One of China’s big three policy banks has just completed a multi-billion yuan bond issue to help drive the development of rural road networks.
On 9 August Agricultural Development Bank of China (ADBC) completed an issue of 4.2 billion yuan in bonds to support rural village road development on the Chinese interbank bond market.
The bonds have a term of seven years and an issuance rate of 2.83%, while the issue was 4.81-fold oversubscribed.
During the period from January to July ADBC made 46.7 billion yuan in loans for the development of rural village road networks, while its rural village road network balance stood at 340.5 billion yuan as of the end of July.
ADBC said that the next step would be to drive improvements to construction projects, to help drive the high-quality development of rural village road networks.