China Merchants Bank (HKG:3968, SHA:600036) completed the issuance of 20 billion yuan of additional tier 1 capital bonds on April 29, a Wednesday Hong Kong bourse filing said.

The bonds will have a coupon rate of 2.13% for the first five years, following which it will be adjusted every five years.

The issuer will have conditional redemption rights on every interest payment date following the fifth year.

The lender will use proceeds from the issue to replenish its additional tier 1 capital.