Core Viewpoint - The company plans to issue up to 2.5 billion yuan in perpetual corporate bonds, pending approval at the 2024 annual shareholders' meeting, to primarily repay interest-bearing debts and supplement working capital [1] Group 1 - The registration process for the bond issuance is currently underway [1] - The funds raised will be used according to the specific purposes outlined in the pre-issuance fundraising prospectus [1] - The company aims to conduct financing planning based on project construction and operational funding needs, utilizing a one-time registration with either single or phased issuance as required [1]

2025年10月 4日，发行人和主承销商在网下向专业机构投资者进行了票面利率询价。根据网下专业机构 投资者询价结果，经发行人和主承销商协商一致，最终确定本期债券品种一的票面利率为 2.10%，品种 二未实际发行。 格隆汇10月14日丨中国建材(03323.HK)公告，经中国证券监督管理委员会证监许可(2024)13号文同意注 册，中国建材股份有限公司(以下简称"发行人")获准面向专业投资者公开发行面值总额不超过人民币 200 亿元的可续期公司债券，采用分期发行方式，其中中国建材股份有限公司2025年面向专业投资者公 开发行科技创新可续期公司债券(第六期)(以下简称"本期债券")发行规模为不超过 21 亿元。本期债券分 为两个品种,品种一期限为 3+N年,品种二期限为 5+N年。本期债券引入品种间回拨选择权，回拨比例不 受限制，发行人和记管理人将根据本期债券发行申购情况，在总发行规模内由发行人和记管理人协商一 致，决定是否行使品种间回拨选择权。 ...

本期债券发行工作已于2025年9月25日结束，品种一(债券简称：25HPI5YK，代码：243873)实际发行规 模15亿元，最终票面利率为2.33%，认购倍数为2.59;品种二取消发行。 华能国际（600011）电力股份(00902)发布公告，华能国际电力股份有限公司2025年面向专业投资者公 开发行科技创新可续期公司债券(第四期)(以下简称"本期债券")拟发行不超过15亿元(含15亿元)，本期债 券分为两个品种，品种一基础期限为5年，以每5个计息年度为一个周期;品种二基础期限为10年，以每 10个计息年度为一个周期。 ...

Core Viewpoint - Anhui Construction (600502.SH) plans to issue up to 5 billion yuan in perpetual corporate bonds to optimize its capital structure, broaden financing channels, and reduce financing costs [1] Group 1: Bond Issuance Details - The bond will have a basic term of no more than 5 years and will be issued at par value of 100 yuan [1] - The funds raised will be used for adjusting the company's debt structure, repaying company debts, and supplementing working capital [1] - The issuance is subject to approval by the company's shareholders and must be reviewed by the Shanghai Stock Exchange and registered with the China Securities Regulatory Commission before implementation [1]

Core Viewpoint - Zhejiang Construction Investment Group Co., Ltd. has announced its decision not to exercise the extension option for its 2023 public offering of renewable corporate bonds, opting instead for full repayment at maturity [1][2]. Group 1: Bond Issuance Details - The company issued renewable corporate bonds on September 27, 2023, with a basic term of 2 years and a re-pricing cycle of every 2 years [1]. - The first interest period starts on September 27, 2023, and the maturity date is set for September 27, 2025, unless adjusted for public holidays [2]. Group 2: Extension Option - The issuer had the right to extend the bond term by one cycle (an additional 2 years) but has decided not to exercise this option, confirming full repayment at the end of the first interest period [1][2]. - The decision not to exercise the extension option means that the bonds will be fully redeemed on the maturity date of September 27, 2025 [2].

格隆汇8月15日丨安徽建工(600502.SH)公布，为进一步优化公司资产负债结构，拓宽融资渠道，降低融 资成本，结合目前债券市场和公司资金需求情况，公司拟注册发行可续期公司债券。本次可续期公司债 券的发行规模不超过人民币50亿元(含50亿元)。具体发行规模将根据公司资金需求情况和发行时的市场 情况，在上述范围内确定。 ...

安徽建工集团股份有限公司公告拟注册发行可续期公司债券。公司认为自身符合发行条件。发行规模不 超50亿元，公开发行，可一次或分期。基础期限不超5年，发行人有续期选择权。债券面值100元，平价 发行，采用固定利率、单利按年计息。募集资金用于调整债务结构、偿债及补充流动资金等，无担保， 拟申请在上海证券交易所上市。 ...

Core Viewpoint - The announcement details the interest payment for the second phase of the perpetual corporate bonds issued by Hebei Iron and Steel Co., Ltd., scheduled for June 27, 2025, with a coupon rate of 2.46% [1][2]. Group 1: Bond Issuance Details - The bond, referred to as "24 Hebei Y1," has a maturity extension option of up to 3 years or can be fully redeemed at the end of the current cycle [1]. - The interest payment period is from June 27, 2024, to June 26, 2025, with the interest amount calculated based on the total face value held by the investor and the coupon rate [1][2]. - The issuer's credit rating is AAA, and the bond's rating is also AAA, with annual tracking by a credit rating agency [1]. Group 2: Interest Payment Methodology - The interest payment will be made through China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, which will distribute the funds to designated securities firms or other approved institutions [2][3]. - If the company fails to transfer the payment on time, it will be responsible for handling the payment process independently [3]. Group 3: Taxation Information - Individual bondholders are subject to a 20% personal income tax on the interest income, which will be withheld at the time of payment by the respective payment outlets [3][4]. - The tax exemption policy for foreign institutions investing in domestic bonds does not apply to interest income related to their local establishments [4].

Core Viewpoint - Zhuhai Port Co., Ltd. announced the resignation of its chairman, Chen Shaoxing, which is not expected to significantly impact the company's operations or debt repayment capacity [11][12]. Group 1: Bond Issuance Details - The company has applied for the registration of perpetual bonds totaling no more than 1.5 billion yuan, including various types of perpetual debt instruments [1]. - The bond issuance was approved by the China Securities Regulatory Commission on April 20, 2022, allowing for the issuance of up to 600 million yuan in perpetual corporate bonds [2]. - The actual issuance size was 600 million yuan with a coupon rate of 3.80% [2]. Group 2: Bond Terms and Conditions - The bond has a renewal option allowing the issuer to extend the term by one cycle (up to 3 years) at the end of the initial period [4]. - The initial coupon rate is determined based on a benchmark rate plus an initial spread, with subsequent rates adjusted based on market conditions [3]. - The issuer can defer interest payments without limit on the number of deferrals, provided they announce the deferral in advance [5]. Group 3: Management Changes - Chen Shaoxing, aged 50, resigned from his positions as chairman, director, and head of the strategic committee effective June 4, 2025, due to work adjustments [11]. - The company has not yet appointed a new chairman, but will disclose this information once determined [11]. Group 4: Impact on Debt Repayment Capacity - The resignation of Chen Shaoxing is not expected to lower the board's membership below the legal minimum and will not affect the company's normal operations or significantly impact its debt repayment ability [12].

Group 1 - China Railway's stock opened at 5.54 CNY and closed at 5.52 CNY, down 0.36% from the previous trading day's close of 5.54 CNY, with a total market capitalization of 136.575 billion CNY [1] - The company's Q1 financial report showed operating revenue of 248.564 billion CNY, net profit of 6.559 billion CNY, earnings per share of 0.78 CNY, and a gross profit of 14.419 billion CNY, with a price-to-earnings ratio of 4.9 [1] - A total of 113 brokerages rated the stock as a buy, while 40 brokerages recommended holding [1] Group 2 - China Railway and its subsidiaries won a bid for the Baiyun District Dalangke project in Guangzhou for a total price of 1.81 billion CNY, with a premium rate of 0% [1] - The project includes three land parcels with a total area of 160,256 square meters and a total construction area of approximately 340,000 square meters [2] - The project requires the construction of 212,000 square meters of shared ownership housing, with the government holding 45% [2] Group 3 - China Railway issued 3 billion CNY in technology innovation bonds, with a coupon rate of 2.95% and a maturity of 3 years [3] - In Q1, the company signed new contracts worth 621.64 billion CNY, a decrease of 6.9% year-on-year [3] - The engineering construction segment, as the main revenue source, accounted for 470.12 billion CNY of the new contracts, down 7.1% year-on-year [3]