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Agricultural Development Bank of China Successfully Issued Offshore Institutional & Retail RMB Bond for the First Time

On May 22nd, Agricultural Development Bank of China (ADBC) successfully launched a 1-year and a 3-year fixed rate RMB bonds, with total issue size RMB 3 billion. The 1-year tranche, which totaled RMB 2 billion and priced at 3.08%, consists of a public offering to Hong Kong retail investors (with size at RMB 200 million and fully subscribed) as well as institutional investors (with size at RMB 1.8 billion, the book has once reached over RMB 8.2 billion. The enormous oversubscription amount has triggered ADBC to tap on the original RMB 800 million issue amount to RMB 1.8 billion) .This tranche will be listed on Hong Kong Exchanges and Clearing Limited (HKEX).The 3-year tranche, totaled RMB 1 billion and priced at 3.23%, was oversubscribed by 2.77 times. The bonds will be the first ADBC issuance to be listed on 5 Exchanges, being Hong Kong Exchanges and Clearing Limited (HKEX), The Luxembourg Stock Exchange (LuxSE), China Europe International Exchange (CEINEX), The London Stock Exchange and Chongwa (Macao) Financial Asset Exchange CO., Ltd. (MOX).

The issuance of the institutional & retail tranche has provided offshore investors great opportunities to support the development of Agricultures, Rural Areas and Farmers in China. “In addition, this is our good practice to revolutionize and innovate the capital markets. Especially we help HKEX to open up the bond subscription channel for individual investors, providing investors a high- graded investment product with good liquidity and motivating individual investors in Hong Kong to consider fixed income product”.

 At the same time, in a bid to celebrate the 20th anniversary of Macao’s return to Motherland, ADBC is determined to be the first policy bank to have its RMB bonds listed on the MOX. Hopefully, this issuance would provide Macao investors with access to more investment graded issuers, enriching Macao’s financial markets and promoting the financial infrastructure of Guangdong-Hong Kong-Macao Greater Bay Area.

ADBC is pleased to mandate Bank of China, Standard Chartered Bank and Bank of Communications as Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers; China Construction Bank, ICBC(Asia), Agricultural Bank of China Limited Hong Kong Branch, BOCOM International, Shanghai Pudong Development Bank, HSBC, Citigroup, Mizuho Securities and KGI Asia as Joint Bookrunners and Joint Lead Managers for this issuance.

Since the very first policy bank bond was issued 15 years ago, with credit support from the state, ADBC has established various and market-oriented fund raising channels, providing solid fund support to “Agriculture, Rural Areas and Farmers”. As of the end of 2018, the total size of all onshore issuances is around RMB 8 trillion with around RMB 4.2 trillion worth outstanding bonds, at the same time, there are USD 3 billion equivalent bonds issued in offshore market. ADBC is currently the third largest bond issuer in China’s interbank bond market and the largest issuer of “Agriculture, Rural Areas and Farmers” themed bonds by volume. ADBC is an active and important participant in maintaining the continuous and stable development of Chinese bond market, and also a prime mover behind interconnection of domestic and foreign financial infrastructure and an essential contributor in introducing Chinese capital market to the world. ADBC has not only developed its bond issuance in a multivariate, multimarket, multicurrency and multi-dimensions way but also formed a new pattern of integrating onshore and offshore markets, synchronizing wholesales & retail, varying its bond instruments and diversifying investors’ types.

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