Jiangsu Expressway issues RMB 560m short-term bonds

Jiangsu Expressway (SSE: 600377) has successfully issued RMB 560 million in ultra-short-term financing bonds, the first tranche for 2025. The issuance, which was registered with the National Association of Financial Market Institutional Investors (NAFMII) in December 2024 allowing for a total issuance of RMB 4 billion within two years, was priced at par (RMB 100 per RMB 100 face value) with an interest rate of 1.86%. The bonds, officially named "25 宁沪高 SCP001," have a maturity of 128 days, with an interest start date of March 19, 2025, and a redemption date of July 25, 2025. The issuance attracted 21 eligible subscribers with a total demand of RMB 1.51 billion, with bids ranging from 1.81% to 2.10%. China Everbright Bank served as the book-running manager and lead underwriter.