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Agricultural Dev Bank of China to auction RMB 20 bln bonds

Mar. 2, 2012 (China Knowledge) - Agricultural Development Bank of China, one of the country's three policy banks, today announced plans to auction not more than RMB 20 billion worth of fixed-rate bonds with a maturity of five years on the interbank market on Mar. 6.

The lender has rights to issue additional RMB 10 billion of bonds to increase the total size to RMB 30 billion.

Value date and payment due date will be Mar. 9 and the to-be-issued bonds tradable Mar. 15.

This will be the lender's second bond this year.

The Chinese state-owned agricultural policy bank saw its operating profit surge 81.1% year on year to RMB 37.95 billion.

As of Dec. 31, 2011, the lender had RMB 1.87 trillion in balance of loans, up 12.1% from a year earlier. The non-performing loan ratio declined to 1.46%, 1.33 percentage points lower than that at the end of 2010, sources reported.

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