ICBC completes RMB20.00 billion AT1 Bond Connect issuance at 1.89% coupon

Bulletin Express
07/10

Industrial and Commercial Bank of China Limited (ICBC) has finalised the issuance of its 2026 Undated Additional Tier 1 Capital Bonds (Series 3) in China’s National Interbank Bond Market via Bond Connect.

The transaction, which completed bookbuilding on 8 July 2026 and settled on 10 July 2026, raised RMB20.00 billion through perpetual bonds carrying an initial distribution rate of 1.89% for the first five years. The coupon will reset every five years thereafter.

ICBC retains a conditional call option, allowing redemption on any distribution payment date starting from the fifth anniversary, including the fifth distribution payment date.

Proceeds are earmarked exclusively for replenishing the bank’s additional tier 1 capital, as approved by the relevant regulatory authorities.

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