China Power International Development Limited (China Power) has completed the first tranche of its registered RMB3.00 billion perpetual medium-term note programme, issuing RMB1.50 billion in China’s interbank bond market on 28 October 2026.
The note, designated “Perpetual Note-2026-001,” carries a fixed coupon of 1.66 % for an initial three-year term. After the first maturity point, the company may extend the note in successive three-year periods without limit. At each reset date—the last business day of the initial and any extended term—the coupon will be repriced as the sum of the then-prevailing three-year Chinese government bond yield, the original spread, and an additional 300 basis points.
Interest is payable annually, but China Power retains the option to defer payments provided no dividend is declared and no share-capital reduction occurs in the preceding 12 months. Deferred interest will accrue additional interest at the prevailing coupon rate. The issuer may redeem the instrument in full on any reset date or if changes in accounting or regulatory rules prevent the note from being classified as equity.
The unsecured note is subordinated to ordinary debt in the event of liquidation. China Chengxin International Credit Rating Co., Ltd. has assigned China Power a corporate credit rating of AAA with a stable outlook. China Merchants Bank Co., Ltd. and CITIC Securities Company Limited acted as joint lead underwriters for the public offering.
Proceeds from the issuance will be used to refinance maturing debt.
The transaction follows China Power’s January 2026 registration with the National Association of Financial Market Institutional Investors, which permits multiple debt-financing instruments in the domestic market over a two-year window.
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