Industrial and Commercial Bank of China (01398): Plans to redeem $6.16 billion of perpetual capital bonds.

Industrial and Commercial Bank of China (01398) announced that it issued USD 6.16 billion of perpetual capital bonds overseas on September 24, 2021. According to the terms and conditions of these bonds, the bank has a conditional early redemption right on each interest payment date starting from the fifth year after the bond issuance. The bank has notified the bondholders that it will exercise its early redemption right to redeem all outstanding bonds on September 24, 2026 (the first redemption date). The bank will redeem all of these bonds at par value plus any accrued and unpaid interest up to (but excluding) the first redemption date. The bank has obtained a prior written decision from the National Financial Regulatory Administration in accordance with the requirements of the terms and conditions. The conditions for exercising the redemption right have been met. After the redemption is completed on the first redemption date, there will be no outstanding balance remaining for these bonds. Accordingly, the bank will apply to the Hong Kong Stock Exchange for the withdrawal of the listing of these bonds.