第一财经·2025-12-17 23:49Core Viewpoint - Vanke is initiating a new extension for its medium-term notes (MTN), specifically the 22 Vanke MTN 005, with a principal maturity date extended to December 28, 2026, maintaining a coupon rate of 3% during the extension period [3][5]. Summary by Sections Extension Proposals - The first proposal suggests extending the principal and interest payment of the MTN for 12 months, with the new payment date set for December 28, 2026, and no compound interest during the extension [3]. - Proposals two to five maintain the 12-month extension and interest payment arrangements, requiring the payment of previously accrued interest of 111 million yuan on the original payment date [3][4]. - Proposal two includes the requirement for the issuer to provide corresponding credit enhancement measures [4]. - Proposals three, four, and five specify acceptable credit enhancement measures, including guarantees from large state-owned enterprises in Shenzhen [4]. - Proposal four mandates that Vanke must fully repay the outstanding principal and interest of the MTN before repaying any subsequent maturing bonds [5]. - 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 [5][6]. Grace Period Extension - Proposal six extends the grace period for principal and interest payments from 5 working days to 30 trading days, allowing for a more lenient repayment schedule [6]. - If full payment is made within the 30-day grace period, it will not constitute a default by the issuer [6]. Financial Obligations and Support - 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 [7]. - Vanke is also seeking support from commercial banks to delay specific loan interest payments by one year to gain additional time [7]. - On December 17, it was announced that Huaxia Bank agreed to extend the loan term for Vanke's subsidiary by one year, maintaining the existing collateral arrangements [8].