SWHY(SZ:000166) 申万宏源证券上海北京西路营业部·2025-06-25 01:29Core Viewpoint - The successful issuance of 2 billion yuan of perpetual bonds by Shenyuan Hongyuan Securities for Yancheng City Urban Asset Investment Group reflects strong market confidence and the company's commitment to supporting the real economy and national strategies [1][2]. Group 1 - The bond issuance had a scale of 2 billion yuan, a term of 3+N years, and a coupon rate of 2.32%, achieving a historical low for both the issuer and Yancheng's perpetual bonds [1]. - The subscription multiple was 2.57 times, with a marginal subscription multiple of 1.89 times, indicating strong investor interest and confidence in the issuer's creditworthiness [1]. - The issuance will help the issuer optimize its financing structure, reduce financing costs, and extend debt duration, enhancing operational capabilities [2]. Group 2 - Yancheng City is a key area for national coastal development and the Yangtze River Delta integration strategy, making the issuer a significant platform company for state asset management and infrastructure operations [2]. - The successful bond issuance demonstrates Shenyuan Hongyuan's strong professional capabilities and sales strength, enhancing its reputation and influence in the Jiangsu market [2]. - The company aims to leverage its resources and regional advantages to deepen its business in the area and support the national "Yangtze River Delta integration" strategy [2].