Agricultural Bank of China completes RMB 60 bn capital bond issuance

Agricultural Bank of China (ABC) announced the completion of its 2025 Tier-2 Capital Bonds (Tranche 3) (Bond Connect) issuance. The total issuance amounted to RMB 60 billion. The bond offering was finalized on September 19, 2025, following the book-building process on September 17, 2025.

The issuance was divided into two tranches. Tranche one, a 10-year fixed-rate bond, raised RMB 35 billion with a coupon rate of 2.18% and includes an issuer's conditional redemption option at the end of the fifth year. Tranche two, a 15-year fixed-rate bond, raised RMB 25 billion with a coupon rate of 2.50% and features an issuer's conditional redemption option at the end of the tenth year.

The proceeds from this bond issuance will be utilized to supplement ABC's tier-2 capital, in accordance with applicable laws and regulatory approvals.