China Merchants Expressway issues second tranche of medium-term notes

China Merchants Expressway Network & Technology Holdings Co., Ltd. successfully issued its 2025 second tranche of medium-term notes on September 10, 2025. The notes, with a maturity of "3+N" years and an issue price of CNY 100 per CNY 100 face value, carried an impressive interest rate of 2.27%. The total amount actually issued was CNY 2 bn, matching the planned issuance amount.

The issuance saw strong investor interest, with 15 compliant subscribing institutions and 13 effective subscribing institutions. The compliant subscription amount reached CNY 3.63 bn, and the effective subscription amount was CNY 2.28 bn. The highest subscription price was 2.40%, while the lowest effective subscription price was 2.10%.

China Merchants Bank Co., Ltd. served as both the bookrunner and lead underwriter for the issuance. China Merchants Wealth Management Co., Ltd., an affiliate of the company, participated in the subscription, securing an allocation of CNY 600 m. Other related parties, including directors, senior management, and shareholders with over 5% stake, did not participate.