ICBC Raises RMB60.00 Billion via 10-Year Tier-2 Capital Notes at 1.88% Coupon

Bulletin Express07-13

Industrial and Commercial Bank of China Limited (ICBC) has completed the issuance of its 2026 Tier 2 Capital Notes (Series 4) through Bond Connect in the National Interbank Bond Market.

The offering totaled RMB60.00 billion in 10-year fixed-rate notes, carrying a coupon of 1.88%. The structure includes a conditional issuer call option at the end of the fifth year, allowing ICBC to redeem the securities ahead of maturity subject to regulatory approval.

Net proceeds, after deduction of issuance expenses, will be applied to strengthen ICBC’s Tier 2 capital in accordance with relevant laws and regulatory consents.

The issuance was executed under approvals previously granted by the competent authorities, and an official announcement was released by ICBC’s board on 13 July 2026.

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