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ABC Frankfurt Branch supports Baosteel in its inaugural Euro-bond issue

On February 13, 2015, Agricultural Bank of China with the support of its Frankfurt Branch is honored to have acted as the Joint Bookrunner and Joint Lead Manager for Baoshan Iron & Steel Co., Ltd (Baosteel) 1.625% EUR 500M 3-year senior unsecured notes. Baosteel, 100% owned and directly administrated by the State-owned Assets Supervision and Administration Commission (“SASAC”) of the State Council, PRC, is one of China's largest modern iron and steel enterprises as well as the world’s 4th largest steel producer. The issue is rated Baa1 (Moody’s), A- (Fitch) and A- (S&P).

With the joint efforts of Agricultural Bank of China and other banks, the transaction was well-received with 4.5x over-subscription. This Transaction is the inaugural Euro issuance by Baosteel and its first issue of a Euro-bond including a Keepwell Deed structure.

In total the issue attracted commitments by 22 German investors, explains Prof. Dr. Lamla, Head of Corporate Banking of Agricultural Bank of China Frankfurt Branch.