Agricultural Bank of China issues RMB 350 bn in tier-2 capital bonds

Agricultural Bank of China Co., Ltd. has announced the successful completion of its 2025 Tier-2 Capital Bonds (Fourth Tranche) (Bond Connect) issuance. The bonds were book-built on November 18, 2025, and issued on November 20, 2025.

The total issuance volume for this tranche reached RMB 350 billion. It comprises two tranches: a 10-year fixed-rate bond (Tranche 1) with an issuance size of RMB 320 billion and a coupon rate of 2.14%, featuring an issuer's conditional redemption option at the end of the fifth year. The second tranche is a 15-year fixed-rate bond (Tranche 2) with an issuance size of RMB 30 billion and a coupon rate of 2.40%, including an issuer's conditional redemption option at the end of the tenth year.

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