Group 1 - The issuer of the bonds is China National Railway Group Co., Ltd. [3][22] - The total issuance amount for the bond series is 50 billion yuan for both the new and renewed bonds [17][39][50]. - The bonds are guaranteed by the Railway Construction Fund, providing an irrevocable joint liability guarantee [45][58]. Group 2 - The renewed bond, named "2025 Third Phase China Railway Construction Bond (30-year) (Second Renewal)," has a fixed interest rate of 2.40% [30][38]. - The new bond, named "2025 Eleventh Phase China Railway Construction Bond," will have its interest rate determined based on the Shibor benchmark plus a basic spread [50][51]. - The maturity date for the renewed bond is March 19, 2055, while the new bond matures on September 18, 2030 [34][55]. Group 3 - The bonds will be issued through a public offering to institutional investors via a bidding process [40][50]. - The bidding for both bonds will take place on September 17, 2025, with payment due by September 18, 2025 [42][53]. - The bonds will be registered and maintained by the Central National Debt Registration and Settlement Co., Ltd. [8][60]. Group 4 - The issuer's credit rating is assessed as AAA by China Chengxin International Credit Rating Co., Ltd. [100]. - The funds raised from the bond issuance will be used for debt structure adjustment, enhancing the issuer's sustainable development capacity [97][98]. - The issuer has a history of timely payment of principal and interest on previously issued bonds [96].

Group 1 - The issuer of the bonds is China National Railway Group Co., Ltd., which is a government-supported entity [1][31] - The bond issuance scale is set at 5 billion yuan for the 2025 Eleventh Phase China Railway Construction Bonds [8][32] - The bonds will be issued through a single-rate (Dutch-style) bidding process, with the final interest rate determined based on market results [11][33] Group 2 - The bidding process will take place on September 17, 2025, with the results announced on September 18, 2025 [13][16] - The bonds have a term of 5 years, and the interest rate will be based on the Shibor benchmark rate plus a basic spread [32][33] - The final interest rate will be fixed and will not change during the bond's duration [33] Group 3 - The lead underwriter for this bond issuance is CITIC Securities [5][21] - The bonds will be registered and settled through the Central National Debt Registration and Settlement Co., Ltd. [20][33] - Institutional and individual investors will be able to participate in trading after the bonds are listed [33][34]