CCB Completes RMB70.00 Billion Third Tranche of 2026 Domestic Tier-2 Capital Bonds via Bond Connect

Bulletin Express10-22

China Construction Bank Corporation (CCB) has finalized the issuance of its 2026 Tier-2 Capital Bonds (Third Tranche) in the National Interbank Bond Market, with settlement completed on 21 October 2026. The transaction, conducted through Bond Connect, raised a total of RMB70.00 billion.

The offering was split into two fixed-rate components: • RMB55.00 billion of 10-year bonds priced at a 1.74% coupon, carrying a conditional redemption option at the end of year five. • RMB15.00 billion of 15-year bonds priced at a 1.93% coupon, featuring a conditional redemption option at the end of year ten.

Proceeds will be applied to replenish CCB’s Tier-2 capital in accordance with regulatory approvals.

This issuance forms part of the broader authorisation secured at the Second Extraordinary Shareholders’ Meeting of 2025, which permits CCB to issue up to RMB700.00 billion in capital and total loss-absorbing capacity (TLAC) instruments—of which no more than RMB450.00 billion may be Tier-2 or similar capital instruments. The latest RMB70.00 billion tranche represents 10.00% of the total authorised ceiling and 15.56% of the capital-instrument sub-limit.

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