Great Wall Securities completes $2bn bond issuance

Great Wall Securities Co., Ltd. successfully concluded the third tranche of its 2025 public corporate bond issuance to professional investors. The offering, with a total size of up to $2bn, saw full subscription across both varieties.

The two-year Variety One bonds, with an issuance size of $1bn, achieved a coupon rate of 1.98% and a subscription multiple of 3.19. The three-year Variety Two bonds, also amounting to $1bn, were priced at a coupon rate of 2.07% with a subscription multiple of 3.19. The issuance took place from October 14 to October 15, 2025.

The company confirmed that neither Great Wall Securities nor its related parties, including directors, supervisors, senior management, or shareholders with over 5% stake, participated in the bond subscription. However, Boshi Fund Management Co., Ltd., an affiliate of Great Wall Securities, subscribed to $0.2bn of Variety Two bonds. Guoxin Securities Co., Ltd., the lead underwriter, also participated, subscribing to $1.1bn of Variety One bonds and $1.5bn of Variety Two bonds.

The issuance process, including pricing and allocation, was conducted through an inquiry process, with all parties confirming fair and compliant procedures. All investors met the requirements of relevant regulations for corporate bond issuance and trading.