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FINWIRES

Agricultural Bank of China Issues 20 Billion Yuan in Undated Bonds

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Agricultural Bank of China (SHA:601288, HKG:1288) has completed the issuance of 20 billion yuan worth of undated additional Tier 1 capital bonds, according to a Tuesday filing with the Hong Kong stock exchange.

The bonds carry an initial distribution rate of 1.88% for the first five years, which will be reset at regular intervals thereafter. The bank holds the right to redeem the bonds on any distribution payment date starting from the fifth anniversary of the issuance.The proceeds from the offering will be used to replenish the lender's additional Tier 1 capital.

The lender's Hong Kong-listed shares rose nearly 2%, while its Shanghai shares were up almost 1% in recent trade.

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