ICBC completes $40bn perpetual capital bond issuance

Industrial and Commercial Bank of China (ICBC) has completed the issuance of its 2025 perpetual capital bonds (second tranche), with the full offering recently finalized on the national interbank bond market. The bonds, with an issue size of RMB 400 billion, were successfully booked on November 6, 2025, and issued on November 10, 2025.

The bonds carry a coupon rate of 2.21% for the first five years, with an adjustment mechanism every five years thereafter. The issuer retains a conditional redemption right on each interest payment date from the fifth year onwards.

Proceeds from this bond issuance will be utilized to supplement ICBC's additional Tier 1 capital, in accordance with applicable laws and approvals from regulatory authorities. This move is expected to strengthen the bank's capital structure.