By William Gullotti
Buffalo, N.Y., Nov. 10 – Industrial and Commercial Bank of China Ltd. sold RMB 60 billion of tier 2 capital bonds in tranches due in 10 and 15 years, according to an announcement on Thursday.
ICBC sold RMB 50 billion of 10-year bonds with a coupon of 3% and RMB 10 billion of 15-year bonds with a coupon of 3.34%.
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 60 billion
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| Issue: | Tier 2 capital bonds, fourth tranche
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| Announcement date: | Nov. 10
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| 10-year bonds
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| Amount: | RMB 50 billion
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| Tenor: | 10 years
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| Coupon: | 3%
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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: | 3.34%
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| Call option: | Conditionally callable after 10 years
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