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Agricultural Bank of China raises 40B yuan in bond issue

Agricultural Bank of China Ltd. raised 40 billion Chinese yuan through the issuance of Tier 2 capital bonds.

The 10-year, fixed-rate bonds, which are redeemable at the end of the fifth year, bear a coupon of 4.45% per year.

The issuance was completed Oct. 17, the bank said in a same-date release.

The proceeds from the issuance will be used to replenish the bank's Tier 2 capital.

As of Oct. 16, US$1 was equivalent to 6.59 Chinese yuan.