CNBM (03323) has announced that, following approval from the China Securities Regulatory Commission under document no. 1858 of 2025, the company is authorized to issue corporate bonds worth up to RMB 20 billion to professional investors in multiple tranches. The second tranche of the 2026 technology innovation bonds, targeting professional investors, will have a maximum issuance size of RMB 3 billion. These bonds are divided into two series: Series 1 with a 3-year term and Series 2 with a 5-year term. The issuance includes an inter-series reallocation option without restrictions on the reallocation ratio. Based on subscription demand, the issuer and bookrunner will jointly decide whether to exercise this option. On March 5, 2026, the issuer and lead underwriters conducted an offline inquiry for coupon rates among professional institutional investors. Following the inquiry results and mutual agreement, it was determined that Series 1 would not be issued, while Series 2 will carry a coupon rate of 1.85%. The bonds will be issued offline to professional institutional investors on March 6, 2026, at the specified coupon rate.
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