Zhong Guo Zheng Quan Bao - Zhong Zheng Wang·2026-01-06 23:42Core Viewpoint - The China National Railway Group Co., Ltd. is issuing a total of 100 billion yuan in bonds, consisting of 50 billion yuan in a new issuance and 50 billion yuan in a bond renewal, aimed at debt structure adjustment and enhancing sustainable development capabilities [90]. Group 1: Bond Issuance Overview - The total issuance amount for the renewed bond is 50 billion yuan, and the new bond issuance is also 50 billion yuan, making a combined total of 100 billion yuan [17]. - The renewed bond is the "2025 Third Phase China Railway Construction Bond (30-year term) (Third Renewal)" with a fixed interest rate of 2.40% [39][40]. - The new bond is the "2026 First Phase China Railway Construction Bond" with a term of 5 years, and the interest rate will be based on the Shibor benchmark plus a basic spread [48][50]. Group 2: Issuance Details - The renewed bond will be issued through a single price (Dutch-style) bidding method, while the new bond will use a single interest rate (Dutch-style) bidding method [13][14]. - The bidding date for both bonds is set for January 8, 2026, with a payment deadline of January 9, 2026 [42][53]. - The main underwriters for both bond issuances include CITIC Securities, Guokai Securities, Shenwan Hongyuan Securities, and Zhongde Securities [44][57]. Group 3: Financial and Credit Information - The issuer, China National Railway Group Co., Ltd., has a credit rating of AAA, as assessed by China Chengxin International Credit Rating Co., Ltd. [93]. - As of September 2025, the issuer's total assets amount to 99,781.22 billion yuan, with a net asset value of 37,128.38 billion yuan [87]. - The issuer has a history of timely payment of principal and interest on previously issued bonds, with a total of 27,736.62 billion yuan in railway construction bonds issued since 1995 [89].