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FINWIRES

Bank of China Issues 20 Billion Yuan Write-down Undated Capital Bonds

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Bank of China (SHA:601988, HKG:3988) issued write-down undated capital bonds worth 20 billion yuan, according to a Hong Kong bourse filing on Monday.

The lender's Hong Kong shares rose 1% during Tuesday's morning trade.

The bond has a coupon rate of 1.86% during the first five years and it will be reset every five years. The issuer has the right to redeem the bonds on every distribution payment date from the fifth year onwards.

Proceeds from the issuance will be used to replenish the company's additional tier 1 capital.

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