By Marisa Wong
Madison, Wis., Aug. 6 – Industrial and Commercial Bank of China Ltd. said it recently issued RMB 20 billion of tier 2 capital bonds in China’s interbank bond market.
The 10-year fixed-rate bonds carry a coupon of 5.8% and are callable after five years.
Proceeds will be used to replenish the bank’s tier 2 capital.
As previously reported, the Beijing-based bank proposed the issuance of up to RMB 60 billion of tier 2 capital instruments with write-down feature in January 2013. The bank received approval to issue the tier 2 instruments by the end of 2014 following a general meeting in March 2013.
| Issuer: | Industrial and Commercial Bank of China Ltd.
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| Issue: | Tier 2 capital bonds
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| Amount: | RMB 20 billion
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| Maturity: | 10 years
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| Coupon: | 5.8%
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| Call option: | Beginning at end of fifth year
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| Announcement date: | Aug. 6
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