Shenwan Hongyuan raises $270M in perpetual bond at record-low 1.78%
What's the deal? Shenwan Hongyuan Group CompanyDealroom has a profile for this one. Try Dealroom → has raised US$247.5M through an issue of perpetual subordinated bonds. The deal is the third tranche under a US$4.13B programme approved by the China Securities Regulatory Commission.
Why now? The tranche priced at 1.78%, below the 1.93% and 1.89% coupons on the first two tranches. The lower rate points to strong institutional demand and cheaper access to capital for the Chinese securities group.
What's the endgame? Perpetual subordinated bonds support a brokerage's balance sheet and regulatory capital. The structure lets Shenwan Hongyuan raise long-term funding without issuing equity.
The signal: The issue fits a wider brokerage capital-raising trend in China, with CITIC Securities pursuing a larger perpetual-bond programme and HuataiDealroom has a profile for this one. Try Dealroom → and CICC also issuing tranches in 2026. For Shenwan Hongyuan, the standout is the record-low coupon rather than the size, signalling continued appetite for Chinese securities debt.
Read more: in.marketscreener.com
Image credit: ·JERRYANG·
