China Policy Bank Cuts Bond Sale Goal by 31% Amid Crunch
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Agricultural Development Bank of China Co. scaled back the size of two bond offerings tomorrow by 31 percent as the worst cash crunch in at least seven years curbs demand for the securities.
The Beijing-based policy bank said it will sell up to 8 billion yuan ($1.3 billion) of three-year notes, down from 13 billion yuan previously, according to a statement on ChinaBond, the nation’s biggest debt clearing house today. An issue of five-year debt was reduced to 10 billion yuan from 13 billion yuan. The lender has options for each tenor that would allow the original issuance targets to be met, the statement said.