China CITIC Bank (HKG:0998, SHA:601998) completed the issue of 40 billion yuan of undated capital bonds in the interbank bond market on Friday, according to a same-day Hong Kong bourse filing.
The bonds carry a coupon rate of 2.06% for the first five years, following which it will be adjusted every five years.
The lender has a conditional redemption right on each interest payment date in the fifth year and the years to follow.
The bank will use proceeds to replenish its other tier-one capital.