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Agricultural Bank of China issues 85B yuan of Tier 1 bonds

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Agricultural Bank of China issues 85B yuan of Tier 1 bonds

Agricultural Bank of China Ltd. said Aug. 20 that it issued 85 billion yuan of undated Tier 1 capital bonds.

The bonds carry a 4.39% coupon rate for the first five years, with the rate to be adjusted every five years. The bonds will be registered at and in the custody of China Central Depository & Clearing Co. Ltd., according to a filing.

Proceeds from the issuance will be used to replenish Agricultural Bank of China's additional Tier 1 capital.

In a separate same-day release, the bank said its redeemed 30 billion yuan of Tier 2 capital bonds. The 10-year bonds were issued in August 2014.

As of Aug. 19, US$1 was equivalent to 7.05 yuan.