China Merchants Bank Co., Ltd. has finalized the issuance of its “2026 Undated Additional Tier 1 Capital Bonds (Series 1) (Bond Connect)” in the national inter-bank bond market, raising RMB30.00 billion.
Book-building took place on 10 April 2026, and settlement closed on 14 April 2026. The bonds carry a 2.05% coupon for the first five years, resetting every subsequent five-year period. Starting from the fifth year, the bank retains a conditional right to redeem the securities on each interest-payment date.
Proceeds are earmarked exclusively for replenishing the lender’s additional Tier 1 capital in line with regulatory approvals.