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CCB Issues Total Loss-Absorbing Capacity Bonds Worth 60 Billion Yuan

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China Construction Bank (HKG:0939, SHA:601939) issued total loss-absorbing capacity or TLAC bonds amounting to 60 billion yuan, according to a Hong Kong filing on Tuesday.

The lender's Hong Kong shares fell 2% during Wednesday's morning trade.

The bonds have two types. The first is a four-year fixed-rate bond worth 40 billion yuan, with a 1.69% coupon rate. The issuer has the right to redeem the bond at the end of its third year.

The second type is a six-year fixed-rate bond worth 20 billion yuan, with a 1.86% coupon rate. The issuer has the right to redeem the bond at the end of its fifth year.

Proceeds from the issuances will be used for the bank's TLAC.

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