Ping An Bank completes 2025 perpetual bond issuance

Ping An Bank Co., Ltd. (SZSE:000001) has announced the successful completion of the issuance of its 2025 perpetual term capital bonds (first tranche) via Bond Connect. The issuance, approved by relevant regulatory authorities, concluded on March 6, 2025, following a book-building process that commenced on March 4, 2025. The total issuance size is RMB 30 billion. The bonds carry a fixed coupon rate of 2.27% for the initial five years, with subsequent adjustments every five years. Ping An Bank retains a conditional redemption right on each interest payment date from the fifth year onwards. The proceeds from this bond issuance will be allocated to supplement the bank's additional Tier 1 capital, subject to regulatory approvals. The announcement was made by Ping An Bank's board of directors on March 7, 2025.