Industrial Bank completes 2025 perpetual bond issuance

Industrial Bank Co., Ltd. has announced the successful completion of its CNY30 billion issuance of the first tranche of perpetual capital bonds (Bond Connect) for 2025 on April 24, 2025. The bonds, approved by both the National Administration of Financial Regulation and the People's Bank of China, were book-built on April 22, 2025, and issued in the national interbank bond market. The bonds carry a coupon rate of 2.09% for the first five years, with adjustments every five years thereafter. Industrial Bank retains the option to redeem the bonds on each interest payment date starting from the fifth year. Proceeds from the issuance will be used to augment the bank's Tier 1 capital, subject to regulatory approvals.