By Taylor Fox
New York, Nov. 16 – Industrial and Commercial Bank of China Ltd. issued tier 2 capital bonds in China’s national interbank bond market, according to a company announcement.
The bonds are of two types:
• RMB 30 billion 4.15% fixed rate bonds with a 10-year term and conditional redemption right from the end of the fifth year onward; and
• RMB 10 billion 4.45% fixed rate bonds with a 15-year term and a conditional redemption right from the end of the 10th year onward.
Proceeds will be used to replenish the bank’s tier 2 capital.
The lender is based in Beijing.
| Issuer: | Industrial and Commercial Bank of China Ltd.
|
| Issue: | Capital bonds, tier 2
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| Amount: | RMB 40 billion
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| Settlement date: | Nov. 16
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|
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| Tranche 1
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| Amount: | RMB 30 billion
|
| Maturity: | 2030
|
| Coupon: | 4.15%
|
| Call option: | After five years
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|
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| Tranche 2
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| Amount: | RMB 10 billion
|
| Maturity: | 2035
|
| Coupon: | 4.45%
|
| Call option: | After 10 years
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