Agricultural Bank of China (SHA:601288, HKG:1288) completed the issue of 40 billion yuan of undated additional tier 1 capital bonds on Thursday, a same-day bourse filing said.

The distribution rate of the bonds is 2.29% during the first five years and will be adjusted every five years.

The issuer will have conditional redemption rights on every distribution payment date after the fifth one.

The Chinese lender will use proceeds from the issue to replenish its additional tier 1 capital.