Rising interest rates in the US, evident in US Treasury yields reaching decade highs, have compelled Chinese banks to call back their perpetual bonds (callable in September and October). Details can be seen in the table below:

Top Chinese banks to pay off US$12 billion of perpetual debt (1)

Given that the US 5Y yield has hit its highest levels since 2007, all of the above bonds would be subject to a much higher coupon reset if it were not called as evident by the last column.

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