Industrial and Commercial Bank of China Limited (ICBC; Stock Code: 1398) has completed the issuance of its 2025 Undated Additional Tier 1 Capital Bonds (Series 2) in the National Interbank Bond Market. According to the announcement, the book running date was 6 November 2025, and issuance finalized on 10 November 2025 with a size of RMB40 billion.
The distribution rate of these bonds stands at 2.21% for the first five years, subject to adjustment every five years. Beginning from the fifth anniversary, conditional redemption rights apply on each distribution payment date. Proceeds from the issuance are designated for replenishing ICBC’s additional tier 1 capital, following all relevant approvals and applicable regulations.