On September 16, Bank Of Ningbo Co.,Ltd. announced that with approval from the Ningbo Financial Regulatory Bureau and the People's Bank of China, the bank recently issued "Bank Of Ningbo Co.,Ltd. 2025 First Tranche Perpetual Capital Bonds" (referred to as "the bonds") in the national interbank bond market.
The bonds have an issuance scale of 10 billion RMB with a coupon rate of 2.30% for the first five years, subject to adjustment every five years. The issuer has conditional redemption rights on the fifth year and each interest payment date thereafter. The proceeds from the bond issuance will be used to supplement the company's additional tier 1 capital in accordance with applicable laws and regulatory approvals.
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