Agricultural Bank of China completes tier 1 bond issue

Agricultural Bank of China (HKEX:1288) announced the completion of its 2025 Undated Additional Tier 1 Capital Bonds (Series 1) via the Bond Connect program. The issuance, approved at an extraordinary general meeting on February 21, 2025, concluded on May 29, 2025, following book running that commenced on May 27, 2025. The principal amount of the bonds totals RMB50.0 billion. The distribution rate is set at 2.00% for the initial five years, with adjustments to be made every five years thereafter. The issuer retains conditional redemption rights on each distribution payment date, starting from the fifth distribution payment date. The proceeds from the bond issuance will be allocated to replenish the Bank's additional tier 1 capital, in accordance with applicable laws and regulatory approvals.