China Railway Group Limited (“CREC”) successfully issued 2015 Phase I Medium Term Notes on January 23rd, 2015. In the transaction, CREC issued RMB 4 billion perpetual Medium Term Notes which can be classified as shareholder’s equity within a registered quota of RMB 10 billion. The Maturity is perpetual till the issuer exercise its call option according to the offering covenants, and the MTN will be due upon redemption by the issuer. The coupon rate is 5.65% for the first 5 years, and the coupon rate will be reset to benchmark rate + initial spread + 300bps since the 6th year if the issuer does not exercise its call option by the end of the 5th year, and the coupon rate will be subjected to renewal every 5 years afterwards. CICC acted as Lead Underwriter and Sole Bookrunner.