The Agricultural Development Bank of China (ADBC) issued three batches of financial bonds on Wednesday amid steady demand from investors. The three batches of bonds bear a respective maturity of 5 years, 7 years and 10 years, with yields standing at 3.5731 percent, 3.8515 percent and 3.8934 percent respectively.
Insiders disclosed that the subscriptions of the three batches of bonds respectively reached 2.79, 2.68 and 2.15 times the volumes offered. Statistics from China Government Securities Depository Trust & Clearing Co. showed that yields on the 5-year, 7-year and 10-year fixed-rate policy bank bonds traded on the domestic interbank market stood at 3.6306 percent, 3.8592 percent and 3.8550 percent respectively.
Analysts noted that it was well within expectations that institutional investors were not enthusiastic about the bond allocation as the current yields on interest rate-linked bonds stayed at a relatively low level and the intensive issue of local government bonds also dampened the auction result. These were the additional issue of the 5th, 12th and 20th batches of bonds offered by the policy bank in 2015.
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