China Merchants Bank completes issuance of perpetual capital bonds

China Merchants Bank (SSE:600036) announced the completion of the issuance of "2025 China Merchants Bank Co., Ltd. Perpetual Capital Bonds (Phase I) (Bond Connect)" on the interbank market. The bond was book-built on April 25, 2025, and the issuance was completed on April 29, 2025. The issuance size is CNY20 billion, with a coupon rate of 2.13% for the first 5 years, adjusted every 5 years. The issuer has a conditional redemption right on each interest payment date after the 5th year. The funds raised from this bond issuance will be used to supplement the company's other Tier 1 capital, subject to applicable laws and regulatory approvals.