Agricultural Bank of China completes RMB30bn bond issue

Agricultural Bank of China (HKEX:1288) has announced the completion of its issue of 2025 Total Loss-absorbing Capacity Eligible Non-Capital Bonds (Series 1) (Bond Connect). The issuance, totaling RMB30.0 billion, was approved following the bank's extraordinary general meeting held on February 21, 2025. The bonds are divided into three tranches: a four-year fixed rate tranche with an issuance size of RMB15.0 billion and an interest rate of 1.83%, a six-year fixed rate tranche with an issuance size of RMB3.0 billion and an interest rate of 1.87%, and an eleven-year fixed rate tranche with an issuance size of RMB12.0 billion and an interest rate of 2.06%. The proceeds from the bond issue will be used to improve the bank’s total loss-absorbing capacity.