ICBC Completes RMB20.00 Billion Additional Tier 1 Bond Issue at 1.86% Coupon

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Industrial and Commercial Bank of China Limited (ICBC) has finalised the issuance of its 2026 Undated Additional Tier 1 Capital Bonds (Series 4) via Bond Connect in the National Interbank Bond Market.

The book-building occurred on 8 September 2026, with settlement completed on 10 September 2026. The transaction raised RMB20.00 billion through perpetual instruments carrying an initial distribution rate of 1.86% for the first five years. The coupon will reset every five years thereafter.

ICBC retains a conditional right to redeem the securities on any distribution payment date starting from the fifth anniversary, including the fifth payment date.

Net proceeds are designated exclusively for replenishing the bank’s additional Tier 1 capital, subject to regulatory approvals.

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