China Minsheng Banking (HKG:1988, SHA:600016) issued undated capital bonds worth 10 billion yuan, according to a Hong Kong Stock Exchange filing on Monday.
The bond has a coupon rate that can be adjusted every five years. Its initial coupon rate for the first five years will be 2.73% and the issuer has the right to redeem the bonds on every fifth year.
The Chinese lender will use the proceeds from the issuance to replenish its other tier-one capital, the filing said.
The issuance of the bonds were completed on Nov. 1.
Both of the company's Shanghai and Hong Kong shares rose 1% in recent trade.
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