Agricultural Bank of China completes RMB20 bn bond issuance

Agricultural Bank of China Limited has completed the issuance of its 2025 Total Loss-absorbing Capacity Eligible Non-Capital Bonds (Series 3) (Bond Connect) in the National Interbank Bond Market. The book running occurred on November 27, 2025, with completion on December 1, 2025. The total issuance amounted to RMB20.0 billion.

The offering was structured into three tranches. Tranche 1, sized at RMB14.0 billion, consists of 4-year fixed rate bonds with an interest rate of 2.02%, featuring a conditional redemption right on the third anniversary. Tranche 2, a 6-year fixed rate bond of RMB3.0 billion, carries an interest rate of 2.12% and a conditional redemption right on the fifth anniversary.

Tranche 3, also worth RMB3.0 billion, comprises 11-year fixed rate bonds at an interest rate of 2.50%, with a conditional redemption right on the tenth anniversary. The net proceeds will be utilized to enhance the bank's total loss-absorbing capacity.