ICBC sets new 3.14% coupon rate for "ICBC pref 1" shares

Industrial and Commercial Bank of China (ICBC) has announced the reset of the coupon rate for its domestically issued preference shares, "ICBC pref 1" (code "360011"). The preference shares, issued in November 2015, utilize a phased coupon rate adjustment, where the rate is based on a benchmark interest rate plus a fixed spread. The initial coupon rate remained constant for the first five years, with the benchmark rate resetting every five years thereafter.

Effective November 23, 2025, the reset benchmark interest rate for "ICBC pref 1" will be 1.58%. This benchmark is derived from the arithmetic average of the yield-to-maturity for 5-year Chinese government bonds published on ChinaBond.com.cn or other approved websites, based on the 20 trading days prior to the reset date of November 18, 2025.

With the fixed spread confirmed at 1.56% from issuance, the new coupon rate for "ICBC pref 1" preference shares will be 3.14%. Dividends for these shares will be paid once annually.