New Issue: Bank of Communications issues RMB 26 billion of tier 2 bonds in two parts

By William Gullotti

Buffalo, N.Y., April 29 – China’s Bank of Communications Co., Ltd. recently issued RMB 26 billion of tier 2 capital bonds under the bank’s approval to issue up to RMB 100 billion of capital bonds by the end of 2024, according to an announcement on Monday.

The recent issue included RMB 15 billion of 2.45% 10-year bonds and RMB 11 billion of 2.6% 15-year bonds.

The bonds will each be callable five years before their maturity dates.

Proceeds will be used to supplement the bank’s tier 2 capital and promote steady development of the business.

Bank of Communications is based in Shanghai.

Issuer:	Bank of Communications Co., Ltd.
Amount:	RMB 26 billion
Issue:	Tier 2 capital bonds
Trade date:	April 26
Settlement date:	April 29
Distribution:	National interbank bond market
10-year bonds
Amount:	RMB 15 billion
Tenor:	10 years
Coupon:	2.45%
Call features:	At the end of fifth year
15-year bonds
Amount:	RMB 11 billion
Tenor:	15 years
Coupon:	2.6%
Call features:	At the end of 10th year

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