3 6 Ke·2025-12-07 22:49Core Viewpoint - Vanke is facing a critical moment regarding the extension of its first medium-term note (MTN), with multiple proposals from creditors that impose greater pressure on the company compared to its own proposal [1][4]. Proposal Summaries - Vanke's proposed extension plan includes a one-year extension until December 15, 2026, maintaining the current interest rate of 3%, with interest payments made at maturity without compounding or cash prepayment [1][2]. - The first creditor-proposed extension plan demands additional credit enhancement measures, including guarantees from Shenzhen Metro Group or other acceptable state-owned enterprises, to protect creditor interests [2][3]. - A third proposal from creditors is similar to the second but offers more flexibility regarding the type and source of credit enhancement, allowing for Vanke to provide its own guarantees [3][4]. Voting Requirements - All proposed extension plans require over 90% approval from bondholders to take effect, indicating a significant hurdle for Vanke to navigate [4][6]. Market Context - The 22 Vanke MTN004, issued in December 2022, has a balance of 2 billion yuan and is primarily held by banks and large institutional investors, who typically have a broader perspective during negotiations [6][9]. - The presence of private equity firms among bondholders may lead to more stringent demands for the extension, reflecting their diverse return expectations [7][8]. Outlook - Despite the challenges, there is a belief that the extension of the 22 Vanke MTN004 will reach a favorable conclusion, given Vanke's significant standing and the supportive nature of institutional investors [9][10].