BANK OF CHINA (03988) announced that, with approval from relevant regulatory authorities, it successfully issued RMB50 billion in write-down Tier-2 capital bonds on the national interbank bond market on December 22, 2025. The issuance was completed on December 24, 2025.
The bonds consist of two tranches. Tranche One is a 10-year fixed-rate bond with an issuance size of RMB48 billion, carrying a coupon rate of 2.22% and featuring an issuer call option at the end of the fifth year. Tranche Two is a 10-year floating-rate bond with an issuance size of RMB2 billion, offering an initial coupon rate of 2.25% and also including an issuer call option at the end of the fifth year.
Proceeds from the bond issuance will be used to replenish the bank's Tier-2 capital in accordance with applicable laws and regulatory approvals.

