China Merchants Bank (HKG:3968, SHA:600036) completed the issue of 30 billion yuan of undated bonds in the national interbank bond market on Tuesday, a Wednesday bourse filing said.

The bonds carry a 2.42% coupon rate for the first five years, following which the rate will be adjusted every five years.

The lender will use proceeds from the issue to replenish its additional tier 1 capital.

Hong Kong-listed shares of the company closed over 3% lower on Wednesday.