万科第二笔37亿中票寻求展期

Core Viewpoint - Vanke is initiating an extension of its medium-term notes (MTN), specifically the 22 Vanke MTN005, with a principal maturity date extended to December 28, 2026, from December 28, 2025, maintaining a coupon rate of 3% during the extension period [2][10]. Group 1: Proposals for Extension - The first proposal suggests extending the principal and interest payment by 12 months, with the new payment date set for December 28, 2026, and no compound interest during the extension period [2][11]. - Proposals two to five maintain the 12-month extension of principal and interest payments, requiring the payment of previously accrued interest of 111 million yuan on the original payment date [2][11]. - Proposal two includes the requirement for the issuer to provide corresponding credit enhancement measures during the extension [3][11]. - Proposals three, four, and five specify acceptable credit enhancement measures, including guarantees from large state-owned enterprises in Shenzhen [3][11]. Group 2: Investor Protection Measures - Proposal four mandates that Vanke must fully repay the outstanding principal and interest of the MTN before repaying any subsequent maturing bonds [3][12]. - Proposal five emphasizes that Vanke must fully repay the MTN before any other bonds maturing after December 28, 2025, and includes cross-default clauses for investor protection [3][12]. - The proposals require approval from holders representing over 90% of the voting rights for them to take effect, indicating a high threshold for agreement [4][12]. Group 3: Grace Period Extension - Proposal six extends the grace period for principal and interest payments from 5 working days to 30 trading days, allowing for more flexibility in repayment [5][13]. - If payments are made within the 30-day grace period, it will not constitute a default, and no penalties or additional interest will accrue during this period [5][13]. - The extension of the grace period is seen as a common industry practice and is likely to be easier to pass [5][13]. Group 4: Upcoming Debt Obligations - As of December 3, 2025, Vanke has a total of 20.3 billion yuan in outstanding domestic bonds, with 3.7 billion yuan maturing within the year and 10 billion yuan maturing in 2026 [6][14]. - Vanke is also seeking support from commercial banks to delay the payment of certain loan interests by one year to gain additional time [6][14]. - Additionally, Vanke's subsidiary has secured a one-year extension on a 400 million yuan loan from Huaxia Bank, with the same collateral arrangements remaining in place [7][15].