China's agricultural bank issues billions in overseas bonds

The Agricultural Development Bank of China (ADBC), the third-largest bonds issuer in China, has launched 4.3 billion yuan (about $619 million) in overseas bonds.

Of the total, 2.5 billion yuan will mature in three years and 1.8 billion yuan will mature in five years, with a fixed interest rate of 2.6 percent and 2.85 percent respectively, according to the bank.

It marked the bank's first batch of overseas yuan-dominated bonds after receiving new quota approval for such issuance from the National Development and Reform Commission in 2020, according to the ADBC.

The issuance was well-received by overseas investors, with the bid amount exceeding 11.4 billion yuan, 3.82 times the original 3-billion-yuan circulation, said the ADBC.

The funds raised will be used to support the epidemic containment and economic recovery, as well as promote rural vitalization, among other important areas.