Agricultural Development Bank to issue more offshore yuan bonds

Agricultural Development Bank of China will issue more offshore renminbi-denominated bonds this year to raise a large amount of capital and reduce the cost of bond issuance, a bank official said on Thursday.

The State-owned agricultural policy bank faces a sharp increase in capital demands, especially for medium- to long-term funding, as it is strengthening efforts to support major water projects, urban-rural integration and poverty alleviation.

At present, its annual debt issuance has reached 800 billion yuan ($129 billion), up 40 percent year-on-year, said Liu Dinghua, general manager of the bank's funds planning department.