China Merchants Bank completes issuance of tier 1 bonds

China Merchants Bank (HKEX:3968) announced the completion of its issuance of "2025 China Merchants Bank Co., Ltd. Undated Additional Tier 1 Capital Bonds (Series 1) (Bond Connect)." The bonds, approved by the National Financial Regulatory Administration, were book-built on April 25, 2025, and finalized on April 29, 2025. The total issuance size amounts to RMB20.0 billion, carrying a coupon rate of 2.13% for the initial five years, subject to adjustment every five years thereafter. The issuer retains conditional redemption rights on each interest payment date following the fifth year. The proceeds from the bond issuance will be allocated to replenish the bank's additional Tier 1 capital, in accordance with relevant laws and regulatory approvals.