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Agricultural Bank of China, Singapore Branch successfully priced US$600 million notes offering

Agricultural Bank of China, Singapore Branch has successfully priced US$600 million of fixed rate bonds which was well received by the market. Both subscription rate and issued spreads were at their best levels compared to recent Chinese banks bond issuances. The issuance was split across two tranches of US$300 million 0.75% three year bond with a bid-to-cover ratio of 5x, and US$300 million 1.25% five year bond with a bid-to-cover ratio of 4x.