SGX-listed China Everbright Water Limited has successfully issued the third tranche of its 2025 medium term notes, raising RMB700m. The issuance, fully subscribed by institutional investors in mainland China’s national inter-bank bond market, boasts a record-low interest rate of 2.07% for panda bonds with perpetual terms. The proceeds will be used to redeem the company’s existing perpetual medium term notes.
The 2025 Third Tranche Medium Term Notes (MTNs) have been awarded a “AAA” credit rating by Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. Everbright Securities Company Limited led the underwriting, with Bank of China Limited, China Merchants Bank Co., Ltd., Bank of Jiangsu Co., Ltd., and China Zheshang Bank Co., Ltd. acting as joint lead underwriters.
In December 2024, Everbright Water registered multiple debt financing instruments totalling RMB8b, receiving approval to issue these in various tranches. The first and second tranches, issued in January and April 2025, raised RMB2.5b at interest rates of 1.78% and 1.90%, respectively.
The perpetual structure of the 2025 Third Tranche MTNs highlights Everbright Water’s innovative approach to financing, allowing for a diversified debt portfolio. The company’s strategic focus on optimising its debt structure aims to enhance the management of financing costs, providing sustained capital support for its development amidst a volatile market environment.
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