ICBC completes issuance of 2025 Tier 2 capital notes

Industrial and Commercial Bank of China (HKEX: 1398) announced the completion of its issuance of 2025 Tier 2 Capital Notes (Series 1) within the National Interbank Bond Market. The issuance, approved by relevant regulatory bodies, was executed through the Bond Connect program. These notes, with a principal amount of RMB 50 billion, feature a 10-year fixed-rate structure and grant the issuer conditional redemption rights after five years. The notes carry an interest rate of 2.05%. The proceeds from the issuance, net of related expenses, will be allocated to bolster the bank's tier 2 capital in compliance with applicable regulations and regulatory approvals. The announcement was made by the Board of Directors of Industrial and Commercial Bank of China, Beijing, PRC, on 3 March 2025.