China’s PICC subsidiary proposes up to RMB 15 billion 10-year bonds

By Marisa Wong

Morgantown, W.Va., April 27 – People’s Insurance Co. (Group) of China Ltd. (PICC) said its subsidiary, PICC Property and Casualty Co. Ltd., plans to issue up to RMB 15 billion of 10-year capital supplementary bonds in one or more tranches.

PICC Property and Casualty’s board of directors has approved the proposed issuance, according to a company announcement.

Proceeds will be used for supplementing capital and raising the subsidiary’s solvency margin.

The proposed debt is subject to shareholders’ approval.

The insurance company is based in Beijing.

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