By William Gullotti
Buffalo, N.Y., Aug. 22 – Industrial and Commercial Bank of China Ltd. sold RMB 40 billion of tier 2 capital bonds in tranches due in 10 and 15 years, according to an announcement on Monday.
ICBC sold RMB 30 billion of 10-year bonds with a coupon of 3.02% and RMB 10 billion of 15-year bonds with a coupon of 3.32%.
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 40 billion
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Issue: | Tier 2 capital bonds
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Announcement date: | Aug. 22
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10-year bonds
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Amount: | RMB 30 billion
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Tenor: | 10 years
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Coupon: | 3.02%
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Call option: | Conditionally callable after five years
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15-year bonds
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Amount: | RMB 10 billion
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Tenor: | 15 years
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Coupon: | 3.32%
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Call option: | Conditionally callable after 10 years
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