Industrial Bank completes RMB 20 bn perpetual bond issuance

Industrial Bank Co., Ltd. announced the successful completion of its "Industrial Bank Co., Ltd. 2025 Second Tranche Unfixed Term Capital Bonds (Bond Connect)" issuance. The bonds, approved by the National Financial Regulatory Administration and the People's Bank of China, were issued in the national interbank bond market.

Book-building for this tranche finalized on September 9, 2025, with the issuance completed on September 11, 2025. The total issuance size is RMB 20 billion, with a coupon rate of 2.24% for the first five years. The interest rate will be adjusted every five years, and the issuer retains the conditional redemption right on each interest payment date from the fifth year onwards.

The funds raised will be used to supplement the company's other Tier 1 capital, in accordance with applicable laws and approvals from regulatory authorities, aiming to strengthen Industrial Bank's capital base.