Xin Hua Cai Jing·2025-05-27 06:17Core Insights - The recent regulatory changes allow for the trial of company bond renewals and asset-backed securities expansions, marking a significant shift in the financing landscape for companies [1][3] - CITIC Securities and China Merchants Securities have announced the first cases of bond renewals under the new regulations, with CITIC planning to issue up to 3 billion yuan and China Merchants up to 2 billion yuan [1][2] Group 1: Company Bond Renewals - CITIC Securities plans to issue a renewal of its company bonds on May 30, with a scale not exceeding 30 billion yuan, maintaining a coupon rate of 2.03% [1] - The bond has a term of 3 years, with the principal repayment date set for March 6, 2028, and the subscription price range is between 99.500 yuan and 102.500 yuan [1] - China Merchants Securities will also issue a renewal of its short-term company bonds on May 30, with a scale not exceeding 20 billion yuan, maintaining a coupon rate of 1.87% [2] Group 2: Fund Utilization - The proceeds from CITIC Securities' bond renewal will be used entirely to supplement operational funds [2] - China Merchants Securities plans to allocate up to 1.5 billion yuan for repaying maturing bonds and up to 500 million yuan for supplementing working capital [2] Group 3: Regulatory Framework - The Shanghai Stock Exchange has released updated guidelines for company bond and asset-backed securities issuance, facilitating the trial of bond renewals and expansions [3]