Industrial & Commercial Bank of China Ltd. raised 55 billion yuan by issuing two tranches of fixed-rate Tier 2 bonds.

The bank issued 45 billion yuan of 10-year bonds with a coupon of 4.26% and 10 billion yuan of 15-year bonds with a coupon of 4.51%. The bank will have conditional rights to redeem the 10-year and 15-year bonds at the end of the fifth and 10th years, respectively, of their issuance.

The bank said it will use the issuance's proceeds to replenish its Tier 2 capital.

As of March 22, US$1 was equivalent to 6.72 Chinese yuan.