By William Gullotti
Buffalo, N.Y., June 16 – Bank of China Ltd. issued RMB 30 billion of 3.27% write-down undated capital bonds in China’s domestic interbank bond market on Wednesday, according to an announcement on Friday.
The perpetuals have five years of call protection and will be callable on every distribution date after the first five years.
The coupon rate will reset after five years and will reset in five-year intervals until fully redeemed.
Proceeds from the issuance will be used to replenish the bank’s additional tier 1 capital.
The bank provides banking services to individuals, enterprises and other clients.
Issuer: | Bank of China Ltd.
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Amount: | RMB 30 billion
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Issue: | Tier 2 capital bonds
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Tenor: | Perpetual
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Coupon: | 3.27% for five years; resets at five-year intervals
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Call: | Non-callable for first five years; callable on each distribution date thereafter
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Issue date: | June 14
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Settlement date: | June 16
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