20b yuan in special bonds issued for agriculture industry, rural areas and farmers

Agricultural Bank of China (ABC) announced on Monday that it completed the issuance of 20 billion yuan ($2.81 billion) in special bonds last Friday for the Sannong sector, which refers to agriculture, rural areas and farmers, in China's interbank bond market.

With the innovative theme of "Building up China's Strength in Agriculture", the bonds were the first of their kind. The issuance has set a record for the largest offering of its kind, with a year low non-policy financial bond interest rate of 2.65 percent.

The raised funds will be used to ensure food security and promote integrated development of the primary, secondary and tertiary industries in rural areas, ABC said.

The bonds have attracted many investors, with an overall subscription rate of 2.1 times. The investors included State-owned large commercial banks, joint-stock banks, city and rural commercial banks, rural commercial banks, securities houses, and fund companies.

ABC said it will make persistent efforts to play a major role in providing financial services for Sannong. Through increasing relevant financial support, ABC aims to guide and stimulate more "financial vitality" to serve rural revitalization, adding impetus to the modernization of agriculture and rural areas.