ICBC completes RMB40 bn additional tier 1 capital bond issuance

Industrial and Commercial Bank of China Limited (ICBC) has announced the completion of its RMB40 billion 2025 Undated Additional Tier 1 Capital Bonds (Series 2) (Bond Connect) issuance. This offering, approved by regulatory authorities, was conducted in the National Interbank Bond Market to bolster the bank's additional tier 1 capital.

The book running for the bonds commenced on November 6, 2025, with the issuance fully completed by November 10, 2025. The bonds feature a distribution rate of 2.21% for the initial five years, subject to adjustment every five years thereafter. ICBC retains conditional redemption rights on each distribution payment date starting from the fifth anniversary of the issuance.

The proceeds from this issuance are earmarked for replenishing the bank's additional tier 1 capital.