CHINA RAILWAY (00390) has announced that it will fully redeem its perpetual corporate bond, known as "Tiegong YK05," on August 11. The bond, officially titled CHINA RAILWAY GROUP LIMITED 2023 Science and Technology Innovation Perpetual Corporate Bond (Series 3) (Tranche 1), was issued on August 11, 2023. According to the bond's prospectus, the instrument is structured with cycles of three years each. At the end of each cycle, the issuer holds the option to extend the bond's term by another three years or to fully repay it. The company has decided not to exercise the extension option and will instead redeem the bond in full upon the completion of the first cycle. The bond, with the shorthand "Tiegong YK05" and code 115784.SH, has a total issuance value of RMB 1 billion and carries a coupon rate of 2.94%. The first cycle began on August 11, 2023, and will mature on August 11, 2026. In line with the terms of the prospectus, the issuer has opted for full redemption at the end of this initial cycle.