State Grid Corp of China has issued the market's first "new grid" special bond, raising 10 billion yuan ($1.47 billion) in what marks the largest single-tranche 30-year corporate bond issuance on record.

The 30-year bond, the company's first domestic attempt at such a tenor, was priced at a coupon rate of 2.30%, about 3 basis points below valuations for bonds of similar maturity and the lowest issuance rate among central state-owned enterprises for same-tenor bonds this year.

The book was oversubscribed 3.13 times, the highest subscription ratio for same-tenor bonds this year, reflecting capital market recognition of the company's sovereign-level credit. After listing, the bond will be included in the benchmark market-making bond scope by the Shanghai Stock Exchange, providing a standardized and comparable long-term pricing reference for the credit market.

Proceeds from the bond, the first of its kind for new grid-themed sci-tech innovation, will be fully used for new grid construction and operation, supporting the company's implementation of the national "six networks" strategic layout.