Agricultural Bank of China completes RMB 20 bn bond issuance

Agricultural Bank of China (the Bank) announced the successful completion of its 2025 total loss-absorbing capacity non-capital bonds (third tranche) (Bond Connect) issuance. The bonds, approved by regulators, were issued in the national interbank bond market, with book-building on November 27, 2025, and issuance completed on December 1, 2025.

The total issuance size of these bonds is RMB 200 bn, structured into three distinct tranches. The first tranche consists of 4-year fixed-rate bonds, totaling RMB 140 bn with a coupon rate of 2.02%, and features an issuer's redemption option at the end of the third year. The second tranche comprises 6-year fixed-rate bonds, amounting to RMB 30 bn at a coupon rate of 2.12%, with an issuer's redemption option at the end of the fifth year.

The third tranche consists of 11-year fixed-rate bonds, also totaling RMB 30 bn, with a coupon rate of 2.50% and an issuer's redemption option at the end of the tenth year. The net proceeds from this bond issuance will be used to enhance the Bank's total loss-absorbing capacity, in accordance with applicable laws and regulatory approvals.