Great Wall Securities sets 1.97% bond rate, extends subscription

China Great Wall Securities has announced a final coupon rate of 1.97% for its 2025 public issuance of corporate bonds (tranche 4) to professional investors. The offering is part of a larger RMB 120 bn issuance approved by the China Securities Regulatory Commission, with a maximum issuance size of RMB 1.1 bn for this 3-year term tranche. The rate was determined after a book-building process on December 3, 2025, from an initial inquiry range of 1.50%-2.50%.

Due to market changes on the book-building day, the subscription period for this tranche was extended. Originally set to close at 18:00 on December 3, 2025, the book-building period was prolonged to 19:00 following consultations between the issuer, book-runner, and participants. The bonds will be offered to professional investors from December 4 to December 5, 2025.