By Mary-Katherine Stinson
Lexington, Ky., Oct. 23 – Bank of China Ltd. issued RMB 70 billion of tier 2 capital bonds in two tranches, according to a notice.
The offering consists of a RMB 45 million tranche of 3.43% 10-year fixed rate bonds with an issuer’s redemption right at the end of the fifth year.
A RMB 25 million second tranche of bonds was issued with a term of 15 years and a coupon rate of 3.53% with an issuer’s redemption right at the end of the 10th year.
On June 30, the annual general meeting of the bank approved the issuance of capital instruments up to a maximum of RMB 450 billion or equivalent in foreign currencies.
Proceeds will be used to replenish the bank’s tier 2 capital.
The bank provides banking services to individuals, enterprises and other clients.
| Issuer: | Bank of China Ltd.
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| Amount: | RMB 70 billion
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| Issue: | Tier 2 capital bonds
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| Issue date: | Oct. 19
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| Listing date: | Oct. 23
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| Tranche 1
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| Amount: | RMB 45 billion
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| Maturity: | 2033
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| Coupon: | 3.43%
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| Call features: | After five years
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| Tranche 2
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| Amount: | RMB 25 billion
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| Maturity: | 2038
|
| Coupon: | 3.53%
|
| Call features: | After 10 years
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