By William Gullotti
Buffalo, N.Y., April 12 – Industrial and Commercial Bank of China Ltd. sold RMB 55 billion of tier 2 capital bonds in tranches due in 10 and 15 years on China’s national interbank bond market, according to an announcement on Wednesday.
ICBC sold RMB 35 billion of 10-year bonds with a coupon of 3.49% and RMB 20 billion of 15-year bonds with a coupon of 3.58%.
As with the tier 2 capital bonds issued in 2022, the 10-year bonds are conditionally redeemable after five years, and the 15-year bonds are conditionally callable after 10 years.
Proceeds will be used to replenish tier 2 capital.
ICBC is based in Beijing.
Issuer: | Industrial and Commercial Bank of China Ltd.
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Amount: | RMB 55 billion
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Issue: | Tier 2 capital bonds, 2023 first tranche
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Announcement date: | April 12
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10-year bonds
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Amount: | RMB 35 billion
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Tenor: | 10 years
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Coupon: | 3.49%
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Call option: | Conditionally callable after five years
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15-year bonds
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Amount: | RMB 20 billion
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Tenor: | 15 years
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Coupon: | 3.58%
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Call option: | Conditionally callable after 10 years
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