Tiger Brokers

BANKCOMM Exercises Early Redemption of RMB 30.00 Billion 2021 Tier 2 Capital Bonds

Bulletin Express
Sep 28

Bank of Communications Co., Ltd. (BANKCOMM) has exercised its issuer call option and fully redeemed its 10-year Tier 2 Capital Bonds with an outstanding principal of RMB 30.00 billion.

The bonds were originally issued on 27 September 2021 in China’s interbank bond market with a scheduled maturity of 10 years. In accordance with the prospectus terms, BANKCOMM retained the right to redeem the securities in whole or in part at par on the last day of the fifth interest-accrual year. The bank has now executed this right, settling the redemption on 28 September 2026, as 27 September 2026 is a non-business day.

The full redemption eliminates the outstanding obligation under the 2021 Tier 2 Capital Bonds and concludes the instrument’s role in the bank’s capital structure five years ahead of its final maturity.

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