Recently, Beijing E-Town International Investment & Development Co., Ltd (E-Town Capital) issued two tranches of bonds totaling 2.6 billion yuan ($380 million), with record low financing rates.

The 3-year medium-term notes have an issuance size of 600 million yuan with a coupon rate of 3.24% and a bid-to-cover ratio of 5.13 times. The 5-year corporate bonds have an issuance size of 2 billion yuan with a coupon rate of 3.45% and a bid-to-cover ratio of 2.5 times.

The coupon rates of both bond issuances are more than 10 basis points (BPS) lower than the market valuation for similar tenors, with the corporate bonds setting a new record low for local State-owned enterprises in Beijing and national-level economic development zone enterprises since 2023.

E-Town Capital has always closely followed the capital market and attached great importance to investor relations. Prior to the issuance, it arranged multiple online and offline road shows in Beijing, Shanghai and Shenzhen, and had in-depth communication and exchanges with key investors, attracting wide attention from the market. During the bookbuilding process, many investors actively subscribed, fully reflecting the market's confidence in the asset quality and future development of E-Town Capital.

The current corporate bonds are the first tranche of the 15 billion yuan shelf-offering corporate bonds issued by E-Town Capital. As the first issuer of shelf registration corporate bonds in a national-level economic development zone, the approval and issuance of this bond fully reflects the high recognition of E-Town Capital's comprehensive strength as a well-known seasoned issuer in terms of market recognition, industry status and financial position by the China Securities Regulatory Commission and stock exchanges. It also demonstrates E-Town Capital's strength as a repeated recipient of AAA credit ratings from multiple mainstream domestic rating agencies.

Both tranches of bonds are technological innovation bonds, with the raised funds being used to support the national innovation-driven development strategy, promote the optimization and upgrading of the industrial structure, enhance the nation’s corporate innovation capabilities and core competitiveness, accelerate the scale application of new technologies, and facilitate the rapid development of strategic emerging industries.

As a State-owned capital investment and operation company, E-Town Capital has been committed to serving the technological innovation and industrial development of the Beijing Economic-Technological Development Area (E-Town) since its establishment 14 years ago. Leveraging its high credit ratings and credit advantages, the company has continuously improved its market financing capabilities and provided low-cost funding support for major industrial projects through various financing methods, such as bonds, M&A loans, and policy-oriented and developmental financial instruments, thus providing strong underpinning for the transformation and upgrading of industries in E-Town.

As of the end of March 2023, E-Town Capital's total assets exceeded 108 billion yuan, with its total equity standing at approximately 80 billion yuan. The company manages over 200 investment projects with a total investment amount of over 88 billion yuan, and has 65 investment funds with a total size of over 670 billion yuan.