By Rebecca Melvin
New York, Sept. 25 – Industrial and Commercial Bank of China Ltd. issued RMB 60 billion of tier 2 capital bonds due 2030 with a coupon of 4.2%, according to a company announcement.
The issuance is the bank’s first debt of this type priced this year.
The bonds are non-callable for five years, and they are then conditionally callable.
The proceeds will be used to replenish ICBC’s tier 2 capital.
ICBC is based in Beijing.
| Issuer: | Industrial and Commercial Bank of China Ltd.
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| Issue: | Tier 2 capital bonds
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| Amount: | RMB 60 billion
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| Maturity: | 2030
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| Coupon: | 4.2%
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| Calls: | Non-callable for five years, then provisionally callable
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| Announcement date: | Sept. 25
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