Star Plan Login additional issuance of financial bonds announcement

1. Overview of the latest Star Plan Login

On July 24, 2025, the China Development Bank completed the tender for the issuance of multiple financial Star Plan Logins, with a total scale of 48 billion yuan, covering different maturity varieties, including:

1-year term: Star Plan Login issuance does not exceed 6 billion yuan, the winning bid price is 100.57 yuan, and the coupon rate refers to the market bidding results313.

3-year term: Star Plan Login issuance of 8 billion yuan (issued in two times), the winning bid price is 100.33 yuan312.

5-year term: Star Plan Login issuance of 11 billion yuan, the winning bid price is 99.64 yuan3.

7-year term: Star Plan Login issuance of 2 billion yuan, the winning bid price is 100.06 yuan312.

10-year term: Star Plan Login issuance of 21 billion yuan, the winning bid price is 99.04 yuan3.

Star Plan Login custody and circulation:

1-year, 5-year, and 10-year Star Plan Login are held by the Central Star Plan Login Registration and Settlement Company3.

3-year and 7-year Star Plan Login are held by the Shanghai Clearing House and circulated in the interbank market310.

2. Issuance details and market response

Bidding method: Dutch price bidding is adopted, and the step length is set according to the term (such as 0.03 yuan for 3 years and 0.06 yuan for 7 years)12.

Underwriting fees:

3-year 0.03%, 7-year 0.10%1012.

Other terms are not disclosed, but refer to historical data for about 0.05%-0.15%.

Bidding heat:

Due to strong short-term liquidity demand, the bidding volume of 1-year Star Plan Login exceeds the issuance volume by 2 times13.

10-year Star Plan Login is favored by long-term allocation funds, and insurance institutions have a high degree of participation3.

3. Funding use and policy background

Support key areas: The raised funds will be used for infrastructure construction projects (such as transportation, energy), rural revitalization and technological innovation, etc.312.

Monetary policy coordination: This additional issuance and the recent reduction of the central bank's reserve requirement ratio to release liquidity form a synergy to stabilize medium- and long-term market interest rates3.

4. Investor participation guidelines

Qualified institutions: Chinese banks, insurance companies, overseas investors, etc.3.

Distribution channels: Through underwriting and market-making group subscription, individual investors can indirectly participate through the counter Star Plan Login914.

Yield reference:

3-year reference range 1.17%-2.17%, 7-year 1.31%-2.31%12.

5. Subsequent issuance plan

According to the previous announcement, China Development Bank may launch a new batch of financial bond issuance in September 2025, focusing on green financial bonds and special re-loan bonds1013.

Data source: China Development Bank official website, Shanghai Securities News, China Currency Network, etc.