May. 8, 2012 (China Knowledge) - Agricultural Development Bank of China (ADBC), one of the three policy banks in the country, has announced that it plans to auction up to RMB 25 billion bonds with a maturity of five years on the interbank market on May 10.

In a statement, ADBC said it will issue RMB 15 billion bonds and has rights to issue additional bonds worth up to RMB 10 billion.

Both value date and payment due date will be May 16 and the to-be-issued bonds tradable May 22.

Interest will be paid annually. This will be the eighth bonds issued by the lender this year.

In 2012, ADBC plans to float RMB 420 billion of bonds. The bank issued 20 tranches of bonds worth a total of RMB 447.27 billion in 2011, China Knowledge reported earlier.