2025年第三期中国铁路建设债券（30年期） （第三次续发行）发行办法

Group 1 - The issuance of the railway construction bonds is approved by the State Council and is classified as government-supported bonds [1] - The interest income from the bonds for corporate investors is subject to a 50% reduction in corporate income tax, while for individual investors, it is taxed at 50% of the taxable income [2] - The China Railway Corporation has been restructured and renamed as China National Railway Group Co., Ltd., with existing support policies continuing to apply [3] Group 2 - The total issuance scale for the railway construction bonds is set at 300 billion yuan, with the current bond issuance scale being 50 billion yuan [4] - The bonds have a maturity of 30 years, and the bidding price range is determined based on the Shibor benchmark rate plus a basic spread [2][3] - The final pricing and basic spread will be determined by the issuer based on market bidding results [2] Group 3 - The bidding results for the bonds will be announced on January 9, 2026, on various financial websites [3][19] - The bidding process will take place on January 8, 2026, with specific time slots for bidding [18] - The bonds will be publicly issued to institutional investors through the Shanghai Stock Exchange and the interbank market [3][19] Group 4 - The payment deadline for the raised funds from the bond issuance is set for January 9, 2026, at 12:00 PM [21] - If a winning bidder fails to pay the subscription amount on time, it will be considered a default, and the issuer has the right to dispose of the bonds [24] - The bonds will be listed for trading three days after the bidding date, merging with existing bonds [25]