【导读】在政策与市场的双重驱动下，春秋航空以创纪录低利率成功发债 中国基金报记者郑俊婷 11月初，春秋航空2025年面向专业投资者公开发行的科技创新公司债券（第一期）（以下简称"25春秋 K1"）在上交所成功发行。该债券规模为8亿元，期限三年，票面利率为1.98%，超额认购倍数达3.03 倍，创下交运领域民营企业同期限信用债最低利率，亦为航空公司同期限公司债的最低发行利率。 春秋航空上海总部中国基金报记者郑俊婷摄 时隔9年发债效果超出预期 "25春秋K1"是春秋航空时隔9年再次发行公司债券。对于3倍的超额认购和较低的票面利率，陈可坦言 超出预期。 "债券投资和股票投资非常不一样，股票投资看重预期，而债券投资更看重安全、稳定。本次发行结果 说明，投资者认可春秋航空属于'安全资产'。"陈可说。 据陈可介绍，之所以在当前时点发债，主要有三点考量。一是为未来的资本性开支做准备，如购买飞机 和发动机等核心设备。二是在目前货币政策比较宽松的环境下，回应投资者"增加杠杆"的呼声。三是以 本次发债为契机，试探下市场对公司债券的接受度。 "最终发行结果超出预期。明年我们大概率会继续选择债券工具，将其作为重要的资金来源渠道。"陈 ...

Core Insights - Spring Airlines successfully issued its first tranche of technology innovation corporate bonds, raising RMB 800 million with a three-year term and a coupon rate of 1.98%, marking the lowest issuance rate for private airlines in the transportation sector for the same term [1][2] Group 1: Company Overview - Spring Airlines, established in 2004, is one of China's first private airlines and was listed on the Shanghai Stock Exchange in 2015 [2] - The company has maintained a competitive edge in the private aviation sector through efficient operational models and a focus on the "three transformations" strategy: informatization, digitalization, and intelligence [2] - Spring Airlines has developed a robust management system and stable profitability, earning an AAA credit rating from Dongfang Jincheng for both the company and the current bond issuance [2] Group 2: Bond Issuance Details - The proceeds from the bond issuance will be used to supplement working capital, repay maturing debts, and purchase aircraft engines, which will enhance the company's capital structure and operational efficiency [3] - This bond issuance is a significant milestone for Spring Airlines, marking its return to the bond market after nine years and expanding its direct financing channels [3] - The bond will be included in the Sci-Tech Innovation Bond ETF index, promoting the development of the private sector's technology innovation bond market [3] Group 3: Future Outlook - Spring Airlines plans to continue enhancing operational efficiency and service quality while adhering to safety standards, aiming to solidify its leading position in the private aviation sector [3] - The company is committed to supporting the high-quality and sustainable development of China's aviation industry through its ongoing initiatives [3]