Bank of China issues RMB30.00 billion undated AT1 bonds at 1.95% coupon

Bulletin Express05-15

Bank of China (HK: 03988) has completed the issuance of RMB30.00 billion write-down undated capital bonds in the domestic interbank bond market, according to a 15 May 2026 announcement by the Board of Directors.

The notes, structured as additional Tier 1 (AT1) instruments, carry a 1.95% coupon for the first five years and feature a rate reset every subsequent five-year interval. Beginning in year five, the bank retains the option to redeem the bonds on each distribution payment date.

The transaction is part of a broader programme approved by shareholders on 18 July 2025, authorising the issuance of up to RMB450.00 billion (or foreign-currency equivalent) in capital instruments. Proceeds from the current tranche will be used to replenish Bank of China’s AT1 capital, in line with domestic regulatory approvals.

With the completion of this offering, Bank of China has drawn down around 6.67% of the total authorised quota, enhancing its capital structure while maintaining flexibility for future issuances under the programme.

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