On November 27, Ge Longhui | Bank of Communications (03328.HK) announced that with the approval of the State Administration of Financial Supervision and Administration and the People's Bank of China, the Bank of China recently issued the “Bank of Communications Co., Ltd. 2024 First Total Loss Absorption Capacity Non-Capital Bond (Bond Connect)” on the national interbank bond market, and the issuance was completed on November 27, 2024. The issuance scale of this bond is RMB 30 billion. It is a 4-year fixed interest rate bond with a coupon interest rate of 2.11%, and conditional issuer redemption rights at the end of the 3rd year.
After deducting issuance fees, the funds raised in this bond will be used to enhance the Bank's total loss absorption capacity in accordance with applicable laws and the approval of the competent authorities.
