Agricultural Bank (01288) issued 50 billion yuan of non-capital bonds with total loss absorption capacity

According to the Zhitong Finance App, Agricultural Bank (01288) issued an announcement. With the approval of relevant regulators, the bank publicly issued the “Agricultural Bank of China Co., Ltd. 2024 First Issue Total Loss Absorption Capacity Non-Capital Bonds (Bond Connect)” in the national interbank bond market, and the issuance was completed on August 30, 2024.

The total issuance scale of the current bond is RMB 50 billion, which is divided into three types. Type 1 is a 4-year fixed interest rate bond, with a coupon interest rate of 2.18%, and conditional issuer redemption rights at the end of the 3rd year; Type 2 is a 6-year fixed interest rate bond with an issuance scale of 10 billion yuan, with a coupon interest rate of 2.24%, and conditional issuer redemption rights at the end of 5 years; Type 3 is an 11-year fixed interest rate bond, with a coupon interest rate of 2.39%, and issuer redemption rights with conditions at the end of the 10th year.

After deducting issuance fees, the funds raised in this issue will be used to enhance the bank's total loss absorption capacity in accordance with applicable laws and the approval of the competent authorities.