Summary by Futu AI
The Agricultural Bank of China Limited (AgBank) has announced that its 2024 perpetual capital bonds (second tranche) were successfully issued on June 5, 2024. The size of the issue was RMB 60 billion, with an initial coupon rate of 2.46% and an adjustment clause every five years. The issuance was approved by the shareholders' meeting on June 29, 2023, and relevant regulatory institutions. The funds raised shall be used to supplement AgBank's Tier 1 capital. There is a conditional redemption right by the issuer on each interest payment date in the fifth year and thereafter. AgBank's executive directors include Mr. Gu Shu, Mr. Zhang Xuguang, and Mr. Lin Li. Non-executive directors include Ms. Zhou Ji and independent non-executive directors include Mr. Huang Zhenzhong.