China Everbright Water Limited, a company listed on the Singapore Exchange, has successfully issued the second tranche of its 2025 medium term notes, attracting significant interest from institutional investors in mainland China’s national inter-bank bond market. The issuance, completed on 16 April 2025, saw a subscription rate of 3.28 times, highlighting strong market confidence in the company’s prospects.
The 2025 Second Tranche Medium Term Notes (MTNs) have a principal amount of RMB1 billion, a five-year maturity period, and an interest rate of 1.90%. The proceeds are earmarked for repaying Everbright Water’s outstanding debts. Both the notes and the company have been rated “AAA” by Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. Everbright Securities Company Limited led the underwriting, with China Construction Bank Corporation, Shanghai Pudong Development Bank Co., Ltd., Ping An Bank Co., Ltd., and China Minsheng Banking Corp., Ltd. acting as joint lead underwriters.
This issuance follows the company’s December 2024 registration of multiple debt financing instruments totalling RMB8 billion, approved for issuance in various tranches. In January 2025, Everbright Water issued the first tranche of its 2025 MTNs, amounting to RMB1.5 billion, achieving a record-low interest rate of 1.78% for panda bonds with a three-year maturity.
The successful issuance of the 2025 Second Tranche MTNs underscores the market’s support for Everbright Water. The company plans to continue monitoring economic trends and exploring innovative financing models to optimise its debt structure and control costs. This strategic approach aims to provide stable capital support amid challenging market conditions.
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