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中国农业发展银行关于首次公开发行“债券通”农发债的函
发布时间:2017-06-30

中国农业发展银行金融债券承销团成员、农发债特别承销商:

经中国人民银行批准,中国农业发展银行(以下简称农发行)拟面向境内外投资者首次公开发行“债券通”农发债,实现境外投资者投资于内地银行间债券市场的“北向通”目标。

一、信用评级:农发行主体信用评级与中国国家主权评级一致。

二、发行时间:2017年7月3日

三、招标地点:中国北京

四、发行场次:本次债券发行分为首场发行和境外专场追加发行两个场次。首场发行时间为9时30分至11时,面向境内外投资者;境外专场追加发行时间为14时至15时30分,面向境外投资者。

五、招投标方式:本次债券发行采用公开招标方式。首场发行,境内外投资者可通过2017年农发行金融债券承销团成员(见附件2,以下简称承销商)参与投标;首场发行结束后,境外投资者可通过农发债特别承销商(见附件3,以下简称特别承销商)参与境外专场追加发行投标。

六、债券品种:附息式固定利率债券,首场债券期限分别为1年期、3年期和5年期;境外专场追加债券期限分别为1年期和3年期。

七、托管机构:中央国债登记结算有限责任公司(以下简称中央结算公司)为本次发行的债券提供登记、托管、结算服务。香港金融管理局债务工具中央结算系统(CMU)为境外投资者提供债券登记、托管、结算服务。

八、募集资金用途:本次发行债券所募集资金将用于农发行支持“三农”领域的贷款投放。

九、上市:在中国银行间债券市场上市。

本次发行债券适用中国境内法律,解释权归农发行所有。请承销商、特别承销商做好与境内外投资者之间的相关沟通协调工作,并积极参与投标。欢迎境内外投资者积极投资认购,请中央结算公司协助做好债券发行相关准备工作。

附件: 1.中国农业发展银行关于首次公开发行“债券通”农发债的发行办法

      2.2017年农发行金融债券承销团成员名单

      3.农发债特别承销商名单

中国农业发展银行

2017年6月30日

   

附件1

中国农业发展银行关于首次公开发行“债券通”农发债的发行办法

根据中国人民银行要求,结合《2017年度中国农业发展银行金融债券承销主协议》,制定本次金融债券发行办法。

第一部分 债券基本要素

农发行本次首发的1年期、3年期、5年期“债券通”债券分别为2017年第八期、2017年第七期、2017年第九期金融债券的增发债券。

本次发行的1年期债券是2017年第十次增发的第八期金融债券,票面利率为3.61%,发行总量不超过50亿元, 到期一次还本付息。债券发行日为2017年7月3日,缴款日(交割日)为2017年7月10日,上市日为2017年7月12日,上市后与农发行2017年第八期金融债券合并交易。起息日为2017年4月21日,兑付日为2018年4月21日(遇境内节假日顺延)。

本次发行的3年期债券是2017年第八次增发的第七期金融债券,票面利率为3.98%,发行总量不超过50亿元,按年付息。债券发行日为2017年7月3日,缴款日(交割日)为2017年7月10日,上市日为2017年7月12日,上市后与农发行2017年第七期金融债券合并交易。起息日为2017年4月19日,每年的4月19日为该债券的付息日(遇境内节假日顺延),兑付日为2020年4月19日(遇境内节假日顺延)。

本次发行的5年期债券是2017年第十次增发的第九期金融债券,票面利率为4.13%,发行总量不超过50亿元, 按年付息。债券发行日为2017年7月3日,缴款日(交割日)为2017年7月10日,上市日为2017年7月12日,上市后与农发行2017年第九期金融债券合并交易。起息日为2017年4月21日,每年的4月21日为该债券的付息日(遇境内节假日顺延),兑付日为2022年4月21日(遇境内节假日顺延)。

首场招标结束后,发行人有权对本次发行的1年期和3年期债券向境外投资者专场追加,追加量均不超过5亿元,追加总量不超过10亿元。

如遇市场情况发生重大变化,发行人保留对本次债券发行品种和发行时间等要素进行调整的权利。

第二部分 招投标

一、招投标方式

本次发行的1年期、3年期、5年期债券,首场采用固定面值、有价格标位及相应数量规定、单一价格中标(荷兰式)的招标方式。

(一)投标人应按照招标书所载限制条件进行投标,否则为无效投标。

    (二)投标人可在规定的价格标位进行连续投标或不连续投标,最多可投20个标位。

(三)以上各期债券不设基本承销额。

(四)境外专场追加发行采用数量招标方式,价格为首场中标价格。追加场为面向境外投资者的专场招标,境外投资者可通过7家特别承销商参与投标。追加场每家特别承销商的认购投标量必须为1000万元的整数倍。

二、招标书要素

包括债券品种、数量、基本投标单位、价格及相应投标限额、债券期限、划款日等要素。

三、招投标系统

本次发行的债券采用中国人民银行债券发行系统(以下简称发行系统)进行无场化招投标。农发行在北京统一发标,承销商、特别承销商在发行系统的用户终端进行远程投标。

四、投标

境内外投资者均可通过承销商参与首场投标。首场招标结束后,境外投资者可通过中国债券信息网、彭博、路透等网站或承销商获取首场中标价格信息,并通过7家特别承销商进行追加场投标。

五、应急措施

在本次债券招投标过程中,如果发生由于技术性或其它不可抗力产生的招投标系统故障,承销商、特别承销商应填制《中国农业发展银行金融债券发行招标价位表暨应急投标书》,加盖预留在中央结算公司的印鉴并填写密押后,在规定的投标时间内传送至中央结算公司,由中央结算公司代理完成投标。

六、发行时间安排

本次发行的1年期、3年期、5年期债券于2017年7月3日上午9:30发标,9:30至11:00投标。首场招投标结束后,如发行人确定对1年期、3年期债券追加发行,则追加发行时间为下午14:00至15:30。

七、信息报送

招标结束后,请承销商、特别承销商及时将境外认购人名单、投标量及中标量报送农发行。

第三部分 承分销与缴款

一、分销认购

分销时间:农发行在发行日次一工作日发布发行结果公告,2017年7月4日至2017年7月10日为本次发行的1年期、3年期、5年期债券的分销期,承销商、特别承销商在此期间组织分销。

分销对象:经中国人民银行认可的境内外投资机构。

分销价格:承销商、特别承销商按协议价格进行债券分销。

分销过户:在债券分销期内,承销商、特别承销商在其所承销的债券额度内进行分销。缴款当日,中央结算公司、CMU分别为承销商、特别承销商和其分销认购人办理债券分销过户手续。

二、缴款

2017年7月10日承销商、特别承销商将本次发行的1年期、3年期、5年期债券承销款划至农发行指定的开户行账户。收款人名称:中国农业发展银行;收款人账号:110400370;汇入行名称:中国农业发展银行;支付系统行号:203100000019。如承销商、特别承销商不能按期足额缴款,按照中国人民银行的有关规定和与农发行签订的《2017年度中国农业发展银行金融债券承销主协议》有关条款处理。

三、登记托管结算

中央结算公司根据农发行提供的到账确认书,为本次发行的债券提供登记、托管、结算服务。CMU为境外投资者提供债券登记、托管、结算服务。

2017年7月10日中央结算公司向农发行提供债券认购人的托管名册。

第四部分 费用

本次发行的债券承销费分别为:1年期0.08%、3年期0.08%、5年期0.1%。

  

附件2

附件3


The Letter of Agricultural Development Bank of China

on the First Public Issuance of ADBC "Bond Connect"

Financial Bonds

To the Underwriters and the Special Underwriters of the Agricultural Development Bank of China Financial Bonds:

Approved by the People’s Bank of China (PBC), Agricultural Development Bank of China (ADBC) plans to initially issue "Bond Connect" Financial Bonds (the Bonds) publicly to both onshore and offshore Investors, for the purpose of achieving the "Northbound Trading Link" which facilitates offshore investors to invest in the Chinese Interbank Bond Market.

A. Credit Rating: The issuer rating of ADBC is the same as sovereign rating of the People’s Republic of China (PRC).

B. Tender Date3 July 2017

C. Tender Place: Beijing, China

D. Rounds of Tender: The issuance of the Bonds involves two rounds, including the first round of tender and the additional offshore-only round of tender. The first round of tender is for onshore and offshore investors from 9:30 a.m. to 11:00 a.m., and the additional offshore-only round of tender is for offshore investors from 2:00 p.m. to 3:30 p.m..

E. Bidding Method: The issuance of the bonds adopts the method of public tender. In the first round, both onshore and offshore investors may participate in the tender through the Underwriters of the 2017 ADBC Financial Bonds (see Attachment 2). In the additional offshore-only round, offshore investors may participate in the tender through the Special Underwriters of the Bond (see Attachment 3).

F. Bond TypeInterest-bearing Fixed-rate bonds with tenor of one year, three years and five years respectively in the first round; and one year and three years respectively in the additional offshore-only round.

G. Custodian agents: China Central Depository & Clearing Co., Ltd. (CCDC) will provide the service of registration, custody and settlement in relation to the issuance of the Bonds. The Central Moneymarkets Unit of Hong Kong Monetary Authority (CMU) will provide services of registration, custody and settlement for offshore investors.

H. Use of Proceeds: The proceeds from the issuance of the Bonds will be lent to the area of “agriculture, farmers and rural areas”.

I. Listing: Listed in China Interbank Bond Market

The issuance of the Bonds is governed by PRC law, and ADBC has the right to interpret such issuance. The Underwriters and the Special Underwriters shall manage the communication and coordination with onshore and offshore investors, and participate in the bidding process actively. Subscriptions by onshore and offshore investors are most welcome. CCDC should assist the relevant preparatory work for the issuance of the Bonds.

Attachments

1. The Issuance Measures of Agricultural Development Bank of China on the First Public Issuance of ADBC "Bond Connect" Financial Bonds

2. List of the Underwriters of the ADBC 2017 Financial Bonds

3. List of the Special Underwriters of the ADBC Financial Bonds

Agricultural Development Bank of China

June 30th, 2017

Attachment 1

The Issuance Measures of Agricultural Development Bank of China on the First Public Issuance of ADBC

"Bond Connect" Financial Bonds

This Issuance Measures is formulated in accordance with PBCs relevant requirement and the Master Underwriting Agreement of 2017 Financial Bonds of Agricultural Development Bank of China.

Part I Basic Elements of the Bonds

The Issuance of the 1-year, 3-year and 5-year ADBC "Bond Connect" financial bonds is the Reopening of the 2017 ADBCs Financial Bonds Series 8, Series 7 and Series 9, respectively.

This Issuance of the 1-year Bonds is the 10th Reopening of the 2017 Financial Bonds Series 8, with a fixed interest rate (interest-bearing) of 3.61%. The maximum issuance amount will be up to RMB5 billion and the interest and principle will both be repaid at the Maturity Date. The Tender Date, the Issue Date (Settlement Date) and the Listing Date of the Bonds are 3 July 2017, 10 July 2017 and 12 July 2017, respectively. The Bonds will be consolidated into and traded with the existing bonds issued under the ADBC 2017 Financial Bonds Series 8. The Value Date of the Bonds is 21 April 2017, and the Maturity Date of the Bonds is 21 April 2018 (if not a PRC business day, then the next following PRC business day).

This Issuance of the 3-year Bonds is the 8th Reopening of the 2017 Financial Bonds Series 7, with a fixed interest rate (interest-bearing) of 3.98% p.a. and the maximum issuance amount will be up to RMB5 billion. The Tender Date, the Issue Date (Settlement Date) and the Listing Date of the Bonds are 3 July 2017, 10 July 2017 and 12 July 2017, respectively. The Bonds will be consolidated into and traded with the existing bonds issued under the ADBC 2017 Financial Bonds Series 7. The Value Date of the Bonds is 19 April 2017, the Interest Payment Date will be 19 April of each year thereafter (if not a PRC business day, then the next following PRC business day) and the Maturity Date of the Bonds is 19 April 2020 (if not a PRC business day, then the next following PRC business day).

This Issuance of the 5-year Bonds is the 10th Reopening of the 2017 Financial Bonds Series 9, with a fixed interest rate (interest-bearing) of 4.13% p.a. and the maximum issuance amount will be up to RMB5 billion. The Issuance Date, the Issue Date (Settlement Date) and the Listing Date of the Bonds are 3 July 2017, 10 July 2017 and 12 July 2017, respectively. The Bonds will be consolidated into and traded with the existing bonds issued under the ADBC 2017 Financial Bonds Series 9. The Value Date of the Bonds is 21 April 2017, the Interest Payment Date will be 21 April of each year thereafter (if not a PRC business day, then the next following PRC business day) and the Maturity Date of the Bonds is 21 April 2022 (if not a PRC business day, then the next following PRC business day).

After the first round of tender, the issuer has the right to make additional round of tender of the 1-year and 3-year Bonds to offshore investors, each at an amount up to RMB0.5 billion, aggregately no more than RMB1 billion.

The Issuer has the right to amend the basic elements of the Bonds, such as the bond type, the issuance time and so on, if the market conditions materially change.

Part II Tender

A. The Method of Tender

The Issuance of the 1-year, 3-year and 5-year Bonds is in accordance with the tender method which adopts a fixed face value, specific price tags with corresponding amount and the single price winning principle (Dutch bidding).

1. Any bid of the Bidders shall be made in accordance with the conditions set out in the Bidding Book. Otherwise, such bid will be invalid. 

2. A Bidder can bid up to 20 specified bidding prices on a continuous or non-continuous basis.

3. Each Bonds does not require a basic underwriting amount.

4. The additional offshore-only round of tender will follow the method of quantity bidding at the winning bid price determined in the first round of tender. Such additional round of tender will be held specifically for offshore investors. Offshore investors may participate through the 7 Special Underwriters in the additional round of tender. The amount subscribed for by each Special Underwriter in the additional round of tender shall be an integer multiple of RMB10 million.

B. Elements of the Bidding Book

The Bidding Book shall include the elements such as bond type, amount, basic bidding unit, bidding price and corresponding bidding amount allocated for one bidding price, term and payment date of the Bonds.

C. The Tender System

The Bonds will be issued via the Bond Issuance System of the PBC (the Issuance System) without a physical onsite bidding meeting. The Bonds will be released in Beijing, and each Underwriter and Special Underwriter shall make a remote tenders through its terminal opened at the Issuance System.

D. Bidding

Onshore and offshore investors may participate in the first round of tender through the Underwriters. After the first round of tender, offshore investors can get the winning bid price through the Underwriters and ChinaBond, Bloomberg, Reuters, etc. and they can participate in the additional round of tender through the 7 Special Underwriters.

E. Measures for Emergency

During the bidding process of the Bonds, if the bidding system fails due to any technical disruption or any other force majeure event, the Underwriters shall fill in the Price Form / Emergency Bidding Book of the Financial Bonds of Agricultural Development Bank of China (affixed with its designated seal reserved at CCDC and filled with its encrypted charge) and then delivered it to CCDC within the prescribed bidding period in order for CCDC to complete the bidding as the proxy bidder. 

F. Tender Time

The 1-year, 3-year and 5-year Bonds will be released at 9:30 a.m. on 3 July 2017, and the bidding process will be held from 9:30 a.m. to 11:00 a.m. If the Issuer decides to make an additional issuance of the 1-year and 3-year Bonds after the first round of tender, then the process for such additional round will be held from 14:00 to 15:30.  

G. Information Delivery

After issuance, the Underwriters and the Special Under writers shall send the list of offshore subscribers, bidding amount and subscription amount to the ADBC.

Part III Underwriting, Distribution and Payment

A. Distribution

Time of Distribution: ADBC will release the announcement of issuance result on the next business day after the Issuance Date. The Underwriters and the Special Underwriters shall organize the distribution during the period from 4 July 2017 to 10 July 2017 which shall constitute the Distribution Period of the Issuance of the 1-year, 3-year and 5-year Bonds.

Target Investors of Distribution: domestic and foreign institutional investors recognized by the People's Bank of China.

Price of Distribution: the Underwriters and the Special Underwriters shall distribute the Bonds in accordance with the agreed price.

Title Transfer of Distributed Bonds: the Underwriters and the Special Underwriters shall distribute the Bonds underwritten by themselves within the Distribution Period. On the Payment Date, CCDC and CMU will go through the distribution and title transfer procedures for the Underwriters, the Special Underwriters and their subscribers. 

B. Payment

The Underwriters and the Special Underwriters shall pay the underwriting amount of the Issuance of the 1-year, 3-year and 5-year Bonds to the bank account designated by ADBC on 10 July 2017. The name of beneficiary of such bank account is Agricultural Development Bank of China, with the account number of 110400370, and the name of account bank is Agricultural Development Bank of China, with the bank code in the Payment System as 203100000019. Any failure of an Underwriter or a Special Underwriter to make the full payment on schedule will be handled in accordance with the applicable regulations of PBC and the relevant provisions of the Master Underwriting Agreement of 2017 Financial Bonds of Agricultural Development Bank of China signed with ADBC.

C. Registration, Custody and Settlement

CCDC will provide the service of registration, custody and settlement of the Bonds in accordance with the payment confirmation letter provided by ADBC. CMU will provide the service of registration, custody and settlement for offshore investors.

On 10 July 2017, CCDC and CMU shall provide ADBC with the list of subscribers for the Bonds under their custody.

Part IV Fees

The Underwriting Fees of the 1-year, 3-year and 5-year Bonds are 0.08%, 0.08% and 0.1%, respectively.

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