Weihai City Commercial Bank (HKG:9677) issued 2.9 billion yuan of perpetual bonds in the national interbank bond market.
The coupon rate is 2.90% for the first five years, according to a Friday filing with the Hong Kong Exchange.
The lender has a right to redeem the debt securities on every interest payment date from the fifth year onwards.
Proceeds will be used to beef up the bank's other tier-one capital.
The bank's shares closed nearly 2% higher on Friday.
Price (HKD): $2.85, Change: $+0.050, Percent Change: +1.79%
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