Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2025-05-18 22:41Group 1 - The issuer of the bonds is China National Railway Group Co., Ltd., which is the restructured entity of the former China Railway Corporation [1][42] - The total issuance scale of the bonds is 10 billion yuan, specifically the "2025 Fifth Phase China Railway Construction Bonds" [4][43] - The lead underwriter for this bond issuance is CITIC Securities [5][42] Group 2 - The bonds are divided into two types: a 10-year bond with a scale of 5 billion yuan and a 30-year bond also with a scale of 5 billion yuan, totaling 10 billion yuan [43] - The coupon rate for the 10-year bond is based on the Shibor benchmark rate plus a basic spread ranging from -0.5% to 0.5%, while the 30-year bond has a spread range of -0.4% to 0.6% [43] - The Shibor benchmark rate used for this issuance is the average of the one-year Shibor rate over the five working days prior to the announcement, which is 1.68% [43] Group 3 - The bidding for the bonds will take place on May 20, 2025, with the issuance results announced on May 21, 2025 [20][44] - The bonds will be issued through a single-rate (Dutch-style) bidding process, and the final coupon rate will be determined based on market results [18][44] - The bonds will be listed on the interbank bond market and the Shanghai Stock Exchange, allowing participation from both institutional and individual investors [28][44]