SPD Bank completes CNY 15bn innovation bond issuance

Shanghai Pudong Development Bank (SSE:600000) announced the successful completion of its first phase of science and technology innovation bonds for 2025. The issuance, approved by the People's Bank of China, totaled CNY 15 billion. These bonds, registered and managed by China Central Depository & Clearing Co., carry a fixed interest rate of 1.66% over a three-year term. The proceeds, net of issuance costs, will be directed towards supporting science and technology innovation as defined by the "Five Major Articles" statistical system, including technology loans, related industrial loans, and investments in innovative technology companies. This initiative is specifically designed to foster advancements in technological innovation. The announcement was made by the board of directors of Shanghai Pudong Development Bank on May 14, 2025.