Beijing's municipal expressway operator, 北京市首都公路发展集团有限公司 (Beijing Capital Highway Development Group Co., Ltd.), also known as 首发集团 (Shoufa Group), has successfully priced the nation's inaugural "Capital Transport High-Quality Development" bond on the Beijing Stock Exchange. The issuance, which took place on August 18th, was structured in two tranches with tenors of three and five years, carrying a combined principal amount of 1 billion yuan. The coupon rates were set at a record-low 1.52% for the three-year notes and 1.73% for the five-year notes, marking the lowest issuance costs ever recorded for comparable-maturity corporate bonds across China.

The proceeds from this landmark bond sale are earmarked for capital injection into key expressway projects slated for Beijing's 15th Five-Year Plan. These funds will play a crucial role in accelerating the development of the capital's integrated transportation network and advancing its strategic infrastructure goals.

As the first bond of its kind dedicated to high-quality transport development in the capital, this issuance is poised to significantly enhance the core business operations and efficiency of Shoufa Group. The deal was led by First Capital Investment Bank as the lead underwriter, with Capital Securities acting as the joint lead underwriter. The bond attracted robust demand from a diverse group of institutional investors, including Bank of Beijing, Huaxia Bank, Ping An Bank, ICBC, China Southern Asset Management, Yunnan International Trust, GF Securities, China Merchants Securities, and CITIC Prudential Asset Management. The subscription book was heavily oversubscribed, with the three-year tranche achieving a bid-to-cover ratio of 4.46 times and the five-year tranche reaching 3.41 times.