Guosen Securities launches fourth tranche of perpetual subordinated bonds

Guosen Securities, rated AAA by Lianhe Ratings, obtained approval from the China Securities Regulatory Commission on March 26, 2025, to issue perpetual subordinated bonds totaling up to 20 bn yuan. The fourth tranche, named "25 Guozheng Y4," is open to professional institutional investors with a maximum offering size of 3 bn yuan at 100 yuan per bond. The bonds are unsecured and will have their coupon rate reset every five years, with an initial spread and an additional 200 basis points after the first reset period. Interest payments may be deferred, and the bonds are subordinated to ordinary debt in liquidation.

The inquiry period for the bonds is set for October 15, 2025, from 15:00 to 18:00, with the initial issuance and subscription period beginning on October 16, 2025, and ending on October 17, 2025. Proceeds from the issuance will be used to repay the company's interest-bearing debts, specifically 2.3 bn yuan of "20 Guoxin Y2" company bonds and 700 million yuan of "24 Guoxin CP018" company bonds, totaling 3 bn yuan. As of June 30, 2025, Guosen Securities' total assets reached 5,181.76 bn yuan, with net assets attributable to shareholders of 1,248.30 bn yuan.