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ICBC Completes Issuance of 20 Billion Yuan Perpetual Bonds

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Industrial and Commercial Bank of China (SHA:601398, HKG:1398) completed the issuance of 20 billion yuan in perpetual capital bonds on July 10, according to a Friday filing with the Shanghai Stock Exchange.

The third tranche of the lender's 2026 Bond Connect series carries an initial coupon rate of 1.89% for the first five years and is subject to adjustment every five years.

The bank can conditionally redeem the bonds on each interest payment date starting from the fifth year.

ICBC will use the proceeds to supplement its additional Tier 1 capital.

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