Industrial and Commercial Bank of China (HKG:1398, SHA:601398) or ICBC completed the issue of 30 billion yuan of undated bonds in the National Interbank Bond Market, according to a Monday Hong Kong bourse filing.
The bonds have a distribution rate of 2.01% during the first five years, after which it will be adjusted every five years.
The firm will have conditional redemption rights on each distribution payment date from the fifth anniversary.
The lender will use the proceeds to replenish its additional tier 1 capital.
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