ICBC completes issuance of Tier 2 capital bonds

Industrial and Commercial Bank of China (ICBC) [SSE:601398] has announced the successful completion of the issuance of its 2025 Tier 2 capital bonds (First Phase) via Bond Connect. The issuance, approved by regulatory authorities, saw the bank issue RMB 50 billion in bonds with a 10-year maturity and a fixed interest rate of 2.05%. ICBC retains the option to redeem the bonds at the end of the fifth year. The proceeds, after deducting issuance expenses, will be used to bolster the bank's Tier 2 capital, subject to regulatory approval, as per the announcement.