Pudong Development Bank completes RMB 20 bn tier-2 capital bond issuance

Shanghai Pudong Development Bank Co., Ltd. announced the completion of its first tranche of tier-2 capital bonds for 2025. Approved by regulatory authorities, the bonds were issued on the national interbank bond market and registered with the Interbank Market Clearing House Co., Ltd. The total issuance amounted to RMB 20 billion, finalized on November 19, 2025, following book-building on November 17, 2025.

The issuance comprises two tranches. Tranche one consists of 10-year fixed-rate bonds, raising RMB 16.5 billion at a coupon rate of 2.17%, with an issuer redemption option after five years. Tranche two includes 15-year fixed-rate bonds, raising RMB 3.5 billion at a coupon rate of 2.40%, with an issuer redemption option after ten years.

Proceeds from this bond issuance will be used to supplement the company's tier-2 capital, in accordance with applicable laws and regulatory approvals. The company's board of directors guarantees the announcement's truthfulness, accuracy, and completeness.