On June 24, CIB successfully led the underwriting of the "Sichuan Port and Shipping Investment Group Co., Ltd. 2024 First Medium-term Note." This bond issuance, utilizing a dynamic issuance mechanism, has a base issuance amount of 500 million RMB and an upper limit of 1 billion RMB, with a term of 10 years and a coupon rate of 2.88%, setting the lowest price for ultra-long-term varieties in the logistics industry in the central and western regions of China.
This medium-term note is the first in the nation to simultaneously pilot the marginal allocation principle based on time priority and scale determination after the cutoff, marking an innovative step in the issuance mechanism of non-financial corporate debt financing instruments. The dual pilot aims to enhance the experience and accessibility for both investors and issuers during the book-building process, further promoting market-oriented issuance rates, improving book-building efficiency, and advancing the high-quality development of the interbank bond market.
The bond issuer, Sichuan Port and Shipping Investment Group Co., Ltd., is entrusted by the Sichuan Provincial Party Committee and Provincial Government with significant responsibilities, including "serving Sichuan's opening-up and the construction of an inland open economic highland." This bond marks the company's first public issuance of ultra-long-term debt financing instruments.
The bond market is a crucial component of the direct financing market. In recent years, CIB has continually enhanced its "Investment Bank" brand, actively participating in the bond market's development and leveraging the bond market's vital role in reducing financing costs for the real economy and broadening financing channels. As of the end of May 2024, CIB's underwriting scale for non-financial bonds reached 311.424 billion RMB, maintaining a leading position among joint-stock banks.