Summary by Futu AI
Bank of China Limited (abbreviated as "Bank of China") announced that the reset of the coupon rate of its non-publicly issued domestic preferred stock"BOC Preferred 3"will be made. The preferred stock was issued in June 2019, with a coupon rate adjusted in stages. The coupon rate remains unchanged for the first five years, and is reset every five years thereafter. The reset date is scheduled for June 27, 2024, and the base interest rate will be based on the arithmetic mean of the China government bond yield rate in the 20 trading days before the reset date, which is 2.05%, plus a fixed spread of 1.43%. Therefore, the coupon rate for the second coupon rate adjustment period of "BOC Preferred 3"will be adjusted to 3.48% and will be paid once a year.