Guosen Securities sets coupon rate for $30 bn perpetual bonds

Guosen Securities Co., Ltd. announced the coupon rate for its 2025 public issuance of perpetual subordinated bonds (Fourth Tranche) to professional investors. The bond issuance, with an approved face value of up to 200 billion yuan, received registration approval from the China Securities Regulatory Commission. This tranche has an issuance size of up to 30 billion yuan.

Following an inquiry among professional institutional investors on October 15, 2025, the coupon rate for this tranche was set at 2.50%. The initial inquiry range was between 1.80% and 2.80%. Each repricing cycle for these bonds is set for every five interest-accrual years. The company retains the option to extend the bond term for another five years or fully redeem the bonds at the end of each cycle.

The bonds will be offered to professional institutional investors via an offline issuance on October 16 and 17, 2025. Further details regarding the subscription methods can be found in the "Issuance Announcement" published on October 14, 2025, on the websites of the Shenzhen Stock Exchange and Cninfo.