Feb. 21, 2012 (China Knowledge) - Agricultural Development Bank of China (ADBC), one of the three policy banks in the country, announced yesterday it has received approval from the People's Bank of China
to auction not more than RMB 3 billion bonds with a maturity of seven years on the interbank market on Feb. 23.
In a statement, ADBC said it will issue RMB 2 billion bonds and has rights to issue additional bonds worth up to RMB 1 billion.
Both value date and payment due date will be Feb. 28 and the to-be-issued bonds tradable Mar. 5.
At the end of last year, ADBC had RMB 367.21 billion in deposit balance, RMB 28.04 billion more than as of Dec. 31, 2010.
The lender's balance of non-performing loans had reduced to RMB 27.45 billion as of Dec. 31, 2011 with the ratio of non-performing loans reaching 1.46%, 1.33 percentage points lower than earlier last year, sources reported.