1月15日，"22万科MTN004"和"22万科MTN005"同时披露了2026年第一次持有人会议的议案概要。两笔 债券余额分别为20亿元、37亿元，原兑付日分别为2025年12月15日、2025年12月28日。 具体来看，"22万科MTN004"的会议议案共有四项。 "议案一"提出本金兑付时间展期12个月，调整后兑付时间为2026年12月15日。在利息支付上，于2025年 12月15日到期的应付利息6000万在宽限期内支付，也即2026年1月28日；宽限期间未偿付本金按3%计 息，展期期间也以3%的利息计息，利随本清。 同时，"议案一"此番明确具体的增信措施。发行人承诺为本期中票提供三家项目公司应收款质押（深圳 市荣兴、廊坊万恒盛业以及北京友泰）作为增信担保措施；同时，若本议案获得通过，发行人承诺协调 和保证相关主体于本议案获表决通过之日起60个工作日内与债权代理人签署、办理相关增信担保手续。 若未按期执行，则债权人可通过召开持有人会议方式宣布本期中票本息立即到期支付。 受此影响，万科股债上涨。 万科就两笔境内债交出第三版展期方案。 与"22万科MTN004"相似，"22万科MTN005"的2026年第一次 ...

Group 1 - The China Interbank Market Dealers Association announced two notices regarding the convening of the first bondholders' meeting for Vanke's medium-term notes "22 Vanke MTN004" and "22 Vanke MTN005," involving a total of 5.7 billion yuan in bond extension matters [1][2] - The "22 Vanke MTN004" bond has a balance of 2 billion yuan, a coupon rate of 3.00%, and an original maturity date of December 15, 2025. Previous meetings extended the grace period for principal and interest payments from 5 working days to 30 trading days, with the grace period ending on January 28, 2026 [1] - The "22 Vanke MTN005" bond has a balance of 3.7 billion yuan, also with a coupon rate of 3.00%, and an original maturity date of December 28, 2025. The first bondholders' meeting on December 26 resulted in only the extension of the grace period being approved, with 92.11% voting in favor [2]

Group 1 - Vanke's two medium-term notes (MTN) are facing a critical moment regarding their extension, with a creditor meeting scheduled for January 21, just a week before the grace period ends on January 28 [1] - The balance of the "22 Vanke MTN004" is 2 billion yuan, with a coupon rate of 3.00%, and the original maturity date was December 15, 2025 [1] - If Vanke can communicate effectively with creditors and reach a consensus during the grace period, or if it pays the principal and interest, the bonds may avoid default risk [1] Group 2 - Shanghai Pudong Development Bank has extended the grace period for the repayment of the medium-term notes from 5 working days to 30 trading days, with the new deadline set for January 28, 2026 [2] - If the principal and interest are fully paid within the 30 trading days grace period, or if a waiver is granted through the bondholders' meeting, it will not constitute a default by the issuer [2] - The balance of the "22 Vanke MTN005" is 3.7 billion yuan, with a coupon rate of 3.00%, and the original maturity date was December 28, 2025 [3]

Group 1 - The report highlights a significant reduction in credit bond issuance towards the end of the year, with a net repayment of 635 billion yuan, contrasting with a net financing of 482 billion yuan in the previous week [6][8]. - The primary active maturities remain in the short to medium term, with a focus on 3-year bonds as potential riding opportunities following the implementation of new redemption regulations [1][6]. - The report indicates a low trading volume in the secondary market, with total transactions amounting to 3964.25 billion yuan, a sharp decline from 9679.95 billion yuan in the previous week [6][9]. Group 2 - The issuance of short-term financing bonds totaled 380.8 billion yuan, while 942.8 billion yuan matured, indicating a significant outflow [6][7]. - The report notes that the majority of issuers are rated AA+, accounting for 39.44% of the total, with the construction sector being the largest contributor at 43.66% [6][7]. - The yield on 3-year AAA medium-term notes increased by 3.15 basis points to 1.89%, reflecting a general upward trend in medium to long-term yields [9][10].

Core Viewpoint - Vanke is facing challenges with its bond repayment obligations, particularly regarding the "21 Vanke 02" bond, which has prompted the company to convene a bondholder meeting to discuss adjustments to the repayment arrangements [1][2][4]. Group 1: Bond Details and Adjustments - The "21 Vanke 02" bond has an issuance scale and current balance of 1.1 billion, with a coupon rate of 3.98% [2]. - The bond's maturity date is set for January 22, 2028, but if the issuer exercises the redemption option, the repayment date would be January 22, 2026 [4]. - The bondholder meeting will review proposals to adjust the repayment schedule, including extending the repayment date to January 22, 2027, if investors exercise their redemption rights [5][6]. Group 2: Market Reactions and Implications - The recent turmoil surrounding Vanke's bond extensions has raised concerns among investors about the company's financial stability and ability to meet its obligations [4][8]. - Analysts suggest that the adjustments being proposed are preemptive measures to ensure smooth repayment of bond principal and interest, reflecting Vanke's current operational challenges [6][7]. - The market's response indicates a preference for cash and solid credit support over narrative-driven proposals, as seen in the differing outcomes of previous bond extension votes [9].

Core Viewpoint - Vanke Enterprise Co., Ltd. has announced the suspension of its bond "21 Vanke 02" starting January 5, 2026, to protect the interests of bond investors amid market conditions [1] Group 1: Bond Details - The bond "21 Vanke 02" has a remaining balance of 1.1 billion yuan, with an issuance date of January 22, 2021, and a maturity date of January 22, 2028 [1] - The bond features a 7-year term with options for redemption, interest rate adjustment, and investor repurchase [1] - Vanke has decided not to exercise its redemption option and will maintain the coupon rate at 3.98% for the remaining two years [1] Group 2: Bondholder Meeting - A bondholder meeting is scheduled from January 16 to January 19, 2026, to discuss adjustments to the principal and interest payment arrangements [2] - Only bondholders who have exercised their repurchase option will be allowed to participate in the voting [2] - Three proposals will be reviewed, including waiving procedural requirements, adjusting the repayment date, and extending the grace period for repayment [2] Group 3: Proposed Adjustments - The proposed adjustment for the repayment date of the repurchased bonds is set to January 22, 2027, with interest payments continuing at 3.98% [3] - A grace period of 30 trading days is proposed for the repayment of the repurchased bonds, during which no default will be considered [3] - Vanke will provide additional credit enhancement measures if the proposals are approved, and bondholders can opt out of these enhancements [3] Group 4: Additional Context - Vanke is facing pressure from two other domestic bonds that have not received the necessary approval for extension, despite some proposals being passed [4] - The company is committed to ongoing communication and collaboration with stakeholders to find solutions for its bond obligations [4]

Core Viewpoint - Vanke's attempts to extend its domestic bonds have faced significant setbacks, highlighting a deep trust gap with creditors and exacerbating the company's short-term liquidity pressures [1][4]. Group 1: Bond Extension Attempts - On December 22, Vanke's proposal for the 20 billion yuan bond "22 Vanke MTN004" was rejected by creditors, only managing to secure a 30 trading day grace period [1][2]. - The subsequent meeting on December 26 for the 37 billion yuan bond "22 Vanke MTN005" resulted in a similar outcome, with all extension proposals failing and only the grace period being approved [2][3]. - The proposals for both bonds included multiple adjustments, but ultimately failed to meet the required 90% approval threshold from creditors [2][3]. Group 2: Proposal Details - The first proposal for "22 Vanke MTN004" demanded a 12-month extension of principal payments without any credit enhancement measures, receiving only 1.76% support [3]. - The second proposal attempted to address creditor concerns by offering normal interest payments and vague credit enhancement commitments, but still garnered only 3.19% support [3]. - The approved grace period extends the original 5 working days to 30 trading days, with the new maturity date set for January 28, 2026, but this is seen as a temporary measure [2][3]. Group 3: Market Reactions and Future Outlook - Industry experts indicate that the grace period is merely a stopgap and does not fundamentally resolve Vanke's issues, emphasizing the need for clear and executable credit enhancement measures to regain creditor trust [4][5]. - The lack of a solid repayment plan and ambiguous credit enhancement descriptions have led to repeated rejections of Vanke's proposals, indicating a cycle of failed negotiations [4][5]. - Comparisons with other bonds, such as "18 Ocean 01," show that Vanke's proposals lack the structured repayment plans that could potentially alleviate creditor concerns [5].

Group 1 - Vanke's domestic bonds "22 Vanke MTN005" and "22 Vanke MTN004" extension proposals were rejected, with only the extension of the grace period being approved [1][2] - The grace period for the "22 Vanke MTN005" bond has been extended from 5 working days to 30 trading days, with the new deadline set for February 10, 2026 [2][4] - The total outstanding bond balance for Vanke's domestic debt is approximately 21.798 billion yuan, with the combined repayment amount for the "22 Vanke MTN005" and "22 Vanke MTN004" bonds reaching 5.871 billion yuan [4] Group 2 - The "22 Vanke MTN004" bond, issued on December 16, 2022, has a total issuance size of 2 billion yuan and a maturity date of December 15, 2025 [4] - As of October 31, 2025, Vanke and its subsidiaries have a total guarantee balance of 84.476 billion yuan, which accounts for 41.68% of the company's audited net assets attributable to shareholders as of the end of 2024 [5]

Group 1 - Vanke's bond extension proposals have failed, leading to a significant financial challenge as it faces the maturity of 3.7 billion yuan in bonds [1] - The company attempted to extend the maturity of a 2 billion yuan medium-term note on December 22, which was rejected, followed by another 3.7 billion yuan proposal on December 26 that also did not pass [1] - Out of six proposals voted on, only one related to extending the grace period to 30 trading days was approved, providing Vanke with a one-month reprieve [1]

Core Viewpoint - Vanke has received a 30-day grace period for the repayment of its second medium-term note, extending the repayment deadline to February 10, 2026, which may alleviate immediate financial pressure on the company [1] Group 1: Grace Period Extension - The grace period for the repayment of Vanke's 2022 fifth medium-term note has been extended from 5 working days to 30 trading days [1] - This extension was approved during the first bondholders' meeting related to the medium-term note [1] - If Vanke repays the principal and interest within the 30-day grace period, it will not constitute a default [1] Group 2: Previous Proposals - Multiple proposals for extending the repayment period were not approved in the bondholders' meeting [1] - The announcement regarding the grace period extension was published by the Shanghai Clearing House [1]