Industrial and Commercial Bank of China or ICBC (HKG:1398, SHA:601398) completed the issue of 50 billion yuan of 10-year fixed-rate bonds with a 1.88% interest rate, a Monday Hong Kong bourse filing said.

The bonds, which have a conditional redemption right at the end of the fifth year, were issued in the National Interbank Bond Market.

The lender will use proceeds from the issue to boost its tier 2 capital.