BJ ENT WATER (00371) has announced that the coupon rate for its first tranche of 2026 perpetual corporate bonds, designated for professional investors, has been set at 1.78%.

The company disclosed that the underlying term for the bonds, known as "26 Water Y1" with the code 245806, is three years. Each three-year interest period constitutes a single repricing cycle. At the end of each cycle, the issuer has the option to extend the bond's term by another cycle—effectively adding three more years—or to redeem the bonds in full at maturity.

The total issuance size for this tranche is capped at RMB 500 million (including RMB 500 million). The issuer and lead underwriters conducted an offline book-building process for professional institutional investors on August 6, 2026, to determine the coupon rate. Following thorough discussions and prudent evaluation of the results, the final coupon rate was set at 1.78%. The bonds will be issued offline to professional institutional investors on August 7, 2026, at this rate.