GF Securities prices second reopening of 2025 subordinated bonds

GF Securities Co., Ltd. has set the issue price for the second reopening of its 2025 public offering of subordinated bonds (third tranche) to professional investors at RMB 99.597. This follows a book-building process on September 10, 2025, with an inquiry range between RMB 98.520 and RMB 101.250. The total face value of outstanding bonds is up to RMB 200 bn, with an initial issuance of RMB 3 bn for this specific reopening.

The bonds maintain the same maturity and coupon rate as the existing issue. The initial issuance of the third tranche of bonds was completed on July 18, 2025, with a 3-year term (July 18, 2025, to July 18, 2028) and a coupon rate of 1.85%. The first reopening occurred on August 19, 2025.

The public offering to professional investors at the newly determined price will take place from September 11 to September 12, 2025. This issuance is part of a broader program to offer subordinated company bonds.