China Great Wall Securities issues AAA-rated corporate bonds for professional investors

China Great Wall Securities Co., Ltd. has received an AAA credit rating for both its corporate entity and its 2025 public issuance of corporate bonds (fourth tranche) to professional investors, with a stable outlook, according to a report from China Lianhe Credit Rating Co., Ltd. This fourth tranche of bonds, with a three-year term, is part of a larger 2025 corporate bond program, which has a total approved issuance amount not exceeding 12 bn yuan. The current tranche will not exceed 1.1 bn yuan.

The issuance, designated as "25 Great Wall 07" with code "524578", is exclusively for professional institutional investors with A-share securities accounts in Shenzhen, and will not be offered to company shareholders. The bonds will be fixed-rate, with the coupon rate determined through inquiry and book-building between 1.50% and 2.50%. Proceeds from the bonds, which are unsecured, will be used to repay maturing debts, specifically 400m yuan for "23 Great Wall 02" and 700m yuan for "23 Great Wall 03", both maturing in 2026.

The company's board of directors approved the general authorization for debt financing on April 15, 2023, and June 25, 2024, with each authorization valid for 24 months. The China Securities Regulatory Commission granted registration approval for the 12 bn yuan bond program on February 27, 2025. The name of the bonds was changed from "2024" to "2025" in agreement with regulatory guidelines for phased bond issuances.