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Agricultural Dev Bank of China to auction RMB 50 bln bonds

Mar. 8, 2012 (China Knowledge) - Agricultural Development Bank of China, one of the country's three policy banks, has announced plans to auction not more than RMB 50 billion worth of bonds on the interbank market commencing Mar. 13.

Both value date and payment due date will be Mar. 16 and the to-be-issued bonds tradable Mar. 20.

The fixed-rate bonds will consist of two tranches, the issuer's third and fourth bond this year.

The first tranche of RMB 20 billion bonds will have a maturity of three years and will be issued from Mar. 14 to Mar. 16. The issuer has option to issue additional RMB 10 billion of bonds in the issue.

The second tranche seven-year bonds worth RMB 15 billion will be issued between Mar. 14 and Mar. 20. The issuer also has option to issue additional RMB 5 billion of bonds.

The Chinese policy bank auctioned this year's second bond worth RMB 30 billion on Mar. 6. Sixty-four of the 75 underwriters tendered for bond issue, with 48 institutes won the bidding, sources reported.

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