China CITIC Bank completes CNY 40bn bond issuance

China CITIC Bank Corporation Limited (SSE:601998) announced the successful completion of its issuance of the first tranche of 2025 Tier 2 capital bonds (Bond Connect), totaling CNY 40 billion. The bonds have a term of 10 years with a fixed interest rate of 1.99%, and the issuer retains a conditional redemption option at the end of the fifth year. Approved by both the People's Bank of China and the National Administration of Financial Regulation, this issuance allows China CITIC Bank to issue up to CNY 1,200 billion in capital instruments. The bank intends to allocate the proceeds to bolster its Tier 2 capital, optimizing its capital structure and fostering stable business development. The book-building for the bonds concluded on May 15, 2025, and the issuance was finalized on May 19, 2025, within the interbank bond market.