Sep. 4, 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 12 billion of fixed-rate bonds with a maturity of five years on the interbank market on Sep. 7.
In a statement, ADBC said it will have rights to issue additional bonds worth up to RMB 5 billion.
Both value and payment due date will be on Sep. 13 and the to-be-issued bonds tradable Sep. 19.
Interests will be paid annually Sep. 13. This will be the 17th financial bonds issued by the lender this year.
On Aug. 28, the bank issued RMB 25 billion of seven-year financial bonds with a coupon rate of 3.99%.
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