By Mary-Katherine Stinson
Lexington, Ky., Sept. 21 – Bank of China Ltd. completed the issuance of RMB 60 billion of tier 2 capital bonds in China’s national interbank bond market, according to a notice.
Tranche 1 comprises RMB 30 billion 3¼% 10-year notes. The bank has a conditional redemption right at the end of the fifth year.
Tranche 2 is made up of RMB 30 billion 3.37% 15-year notes. The bank has a conditional redemption right at the end of the 10th year.
The issuance of capital instruments of no more than RMB 450 billion, or equivalent in foreign currencies, was approved at the bank’s 2022 annual general meeting on June 30.
The proceeds from this issue of the bonds will be used to replenish the bank’s additional tier 2 capital.
Based in Beijing, the commercial bank has branches in mainland China, Hong Kong and Singapore.
| Issuer: | Bank of China Ltd.
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| Amount: | RMB 60 billion
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| Issue: | Capital bonds
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| Trade date: | Sept. 19
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| Settlement date: | Sept. 21
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| Distribution: | China
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| Notes due 2033
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| Amount: | RMB 30 billion
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| Maturity: | 2033
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| Coupon: | 3¼%
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| Call features: | After five years
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| Notes due 2038
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| Amount: | RMB 30 billion
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| Maturity: | 2038
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| Coupon: | 3.37%
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| Call features: | After 10 years
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