Seazen Holdings has completed the first tranche of its 2026 medium-term notes, with a size of 750 million yuan, a tenor of five years, a coupon rate of 2.8 percent, and a subscription ratio of 2.45 times. This tranche is fully and unconditionally guaranteed on a joint and several basis by China Bond Insurance Corporation, and China Chengxin International has assigned triple-A ratings to both the issuer and the bond. This marks the fourth consecutive year that Seazen Holdings has received policy support under the private enterprise bond financing support tool. Industry insiders believe such credit enhancement arrangements help lower the bond issuance costs for private property developers. Since the start of this year, Seazen Holdings has continued to advance diversified financing, including the offshore issuance of 355 million US dollars in senior guaranteed notes in February, and the completion of the country's first expansion of a consumer-focused inter-agency REIT at the end of June, with an expansion size of 2.146 billion yuan. Operating data shows that commercial operating revenue in the first half of the year reached 7.112 billion yuan, up 2.42 percent year-on-year, and the average occupancy rate of Wuyue Plaza stood at 98.32 percent. On the debt management front, the company repaid a total of 2.014 billion yuan in onshore and offshore public market bonds in the second quarter, and as of the end of June, the attributable interest-bearing debt of its joint ventures and associates was 1.942 billion yuan, continuing a trend of shrinking debt. International rating agency S&P recently upgraded the rating outlook of Seazen Holdings to stable.
Seazen Holdings Co LtdSuccessful 750M yuan bond issuance with 2.45x oversubscription and credit enhancement lowers financing costs.