonds due 2024, RMB 1.7 billion of 3.05% bonds due 2026 and RMB 550 million of 3.35% bonds due 2031. All three tranches were priced at par.
Bank of China, Standard Chartered Bank, Bank of Communications, Agricultural Bank of China Ltd. Hong Kong Branch, China Construction Bank, SPDB International, CLSA, ICBC (Asia) CMB Wing Lung Bank Ltd., China International Capital Corp., DBS Bank Ltd., Credit Agricole CIB, Mizuho Securities, KGI Asia and CTBC Bank are joint bookrunners and joint lead managers. Bank of China, Standard Chartered Bank and Bank of Communication are also joint global coordinators.
Proceeds will be used for general credit business, working capital and general corporate purposes.
Based in Beijing, the commercial bank has branches in mainland China, Hong Kong and Singapore.
| Issuer: | Agricultural Development Bank of China
|
| Issue: | Bonds
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| Amount: | RMB 4 billion
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| Bookrunners: | Bank of China, Standard Chartered Bank, Bank of Communications, Agricultural Bank of China Ltd. Hong Kong Branch, China Construction Bank, SPDB International, CLSA, ICBC (Asia) CMB Wing Lung Bank Ltd., China International Capital Corp., DBS Bank Ltd., Credit Agricole CIB, Mizuho Securities, KGI Asia and CTBC Bank
|
| Call option: | In whole at par for tax reasons
|
| Pricing date: | Oct. 26
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| Issue date: | Nov. 2
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| Rating: | S&P: A+
|
|
|
| 2024 bonds
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| Amount: | RMB 1.75 billion
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| Maturity: | Nov. 2, 2024
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| Coupon: | 2.9%
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| Price: | Par
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| Yield: | 2.9%
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| ISIN: | HK0000778198
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|
|
| 2026 bonds
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| Amount: | RMB 1.7 billion
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| Maturity: | Nov. 2, 2026
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| Coupon: | 3.05%
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| Price: | Par
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| Yield: | 3.05%
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| ISIN: | HK0000778206
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| 2031 bonds
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| Amount: | RMB 550 million
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| Maturity: | Nov. 2, 2031
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| Coupon: | 3.35%
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| Price: | Par
|
| Yield: | 3.35%
|
| ISIN: | HK0000778214
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