Agricultural Bank of China completes RMB 30bn bond issuance

Agricultural Bank of China (SSE:601288) has announced the successful completion of its issuance of RMB 30 billion in total loss-absorbing capacity non-capital bonds (first tranche) via Bond Connect. The bonds, which were book-built on June 26, 2025, were fully issued by June 30, 2025. The issuance is divided into three tranches: a 4-year fixed-rate bond with a size of RMB 15 billion and a coupon rate of 1.83% (callable by the issuer at the end of the third year), a 6-year fixed-rate bond with a size of RMB 3 billion and a coupon rate of 1.87% (callable by the issuer at the end of the fifth year), and an 11-year fixed-rate bond with a size of RMB 12 billion and a coupon rate of 2.06% (callable by the issuer at the end of the tenth year). Proceeds from the bond issuance, net of issuance expenses, will be used to enhance the bank's total loss-absorbing capacity, subject to applicable laws and regulatory approvals.