Summary by Futu AI
Agricultural Bank of China Limited (“Agricultural Bank”) announced that its 2024 Tier II Capital Notes (First Issue) were successfully issued on 6 February 2024. The issuance is in accordance with the plan for issuing reduced-type qualifying Tier II capital instruments approved by the General Meeting on 29 June 2023 and has been approved by the State Administration of Financial Supervision and the People's Bank of China. The total issue of this period is RMB 700 billion, divided into two 10-year and 15-year varieties, each worth 350 billion yuan. The 10-year note rate is 2.76% and the 15-year note rate is 2.80%, and the issuer has the right to redeem at the end of a specified year. The funds raised will be used to supplement the Agricultural Bank's Tier II capital. The Board of Directors issued a notice in Beijing on 6 February 2024.