Agricultural Bank of China completes RMB35 bn capital notes issuance

Agricultural Bank of China Limited announced the completion of its RMB35.0 billion 2025 Tier 2 Capital Notes (Series 4) (Bond Connect) issuance. The issuance, approved at the bank's 2025 first extraordinary general meeting, helps bolster its capital instruments and total loss-absorbing capacity. Book running for the notes occurred on November 18, 2025, with the issuance completed on November 20, 2025.

The notes are structured into two tranches. Tranche 1, totaling RMB32.0 billion, consists of 10-year fixed-rate notes at 2.14% interest, with a conditional redemption right for the bank on the last day of the fifth anniversary year. Tranche 2, amounting to RMB3.0 billion, comprises 15-year fixed-rate notes at 2.40% interest, featuring a conditional redemption right for the bank on the last day of the tenth anniversary year.

The capital raised from this issuance will enhance the bank's Tier 2 capital, complying with applicable laws and regulatory approvals. The announcement was made by company secretary LIU Qing from Beijing, the PRC, on November 20, 2025.