SPD Bank raises 20bn yuan in perpetual bonds

Shanghai Pudong Development Bank has completed its second tranche of 2025 perpetual capital bonds, raising 20 billion yuan in the national interbank bond market.

The bonds carry a 1.96% coupon rate for the first five years, with adjustments every five years thereafter. SPD Bank can redeem the bonds from the fifth year onwards on any interest payment date.

The proceeds will supplement the bank's other Tier 1 capital.