Agricultural Bank of China completes tier 2 bond issuance

Agricultural Bank of China (SSE:601288) announced the successful completion of its issuance of CNY 60 billion in Tier 2 capital bonds (First Phase) (Bond Connect) on June 17, 2025. The issuance, approved by relevant regulatory authorities, comprises two tranches. The first tranche consists of CNY 35 billion of 10-year fixed-rate bonds, carrying a coupon rate of 1.93%, with a conditional issuer call option at the end of the 5th year. The second tranche is composed of CNY 25 billion of 15-year fixed-rate bonds, offering a coupon rate of 2.10%, and includes a conditional issuer call option at the end of the 10th year. The bank intends to use the proceeds from the bond issuance to supplement its Tier 2 capital, subject to applicable laws and regulatory approvals.