CHINA POWER (02380.HK): issues RMB1.5 billion perpetual medium-term notes at 1.66% coupon with 3+N-year tenor

NewTimeSpace News: According to the HKEX on October 29, China Power International Development Limited ("China Power", 02380.HK) published an inside information announcement on issuing RMB1.5 billion perpetual medium-term notes in China. Under its registration with the National Association of Financial Market Institutional Investors for debt financing instruments (DFI), the company is permitted to issue various DFI in one or more tranches in China over a two-year period starting January 2026.

According to the announcement, the company will issue RMB3 billion perpetual medium-term notes in two tranches. On October 28, 2026, it issued the first tranche ("Perpetual Notes - 2026 Series I") with a principal of RMB1.5 billion, a par value of RMB100, and a coupon of 1.66% per annum (initial tenor of three years), with a tenor of 3+N(3) years, which the company may extend by another three years at its sole discretion without limit on the number of extensions. The issuer's corporate credit rating is AAA with a stable outlook, rated by China Chengxin International Credit Rating Co., Ltd.

The company said the notes were publicly issued in China's interbank bond market through bookbuilding, with China Merchants Bank Co., Ltd. and CITIC Securities Company Limited as joint lead underwriters. The notes are unsecured and the proceeds will be used to repay the company's maturing debts. In the event of liquidation, the rights and claims of the noteholders rank after the company's ordinary debts.