Bank of China (601988.SH) announced that the company approved the proposal to issue no more than CNY 45 billion or equivalent foreign currency capital instruments at the shareholder meeting held on June 30, 2023. After approval by the relevant regulatory authorities, the bank issued a total of CNY 30 billion of perpetual capital bonds with a markdown and no fixed term on July 26, 2024, on the national interbank bond market and completed the issuance on July 30, 2024.
The coupon rate for the first five years of this period bond is 2.19%, which is adjusted every five years. The issuer has the right to redeem the bond on every interest payment date after the fifth year. The funds raised from the issuance of this bond will supplement the bank's other tier one capital in accordance with applicable laws and regulatory approvals.