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Agricultural Bank of China raises 60B yuan in bond issue

Agricultural Bank of China Ltd. raised 60 billion yuan through the issuance of Tier-2 capital bonds in two tranches on March 19.

The bank issued 10 billion yuan of 15-year bonds with a 4.53% coupon and 50 billion yuan of 10-year bonds with a 4.28% coupon. Both the tranches comprise of fixed-rate bonds. The bank said it has a conditional right to redeem the 15-year bonds after the 10th anniversary of the issuance, and the 10-year bonds after the 5th anniversary of the issuance.

The bank will use proceeds of the issuance to replenish its Tier-2 capital.

As of March 19, US$1 was equivalent to 6.71 Chinese yuan.