China Railway Construction (01186): “21 Railway Construction Y3” does not exercise the right to renew

According to Zhitong Finance App, China Railway Construction (01186) announced that on November 23, 2021, China Railway Construction Co., Ltd. completed the issuance of China Railway Construction Co., Ltd.'s public offering of renewable corporate bonds (Phase II) (Type 1) (hereinafter referred to as “Current Bonds”) to professional investors in 2021. According to the “China Railway Construction Co., Ltd.'s 2021 Public Offering of Renewable Corporate Bonds to Professional Investors (Second Issue)”, the current bond uses a cycle of every 3 interest-bearing years (“repricing cycle”), and the issuer's renewal option is attached at the end of every 3 interest-bearing years (that is, each repricing cycle). The company decided not to exercise the right to renew and will pay the full amount of the current bond. Bond abbreviation and code: The bond is abbreviated as “21 Railway Construction Y3”, and the code is “185039”. Total amount issued: RMB 2 billion. Bond term: The current bond uses a cycle every 3 interest-bearing years (“repricing cycle”), and the issuer's renewal option is attached at the end of every 3 interest-bearing years (that is, each repricing cycle). Bond interest rate: The coupon interest rate for the first cycle is 3.30%, fixed during the base period, and reset every cycle thereafter. The coupon interest rate for the first cycle is the initial benchmark interest rate plus the initial spread, and the coupon interest rate for the subsequent cycle is adjusted to the current benchmark interest rate plus the initial spread plus 300 basis points. The initial spread is the coupon interest rate for the first period minus the initial base interest rate. If the current benchmark interest rate is unavailable on the interest rate reset date due to macroeconomic and policy changes in the future, the current benchmark interest rate will follow the benchmark interest rate from the period before the interest rate reset date.