17th January, 2024 

　　New York, January 17, 2024 - Agricultural Bank of China's New York Branch successfully priced a US$600 million floating rate senior unsecured 3-year medium term note issue under Reg S. The notes were priced at SOFR + 63 bps. This marks the Branch's inaugural SOFR-linked medium term notes and the first US dollar bond from a Chinese bank in 2024. 

　　The deal attracted strong demand from investors, with peak order book size exceeding US$1.9 billion, representing around 3 times oversubscription. The final pricing was tightened by 47 bps from the initial price guidance of SOFR + 110 bps. At the final pricing level, the order book stood at US$1.2 billion, representing 2 times oversubscription. 

　　Towards the end of the Fed's rate hike cycle, the New York Branch seized an attractive window to price a floating rate bond, achieving around 15 bps of savings versus a fixed rate issue. This sets a pricing benchmark for offshore bond issuances by Chinese financial institutions. The high-quality order book included sovereigns and public sector entities, policy banks, commercial banks, insurance companies, asset management firms, funds and private banks, demonstrating the Branch's broad and diversified investor base. Moody's has assigned an A1 rating to the notes. Settlement is expected on January 24.