China Railway Construction Corporation Limited (01186) has announced plans to issue up to 3 billion yuan in perpetual corporate bonds targeted at professional investors. The bonds, designated as the 2026 Science and Technology Innovation Perpetual Corporate Bonds (Phase I), will have a face value of 100 yuan per bond and an issuance price of 100 yuan per bond.
The bond offering consists of two series. Series one features a term structure where each interest accrual cycle spans five years. At the end of each cycle, the issuer holds the right to extend the maturity of series one bonds by an additional cycle of five years or to fully redeem the bonds at maturity. Series two follows a ten-year interest accrual cycle, with the issuer retaining the option to prolong the bonds' term by another ten-year cycle or to redeem them in full upon cycle completion.
The bond codes for the offering are 244907 for series one, trading under the abbreviated name "Tiejian YK37," and 244908 for series two, trading as "Tiejian YK38."
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