By Marisa Wong
Madison, Wis., Dec. 27 - People's Insurance Co. (Group) of China Ltd. said its subsidiary PICC Life Insurance Co. Ltd. completed the issuance of RMB 6 billion subordinated term debt with a maturity of 10 years.
The securities have a market-based interest rate and are callable at the end of the fifth year, according to a company announcement. The announcement did not disclose the exact coupon.
The company announced on Dec. 9 that it received approval from the China Insurance Regulatory Commission for up to RMB 6 billion of subordinated debt. The approval was valid for six months.
The insurance company is based in Beijing.
| Issuer: | PICC Life Insurance Co. Ltd.
|
| Issue: | Subordinated term debt
|
| Amount: | RMB 6 billion
|
| Maturity: | 10 years
|
| Coupon: | Market-based
|
| Call option: | At the end of fifth year
|
| Announcement date: | Dec. 27
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