China Merchants Bank (03968) issued 20 billion yuan of perpetual capital bonds.

China Merchants Bank (03968) announced that the company recently issued the "2025 China Merchants Bank Co., Ltd. Undated Capital Bonds (Series 1) (Bond Connect)" in the national interbank bond market. The bonds were book-built on April 25, 2025, and were officially issued on April 29, 2025. The issuance size of the bonds is RMB 20 billion, with a fixed coupon rate of 2.13% for the first 5 years. The coupon rate will be adjusted every 5 years, and the issuer has the conditional redemption right starting from the 5th year and on each interest payment date thereafter. The funds raised from this bond issuance will be used to supplement the company's Tier 1 capital in accordance with applicable laws and regulatory approvals.