China CITIC Bank (00998) issued an announcement according to the People's Bank of China's “Administrative License Grant Decision” (Bank License Approval)...
According to the Zhitong Finance App, China CITIC Bank (00998) issued an announcement. According to the People's Bank of China's “Administrative License Approval Decision” (Banking Approval Letter [2024] No. 6), China CITIC Bank Co., Ltd. has been approved to issue financial bonds. The balance of financial bonds added in 2024 will not exceed RMB 80 billion, and the balance of financial bonds at the end of the year will not exceed RMB 360 billion. According to the “China Financial Supervisory Administration's Approval on the Issuance of Capital Instruments by China CITIC Bank” (Jin Fu [2023] No. 467), the bank was authorized to issue capital instruments of no more than RMB 120 billion.
With the approval of the aforementioned regulators, the bank recently issued 2024 unfixed capital bonds (first installment) in the national interbank bond market. The current bond was recorded on April 24, 2024, and issued on April 26, 2024.
The issuance scale of the current bond is RMB 30 billion. The coupon interest rate for the first 5 years was 2.42%, adjusted every 5 years, and the issuer's conditional redemption right is attached to every interest payment date after the 5th year.
The funds raised in this issue will be used to supplement the bank's other Tier 1 capital in accordance with applicable laws and regulatory approval.