By William Gullotti
Buffalo, N.Y., Aug. 16 – Bank of Qingdao Co., Ltd. completed the issuance of RMB 2.4 billion 3.55% undated capital bonds, according to an announcement on Tuesday.
The initial coupon will be adjusted after five years and will be adjusted at five-year intervals until fully redeemed.
The bonds will also become conditionally redeemable after five years on any interest payment date.
The second tranche completes the RMB 6.4 billion approved on June 23, which will be registered at the national interbank bond market of China.
Proceeds will be used to replenish the bank’s other tier 1 capital.
The bank is based in Qingdao, China.
| Issuer: | Bank of Qingdao Co., Ltd.
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| Amount: | RMB 2.4 billion
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| Issue: | Undated capital bonds, 2022 second tranche
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| Tenor: | Perpetual
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| Coupon: | 3.55% for first five years, adjusted at five-year intervals afterwards
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| Call option: | On any interest payment date after five years
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| Issue date: | Aug. 16
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