万科开启了第二笔中票展期

Core Viewpoint - Vanke's second medium-term note extension plan will be announced on December 22, with proposals primarily supporting a one-year extension of the principal repayment of the 2022 fifth phase medium-term note [1] Group 1: Proposal Overview - The first proposal extends the principal repayment date of the medium-term note by 12 months to December 28, 2026, with interest accrued before the extension to be paid on the same date without compound interest [1] - The second proposal mirrors the first, with a principal extension of one year and a normal payment of previously accrued interest of 111 million yuan on the original payment date, maintaining a coupon rate of 3% during the extension period [1] Group 2: Credit Enhancement Measures - The third proposal requires the issuer to provide acceptable credit enhancement measures for the principal and interest during the extension, including guarantees from large state-owned enterprises in Shenzhen [2] - The fourth proposal adds a priority repayment requirement, mandating Vanke to fully repay the outstanding principal and interest of this medium-term note before repaying other maturing bonds [2] - The fifth proposal imposes stricter conditions, requiring Vanke to repay this medium-term note's outstanding principal and interest before any other bonds maturing after December 28, 2025, with immediate repayment triggered upon violation [2] Group 3: Default and Grace Period - The sixth proposal extends the grace period for principal and interest repayment from 5 working days to 30 trading days, with no default triggered if Vanke makes full payment within this period or obtains a waiver from bondholders [3] - All proposals require approval from bondholders holding over 90% of the voting rights for the debt financing tool to take effect [3] - As of the announcement date, the balance of the "22 Vanke MTN005" bond is 3.7 billion yuan, with a coupon rate of 3% and a payment date of December 28, 2025, alongside unpaid interest of 111 million yuan [3]