Core Viewpoint - The company has successfully completed the issuance of convertible senior notes totaling $550 million, maturing in 2032, with an additional $50 million exercised by initial purchasers [1] Group 1: Financial Details - The net proceeds from the bond issuance amount to approximately $535 million, which will be used for working capital needs and refinancing existing debt [1] - The bonds carry an annual interest rate of 2.25%, with interest payments scheduled semi-annually on June 1 and December 1 starting from December 1, 2025 [1] - The bonds are classified as senior unsecured obligations of the company [1] Group 2: Future Plans - The company plans to potentially repurchase or redeem its existing convertible bonds maturing in 2029 when investors exercise their put options [1] - The bonds will mature on June 1, 2032, unless redeemed, repurchased, or converted prior to that date according to their terms [1]

Group 1: Monetary Policy and Market Operations - The central bank conducted a 7-day reverse repurchase operation of 215.5 billion yuan at a fixed rate of 1.40% on May 28, resulting in a net injection of 58.5 billion yuan after accounting for 157 billion yuan in reverse repos maturing on the same day [2][4] - Liquidity remains ample, with overnight and 7-day pledged repo rates declining by over 3 basis points and 1 basis point, respectively [4] - The latest overnight financing rate in the U.S. stands at 4.26% [4] Group 2: Interbank Rates and Bond Yields - The latest transaction for one-year interbank certificates of deposit is around 1.72%, showing a slight increase from the previous day [7] - The yields on major interbank bonds are as follows: 1-year government bonds at 1.4625%, 2-year at 1.4725%, and 10-year at 1.6830% [8] - The 30-year main contract for government bond futures fell by 0.04%, while the 10-year contract remained unchanged [11] Group 3: Corporate and Government Financial Data - From January to April, state-owned and state-controlled enterprises reported total operating revenue of 26.2755 trillion yuan, unchanged from the previous year, while total profit decreased by 1.7% to 1.34914 trillion yuan [12] - The asset-liability ratio for these enterprises increased by 0.2 percentage points to 65.1% [12] Group 4: International Relations and Economic Policies - The Chinese government announced an expansion of visa-free access for citizens of Saudi Arabia, Oman, Kuwait, and Bahrain, effective from June 9, 2025, to June 8, 2026, facilitating business and tourism [12] - The European Union aims to reduce carbon emissions by 54% by 2030, slightly below its 55% target, while also striving for at least 42.5% of renewable energy [14] Group 5: Bond Issuance and Market Events - The Ministry of Finance plans to issue 68 billion yuan in government bonds in Hong Kong this year [17] - Recent negative events in the bond market include downgrades in ratings for several companies, such as Wuzhou Canghai Construction Development Co. and Jineng Technology Co., indicating potential risks in the corporate bond sector [17]

Group 1 - US stock market opened slightly higher with Dow Jones up 0.07%, Nasdaq up 0.17%, and S&P 500 up 0.10% [1] - Macy's shares rose over 3% following Q1 total revenue and adjusted EPS exceeding expectations [1] - Okta, a cloud security company, saw a decline of over 13% due to performance guidance falling short of expectations [1] Group 2 - Global Data experienced a drop of over 8% after announcing the issuance of $500 million in convertible preferred bonds [1] - GameStop shares increased by 2% as the company invested over $500 million in purchasing 4,710 bitcoins [1]

Group 1 - The company announced the issuance of $500 million convertible preferred bonds maturing on June 1, 2032, with an annual interest rate of 2.25% [2][5] - The initial offering size was increased from $450 million to $500 million, with an option for qualified investors to purchase an additional $50 million within 13 days of the bond issuance [5] - The initial conversion rate is set at 30.2343 shares of ADS per $1,000 principal, translating to an initial conversion price of approximately $33.08 per ADS, representing a conversion premium of about 35% over the hedge sale price of $24.50 [6] Group 2 - The estimated net proceeds from the convertible bond issuance are approximately $486.1 million, or $534.9 million if the additional bond option is fully exercised, intended for working capital and refinancing existing debt [6] - The company disclosed a hedge placement of 6 million shares of ADS at a price of $24.50 per ADS, which will be lent to the underwriters' affiliates for sale [6] - The public offering of 5.2 million shares of ADS is priced at $24.50 per ADS, with underwriters granted a 30-day option to purchase up to an additional 780,000 shares at the same price [6]